Exploration Update Bottle Creek Gold Project
- 3000 metres Phase 3 RC drilling program now completed at Bottle Creek
- Additional 2000 metres to be drilled in October
- All sampling delivered to ALS Kalgoorlie lab with assays expected in coming weeks
- All conditions now satisfied to complete "Option to Purchase Agreement" Bottle Creek Gold Project
- Favourable settlement terms for payment of the Bottle Creek Gold Project negotiated with the Vendor and announced (see Note below)
- First resource upgrade on schedule for delivery in October 2018
Challenge will be drilling a further 2000 metres of RC to complete the planned 5000 metres of Phase 3 drilling by end of October. Phase 3 is testing directly north of the mined VB pit, an unmined section of the project between the VB and Boags pits and directly south of the unmined Southwark deposit (see Figure 2 in link below). All Phase 3 drilling is designed to bring additional resource ounces into the resource table quickly with the Company twinning designated holes validating historical drilling and adding additional drill fences as infill.
The Company is fast tracking resource drilling and historical drill hole validation at the Bottle Creek Gold Project to bring the resource as quickly as possible towards a critical mass for mine planning and a feasibility study. Resource upgrades will be announced sequentially as Phase 2 and Phase 3 results are input and modelled by resource geologists. We expect to announce Phase 2 resource upgrade in October with the 3rd Phase resource upgrade to be announced by the end of the 2018.
The Company considers Bottle Creek to have the potential to underpin a stand-alone processing plant in the northern end of the Mt Ida gold belt with significant sunk capital in the project by the previous miner Norgold with Figure 3 (see link below) showing the VB and Boags pits, the Bottle Creek airstrip, tailings dams and the pre stripped Emu deposit as indicative of some of the existing infrastructure expenditure and sunk capital in the project.
Alt is actively pursuing other opportunities in the Mt Ida region including acquiring assets close to the Bottle Creek mining leases which may be considered stranded assets by other exploration and mining companies.
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About Alt Resources Ltd
Alt 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.
Alt Resources Ltd