Alto Metals : Broad zones of significant gold mineralisation - Indomitable

ASX Announcement 14 February 2022

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Sandstone Gold Project, Western Australia

Broad zones of significant gold mineralisation intersected

at Indomitable

21m @ 2.0 g/t gold incl. 1m @ 14.9 g/t gold and 11m @ 2.5 g/t gold SRC574 15m @ 2.2 g/t gold incl. 2m @ 13.2 g/t gold and 25m @ 1.2 g/t gold SRC571

Results continue to extend gold mineralisation outside the current shallow resources

Highlights

• Multiple, broad zones of gold mineralisation intersected from shallow depths in step‐out RC drilling at the Indomitable Camp located approximately 15km north‐west of the Lords Corridor. Latest results include:

1. 21m @ 2.0 g/t gold from 46m, incl. 1m @ 14.9 g/t gold from 61m and incl. 1m @ 6.3 g/t gold from 66m, and

11m @ 2.5 g/t gold from 92m, incl. 2m @ 7.0 g/t gold from 93m (SRC 574)

1. 15m @ 2.2 g/t gold from 44m, incl. 2m @ 13.2 g/t gold from 45m; and
   25m @ 1.2 g/t gold from 65m, incl. 1m @ 11.5 g/t gold from 71m (SRC 571).

• 1. 16m @ 1.1 g/t gold from 76m, incl. 2m @ 5.3 g/t gold from 83m (SRC 557) - ended in mineralisation. o 21m @ 1.1 g/t gold from 136m, incl. 6m @ 1.8 g/t gold from 136m and incl.
     11m @ 1.0 g/t gold from 146m (SRC 566)
     o 24m @ 0.7 g/t gold from 82m, incl 4m @ 2.2 g/t gold from 95m 29m @ 1.0 g/t gold from 113m; and
     15m @ 0.6 g/t gold from 154m (SRC564) - ended in mineralisation.
• RC drilling has also intercepted a number of wide zones of lower grade 'halo' mineralisation along strike, to the north‐ west and south‐east, of the main structural trend, including 21m @ 0.8 g/t gold from 125m, incl. 10m @ 1.0 g/t gold from 136m (SRC 561).
• Results continue to extend mineralisation outside the existing shallow gold resource of 74,000oz @ 1.5g/t (based on a A$2,000 pit shell)1 and remains open both down plunge and along strike.
• Of the total 22 RC step‐out drill‐holes completed at Indomitable, 21 have intersected mineralisation 15m from surface to up to 154m below surface, indicating the potential for much larger mineralised system.
• Mineralisation at the Indomitable Camp is defined over a strike of +2,000m and is hosted within the +20km Indomitable/Vanguard/Havilah north‐west south‐east corridor.
• An Induced polarisation (IP) survey on 3km of the Vanguard trend has been completed and the data is currently being interpreted. The gravity survey planned for the Lords Corridor and Havilah has mobilised.
• RC drilling is scheduled to recommence in the coming weeks initially targeting depth and strike extensions of known mineralisation along the contact at the Lords granodiorite.
• The current JORC 2012 Mineral Resource Estimate at the Sandstone Gold Project is 6.2Mt @ 1.7 g/t gold for 331,000oz. These resources are shallow, defined to a depth of less than 200m and remain open.

• An updated independent Mineral Resource Estimate is on track for release by the end of the March quarter 2022.
  1. ASX Announcement "Maiden Gold Resource at Indomitable and Vanguard Camps, Sandstone WA" , 25 September 2018

Alto Metals Limited

Suite 9, 12‐14 Thelma Street	[e-mail]	Issued Shares:	528m	@altometalsltd
West Perth, Western Australia 6005	www.altometals.com.au	Share Price:	$0.081
Altometalsltd
T: [phone]		Market Capitalisation:	$43m
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				ASX: AME

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Alto's Managing Director, Matthew Bowles said:

At Indomitable we have now defined mineralisation over a strike length of 500m, with numerous broad intersections of strong gold mineralisation, encountered from shallow depths, which remain open at depth and along strike.

Such an unusually deep weathering profile suggests the mineralisation structures at the Indomitable deposit are long‐lived and extensive, which is encouraging as it indicates the potential for a much larger system.

RC drilling is planned to commence in the next few weeks, we are looking forward to the results of the IP and gravity surveys and our mineral resource update remains on track for this quarter.

Our systematic approach to exploration is continuing to deliver and we are excited about what the year ahead can deliver for Alto shareholders.

Figure 1: Plan view of Indomitable Camp showing recent RC drill results- Simplified geological interpretation.

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Broad zones of significant gold intercepts from Indomitable

Alto Metals Limited (ASX: AME) (Alto or the Company) is pleased to report significant gold results from extensional drilling at Indomitable from the major drilling program completed at the end of 2021 at the Company's 100% owned, ~900km2 Sandstone Gold Project, in Western Australia.

The Indomitable deposit forms part of the Indomitable Camp, which is currently defined over a 2km strike length and is hosted within the +20km NW/SE Indomitable/Vanguard/Havilah Trend that forms part of the priority 'Alpha Domain' target area (see Figure 6). Mineralisation is hosted within a package of mafic‐ultramafic rocks, cross cut by interpreted major structures.

