Sandstone Tenements Granted and Field Work Commenced
Perth, Sep 27, 2016 AEST (ABN Newswire) - Alto Metals Limited ("Alto" or "the Company") (
ASX:AME) is pleased to announce that following the grant of the five exploration licences at its recently acquired Sandstone Gold Project in Western Australia, fieldwork has commenced and preparation for a 5,000m reverse circulation (RC) drilling campaign is underway. Subject to Programs of Work (PoW's) being approved by the WA Department of Mines and Petroleum (DMP), Alto's maiden drilling program will commence in mid to late October to initially test a number of high-priority shallow oxide targets and deeper primary gold targets.
Highlights:
- All five Sandstone exploration licences now granted
- Several compelling targets to be tested by geophysics and drilling
- IP geophysical survey commencing at multi-target Lady Hamilton area this week
- 10,000 line kilometre high-resolution airborne magnetic survey planned to complement existing coverage
"After several months of compilation and planning, the grant of Alto's 720km2 of tenure, which encompasses the majority of the historical and highly prospective Sandstone Goldfield, allows us to get on the ground and commence exploration. We have identified several immediate targets from our review of historical data, and we see a tremendous opportunity in the Lady Hamilton area to delineate new shallow oxide and primary gold resources " said Alto Managing Director, Dermot Ryan.
"In addition, our maiden drilling program commencing in October will also target primary gold mineralisation beneath the shallow oxide open pits at Lord Nelson and Lord Henry."
Grant of Exploration Licences
Alto has been formally advised by the DMP that the five main exploration licences covering 720km2 and the majority of the Sandstone Goldfield are now granted. Two small prospecting licences were previously granted on 11 July 2016 (Appendix A, see link below).
Exploration Commences at Lady Hamilton Prospect
The Lady Hamilton prospect covers an area of 6km x 6km and encompasses the former Troy Resources' Indomitable, Tigermoth, Piper and Musketeer prospects, where shallow Troy RC drill holes intersected oxide gold mineralisation. Troy's RC drilling was of insufficient depth to identify primary mineralisation (i.e. in fresh rock) and the litho-structural controls on gold mineralisation.
These prospects occur within a zone of complex magnetic activity, and are covered by alluvium (i.e. lack of outcrop) which to date has hindered interpretation (Refer Figure 1 overleaf in link below).
Alto's decision to conduct IP surveying at Lady Hamilton prior to drilling is based on a review of historical Troy Resources NL data over the Lord Nelson and Lord Henry gold deposits. The Troy drilling and IP data demonstrates that the primary gold mineralisation is associated with zones of vein style and disseminated pyrite mineralisation which are "chargeable" using IP geophysical techniques.
The results of the Lady Hamilton IP survey will be used to define drill targets in the primary zone (fresh rock) and, by association, the overlying oxide zones.
Proposed Detailed Airborne Magnetic Survey at Sandstone
The Company has purchased and processed existing Sandstone detailed airborne magnetic and radiometric data from a multi-client provider, but the coverage is incomplete.
Alto is now pleased to announce that it has commissioned a detailed airborne magnetic and radiometric survey that will complement the existing coverage, and provide complete coverage of the Company's Sandstone Project area. Good quality detailed airborne magnetic data is considered to be a critical tool in identifying favourable structures for the deposition of gold mineralisation, especially in areas of deep weathering and minimal outcrop.
The survey will comprise 10,683 line km with a line spacing of 50 metres and a sensor height of 30 metres, and is planned to commence in mid-October. Figure 3 overleaf (refer to link below) shows the extent of Alto's granted exploration tenure over a 1st vertical derivative (1st VD) magnetic image, and the location of Indomitable, Tigermoth, Piper and Musketeer.
To view tables and figures, please visit:
http://abnnewswire.net/lnk/YM44183B
About Alto Metals Ltd
Alto Metals Limited (ASX:AME) is a Western Australian based company and is focused on gold and uranium exploration in Australia. The Company's primary objective is to create shareholder wealth through discovery and development of a plus 1 million ounce gold deposit and ISR style uranium deposits.
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