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Alto Metals Ltd

Alto Metals golden Lord Nelson results show potential to grow Sandstone resource

Results demonstrate the granodiorite host rock in the Lord Nelson open pit broadens to the south with potential to discover additional mineralisation.

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Alto is in a strong cash position after a $2 million capital raising and $600,000 placement

Alto Metals Ltd's (ASX:AME) reverse circulation drilling has revealed mineralisation extensions at Lord Nelson deposit within the flagship Sandstone Gold Project northwest of Kalgoorlie in Western Australia.

Step-out drilling has confirmed that known mineralisation continues along the Southern Extension Corridor and remains open.

Best results are 12 metres at 3.4 g/t gold from 66 metres, including 5 metres at 6.1 gold, and 7 metres at 2.2 g/t from 183 metres.

READ: Alto Metals intersects up to 10.8 g/t gold in step-out drilling at Sandstone project

Alto chairman Terry Wheeler said: “We are excited with these latest results from the Lord Nelson Southern Extension Corridor, which is the first drilling in the area for more than 10 years.

“The program has confirmed that the mineralisation remains open down plunge and highlights the potential for additional tonnes and grade to be discovered beyond the current known inferred resource.

“These latest results demonstrate the significant potential to grow the existing resources at Sandstone and we look forward to updating the market with more results in the coming week.”

Shares up

Shares are up more than 11% to 3.9 cents.

Around 6,300 metres of the total 10,000 metre drilling program has been completed with further assay results from 17 holes at Vanguard and Tiger Moth pending.

READ: Alto Metals increases Sandstone Gold Project resource to nearly 300,000 ounces

About five holes were drilled by the company into the 300-metre-wide Lord Nelson Southern Extension Corridor with a limited number of widely spaced exploration holes having been drilled in 2004 by Troy Resources.

Alto's results open the potential for additional tonnes and grade to be discovered in fresh rock down plunge of the known Lord Nelson inferred resource of 980,000 tonnes at 2.2 g/t for 68,000 ounces.

Notable previous results at Lord Nelson are:

  • 17 metres at 3.2 g/t from 82 metres;
  • 5 metres at 10.4 g/t from 92 metres;
  • 5 metres at 13 g/t from 99 metres; and
  • 7.8 metres at 7.8 g/t from 117 metres.

Exploration at the project is ongoing with the company anticipating results in the coming weeks and months from Havilah and surrounding areas.

Follow-up drilling at Sandstone is also expected to take place soon with initial exploration targeting prospects on the Edale shear zone.

Sandstone hosts an overall resource of 5.38 million tonnes at 1.7 g/t for 290,000 ounces.

Quick facts: Alto Metals Ltd

Price: $0.03

Market: ASX
Market Cap: $7.05 m
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