Bottle Creek VB Pit Targets
Bottle Creek VB Pit Targets
Canberra, Mar 12, 2018 AEST (ABN Newswire) - Alt Resources Ltd (ASX:ARS) (Alt or 'the Company') is pleased to provide the outcomes of an ongoing review of historical drilling data from the Bottle Creek Gold Mine in WA. The Company is continuing to compile and digitise the extensive historical dataset for the area. Alt's immediate focus is on un-mined gold mineralisation such as at Emu (see Note 1 below), Southwark (see Note 2 below) and the un-mined ore shoots beneath the existing VB and Boags pits.

HIGHLIGHTS:

- Historical drilling shows untested high grade ore shoots extending beneath the previously mined VB Pit

- Historical drilling does not extend deeper than 35 m below the current pit

- Grades up to 21.2 g/t Au, 810 g/t Ag remaining in-ground

- Significant historical intercepts from beneath the mined VB Pit include:

o 7.2m @ 6.3 g/t Au, 183.3 g/t Ag

o 6m @ 6.7 g/t Au, 18.3 g/t Ag

o 10m @ 4.1 g/t Au, 65.1 g/t Ag

o 12m @ 3.1 g/t Au, 3.6 g/t Ag

o 3m @ 4.0 g/t Au, 179.5 g/t Ag

o 9m @ 3.2 g/t Au, 31.8 g/t Ag

o 2m @ 1.6 g/t Au, 89.5 g/t Ag (EOH)

- Ore shoots are open at depth and represent immediate drilling targets

- Existing pits only mined to 50m depth with significant remnant ore beneath both VB and Boags pits

Broad, untested, high grade ore shoots at these deposits present immediate walk-up targets for exploration drilling and further resource development at Bottle Creek. Grades up to 21.2 g/t Au and 810 g/t Ag are reported from historical drilling beneath the VB Pit, alongside broad, consistently graded intercepts such as 12m @ 3.1 g/t Au.

Alt CEO, James Anderson, commented; "Consistent with the Company's strategy to develop Bottle Creek to production, it's very encouraging to see these untested ore shoots that are open at depth coming from the continued review of the Bottle Creek dataset. There is a massive amount of historical data and reporting to go through, with many gems hidden in the history of this project."

Alt executed a binding Option to Purchase Agreement for the Bottle Creek Gold Mine on the 3rd November, 2017 (see Note 3 below). Drilling is scheduled to commence in March 2018 to validate historical drilling and progressively bring the Bottle Creek resource into JORC compliance. The Company will undertake a minimum of 8,000m of reverse circulation (RC) drilling, with a focus on the un-mined Emu, Southwark and XXXX deposits, north of the VB and Boags pits (see link below). Drilling will also include extensions to high grade shoots below the mined pits as the project moves towards a development phase.

Regional Setting and Exploration History

The Bottle Creek gold mine lies 100 km north east of Menzies in the Mt Ida gold belt (see Figure 1 in link below). The gold mine is located on the northern extremity of the Mt Ida-Ularring greenstone belt extending from Davyhurst to Mt Alexander (see Figure 1 in link below). The Ularring greenstone belt forms the western part of the Norseman-Wiluna Province of the Yilgarn Craton. The location of mineralisation and local geology, is shown in Figure 2 (see link below).

Bottle Creek was discovered by Electrolytic Zinc Company of Australasia (EZ) in 1983, who passed management of the project to Norgold Limited (Norgold) in 1985. Norgold managed the project through to production. Ore was treated onsite in a CIP Circuit, producing 90,000 oz Au over an 18 month period from 1988-1989 from two open pits (Boags and VB; see Figure 3 in link below). Significant drilling was undertaken by EZ and later by Norgold along a 9.8 km strike length from 1984 to 1989. RC drill fences at 100m spacing were carried out, with infill drill line spacing at 50m and 25m at various locations. The majority of drilling targeted oxide mineralisation and reached no deeper than 80m vertically below surface.

VB Historical Drilling

The Bottle Creek gold mine included production from the VB and Boags pits between 1988 and 1989. The VB pit itself saw historical production of 615,000 tonnes @ 3.29 g/t Au for approximately 65,000 oz Au. Mining occurred to a depth of 50m below surface.

