The granted mining lease M57/659 known as 'Lightning' sits within Alto's exploration licence E57/1033 and is located 3 kilometres west of the Company's granted mining lease M57/647, which hosts the Vanguard gold deposit (150,000oz at 2.0 g/t gold). The Lightning area is structurally complex with folded banded iron formation which are often well exposed. These interflow sediments may represent the mafic/ultramafic contact zone.
Highlights
Option agreement to acquire granted mining lease M57/659 'Lightning' gold prospect, located only 3km west of the 2.3Mt @ 2.0 g/t Au for 150,000oz Vanguard
Highlights (Continued)
The option complements Alto's growth strategy of focusing on near-term growth opportunities within the Alpha Domain, in parallel with testing priority high-grade regional gold targets. First pass air-core drilling at the Sandstone North gold target has been completed, with a total of 94 holes and 3,223 metres drilled. The first batch of samples have already been prepared and sent to the laboratory for assay.
The Lightning area is structurally complex with folded banded iron formation which are often well exposed. These interflow sediments may represent the mafic/ultramafic contact zone. Extensive shallow alluvial gold workings have been undertaken historically by various parties over the Lightning area, however the primary source of mineralisation has not been identified. Limited historical RAB drilling at Lightning prospect, has intersected shallow gold mineralisation, including: o 12m @ 13.5 g/t gold from 25m, incl. 1m @ 147.0 g/t gold from 25m and 1m @ 7.9 g/t gold from 36m (LR002) o 6m @ 1.2 g/t gold from 26m, incl. 1m @ 4.5 g/t gold from 26m (LR033) o 5m @ 1.2 g/t gold from 42m, incl. 1m @ 3.5 g/t gold from 46m (LWR129) Mineralisation intersected in drilling at Lightning appears to be associated with quartz veining within banded iron formation. This gold anomaly remains open and untested by drilling. The Company is continuing to compile and validate the historical data over the ML and surrounding Lightning area. This work will support targeting work, in preparation for further exploration activities, including additional geochemical sampling and follow up drilling.
Summary of the key terms of the option and tenement sale agreement Alto has signed a binding option and tenement sale agreement with a private vendor, who is an unrelated party, to acquire a 100% interest in granted mining lease M57/659 on the following key commercial terms: A cash payment of
Drilling and ongoing exploration at Sandstone North
First pass air-core drilling at the Sandstone North gold target has been completed, with a total of 94 holes and 3,223 metres drilled. The first batch of samples have already been prepared and sent to the laboratory for assay. Further information on the ongoing exploration at Sandstone North, including pending assay results will be release when available. Refer to ASX Announcements released on
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