New assay results in this release relate to 22 step‐out RC holes drilled at Indomitable for a total of 3,074m, drilled on a 40m x 40m spacing to an average downhole depth of 140m. The aim of the RC drilling was to test strike extensions of the high‐grade plunging shoots (interpreted feeder structures) at Indomitable and the results have successfully extended the overall mineralisation, outside the current resource, both along strike and at depth. Significant historical air‐core holes were followed with RC, for inclusion in future mineral resource work.

Of the total 22 RC holes drilled, 21 intercepted gold mineralisation, with significant results from one‐metre fire assay including:

1. 21m @ 2.0 g/t gold from 46m, incl. 1m @ 14.9 g/t gold from 61m and incl 1m @ 6.3 g/t gold from 66m, and

11m @ 2.5 g/t gold from 92m, incl. 2m @ 7.0 g/t gold from 93m (SRC 574)

1. 15m @ 2.2 g/t gold from 44m, incl. 2m @ 13.2 g/t gold from 45m, and

25m @ 1.2 g/t gold from 65m, incl. 1m @ 11.5 g/t gold from 71m (SRC 571)

1. 16m @ 1.1 g/t gold from 76m, incl. 2m @ 5.3 g/t gold from 83m (SRC 557) - ended in mineralisation o 21m @ 1.1 g/t gold from 136m, incl. 6m @ 1.8 g/t gold from 136m and incl.
   11m @ 1.0 g/t gold from 146m (SRC 566)
   o 24m @ 0.7 g/t gold from 82m, incl 4m @ 2.2 g/t gold from 95m 29m @ 1.0 g/t gold from 113m and
   15m @ 0.6 g/t gold from 154m (SRC564) - ended in mineralisation

The step‐out drilling also intersected a number of broad zones of lower‐grade 'halo' mineralisation, which is encouraging as it further suggests the Indomitable Camp is a large and fluid‐rich mineralised system. Results include:

1. 27m @ 0.7 g/t gold from 78m, incl. 6m @ 1.8 g/t gold from 78m (SRC 565)

1. 21m @ 0.8 g/t gold from 125m, incl. 10m @ 1.0 g/t gold from 136m (SRC 561) o 25m @ 0.6 g/t gold from 29m (SCR554)
   o 21m @ 0.7 g/t gold from 122m (SRC 559)
   o 16m @ 0.7 g/t gold from 40m, incl 6m @ 1.3 g/t gold from 49m (SRC 570)

RC hole SRC561, the furthest hole drilled along strike, returned 21m @ 0.8 g/t gold from 125m, clearly demonstrating the mineralisation continues to the north‐west and remains open.

Refer to Figures 1‐3 and Table 2 for all significant assay results.

The Indomitable deposit is situated within a granted Mining Lease and forms part of the Indomitable Camp which is located approximately 15km south‐east of the town of Sandstone. It is in close proximity to the Sandstone‐Menzies Road. and located less than 20km north‐west of the Lords Corridor (see Figure 6).

The Indomitable Camp currently has an Inferred Mineral Resource of 1.7Mt @ 1.5 g/t gold for 74,000 ounces. These resources remain open along strike and at depth.

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Figure 2: Plan view of Indomitable Camp showing recent RC drill results- Simplified geological interpretation.

Previously released exploration results from Indomitable Camp include:

1. 15.2m @2.3 g/t gold from 34.8m, incl. 1m @ 7.9 g/t gold from 39m (SDD013) ASX 04/11/2021 o 14m @ 6.0 g/t gold from 125m (TRC681) ASX 15/02/2017
   o 8m @ 5.7 g/t gold from 107m (TRC578) ASX 15/02/2017
   o 10m @ 4.2 g/t gold from 154m incl. 2 m @ 11.5 g/t gold from 158m (AHMRC002) ‐ ASX 02/03/2017 o 6m @ 18.2 g/t gold from 77m (TRC576) ASX 15/02/2017
   o 43m @ 2.2 g/t gold from 60m (AHMAC010) ASX 15/02/2017 o 17m @ 4.2 g/t gold from 64m (AHMAC019) ASX 02/03/2017 o 8m @ 5.0 g/t gold from 155m (AHMRC002) ASX 15/02/2017 o 8m @ 5.8 g/t gold from 107m (TRC578) ASX 15/02/2017

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Figure 3: Section I - I' (+/‐40m) showing recent results- Simplified geological interpretation.

Technical discussion

Indomitable is hosted in a highly weathered, mafic and ultramafic package. The gold mineralization is related to stockwork quartz‐carbonate veining within saprolite. A gold bearing pisolitic (lateritic) horizon is located above the saprolite hosted deposits at a depth of 10m below the surface. It is separated from main mineralized bodies by a zone of gold depletion about 10m thick.

The in‐situ weathering profile extends to ~190m (vertical depth) below surface (down hole depth ~215.0m). Such an unusually deep weathering profile defined by RC and diamond drilling suggests mineralisation structures at the Indomitable deposit are long‐lived and extensive.

Previous exploration at Sandstone has demonstrated that extensive blankets of gold mineralisation in laterite are prime indicators of substantial gold mineralisation at depth.

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