Extensive drilling undertaken by EZ and Norgold resulted in the delineation of historical resources at VB, Boags, Emu and XXXX (see Figure 3 in link below). Drilling was to a nominal depth of around 80m, and targeted oxide mineralisation. A small number of drillholes targeted sulphide mineralisation at depth (e.g. VB-281-DD, described below).

A review of the historical data reveals promising gold and silver intercepts remaining in-ground below the mined surface at the southern and northern ends of the VB deposit. Historical drilling reaches no deeper than 35m below the current depth of the VB pit. Several drillholes ended in mineralisation (e.g VB-128-RC; see Table 1 in link below). Drilling did not test the extent of the ore shoots at depth. These remain open and represent a clear target for ongoing exploration. Significant intercepts from beneath the VB Pit include:

- 7.2m @ 6.3 g/t Au, 183.3 g/t Ag from 85.2m

o including 2.3m @ 11.5 g/t Au, 301.7 g/t Ag from 85.2m

- 6m @ 6.7 g/t Au, 18.3 g/t Ag from 63m

- 10m @ 4.1 g/t Au, 65.1 g/t Ag from 69m

o including 1m @ 10.2 g/t Au, 55 g/t Ag from 71m

- 3m @ 4.0 g/t Au, 179.5 g/t Ag from 56m

- 9m @ 3.2 g/t Au, 31.8 g/t Ag from 65m

- 2m @ 1.6 g/t Au, 89.5 g/t Ag (EOH)

In addition, a zone of shallow un-mined mineralisation (detected 10-20m below surface) exists immediately east of the existing pit (shown in Figure 4 in link below). The spacing of drill fences outside of the pit area is approximately 100m, compared with 25m spacing within the mined zone. Significant potential therefore exists to expand the known volume of mineralisation both along strike to the north and south, and potentially to include a parallel zone to the east. A representative intercept from this eastern zone gives 12m @ 3.1 g/t Au, 3.6 g/t Ag from 11m.

Figure 6 (see link below) shows the distribution of historical drillholes across the VB deposit, between 12000 and 13200N on the local Bottle Creek grid. The local grid is oriented north-west of magnetic north. The cross-sections in Figure 4 and Figure 5 (see link below) are oriented along the local grid eastings, as labelled.

Alt Resources is commencing RC drilling at Bottle Creek this week, pursuant to the terms contained in the Option to Purchase Agreement for Bottle Creek (see Note 3 below). Drilling will aim to confirm historical intercepts and increase the current confidence in historical data. The data is considered to be reliable, however insufficient QAQC measures were included in the historical drilling, sampling and analytical procedures to be able to bring the deposit to a modern JORC compliant resource. Alt's drilling program will then aim to infill the existing drill sections to further increase confidence in the resource estimate.

Significant intercepts for below the VB pit, which will form the basis of further exploration by Alt, are listed in Table 1 (see link below). The significant intercepts described in this release are representative, and do not include all of the significant intercepts included in historical data from beneath the mined VB pit deposit. In this release, the Company is attempting to illustrate to shareholders the gold grades present below the current mined surface, and their continuity between drill sections. The Company considers the historical work by EZ and Norgold to be of generally high standard and reliability, and an excellent starting point on which to base modern exploration and develop a growth strategy for Bottle Creek.

Notes:

1 See ARS announcement, 22nd November, 2017; http://abnnewswire.net/lnk/D5NQHG4E

2 See ARS announcement, 7th December, 2017; http://abnnewswire.net/lnk/0ZOLOJ8K

3 See ARS announcement, 8th November, 2017: http://abnnewswire.net/lnk/QCE95126

To view tables and figures, please visit:
http://abnnewswire.net/lnk/ZI294V81


About Alt Resources Ltd

Alt Resources LtdAlt Resources Limited (ASX:ARS) is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders. The Company's portfolio of assets includes the newly acquired Bottle Creek gold mine located in the Mt Ida gold belt, the Paupong IRG Au-Cu-Ag mineral system in the Lachlan Orogen NSW, Myalla polymetallic Au-Cu-Zn project east of Dalgety in NSW and the Mt Roberts gold project located near the town of Leinster in WA.

Alt Resources, having acquired historical and under-explored tenements in the Mt Ida Gold Belt, aims to consolidate the historical resources, mines and new gold targets identified within the region. Potential at Mt Ida exists for a centralised production facility to service multiple mines and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.

    


Contact

Alt Resources Ltd
T: 1300-66-00-01
M: +61-406-069-243
E: info@altresources.com.au
www.altresources.com.au



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