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ALTO METALS LIMITED

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HANCOCKS GOLD-IN-SOIL ANOMALY EXPANDS TO OVER 8KM2

ASX Announcement 17 July 2018 


  • Assay results of 478 soil samples have defined a coherent and anomalous +15 ppb gold-in-soil anomaly at Hancocks. 
  • Follow up drone surveying and mapping is required to define specific drill targets.

Alto Metals Limited (ASX: AME) (“Alto”, “the Company”) is pleased to advise that assay results for an additional 271 soil samples from Hancocks Prospect have now been received.

Together with the assay results of the 197 samples reported on 13 June 2018, the assays from the total 478 samples collected in April 2018 have defined a highly anomalous and coherent +15 parts per billion (ppb) goldin-soil anomaly over +8km2 . 93 of these samples (19% of total collected) assayed greater than 30ppb. Refer assay and sample ranges below.

The local regolith is relatively shallow, and mullock heaps* around historic miner’s workings display favourable host rocks including quartz veined altered differentiated dolerite, ultramafics, banded iron formation (Bif) and sediments. *Areas contaminated by mullock were excluded from sampling.

BACKGROUND 

In early April 2018, Alto commenced a soil sampling program over 17 target areas (~3,000 samples total) in the Sandstone Project area to “fill in the gaps”. Alto had earlier compiled and assessed a patchwork of soil sampling results from previous explorers.

Results from the first of three batches of soil samples collected at Hancocks, south of the Bull Oak open pits were reported on 13 June 2018. The results from the remaining two batches have now been received and integrated with the first batch to show the totality of the Hancocks 8km2 gold-in-soil anomaly.

The regolith in this area is shallow, and there are numerous shafts and pits present (developed in the period 1894-1920) where the dumps surrounding the shafts contain fresh differentiated dolerite, banded iron formation (Bif), sediments and quartz.

The Bull Oak area, to the north of the Hancocks, appears to have been well explored by Western Mining Corporation Ltd, Elmina NL and Herald Resources Ltd between 1984 and 1998, where the base of oxidation was at a depth of approximately 50m. Previous exploration and mining at Bull Oak is discussed in Alto’s ASX release dated 13 June 2018.

Click here to view the full announcement

“VALIANT” GOLD ANOMALY DEFINED AT SANDSTONE, WA

ASX Announcement 12 July 2018


  • New 2.5km2 gold-in-soil anomaly (“Valiant”) located ~7km SSE of Sandstone township 
  • Based on magnetic interpretation, Valiant is centred on a 2,500m wide corridor of heavily fractured mafic rocks, banded iron formation (Bif) & felsic intrusives, under laterite 
  • Drill testing is required

Alto Metals Limited (ASX: AME) (“Alto”, “the Company”) is pleased to advise that assaysfor 336 soil samples collected in the vicinity of four lithostructural targets ~7km SSE of Sandstone have been received, with the following assay distribution:

Assays have defined a coherent 15 parts per billion (ppb) gold-in-soil anomaly over 2.5Km2 . Maximum value: 92ppb Au, mean 5ppb Au.

Figure 1 shows the location of Alto’s “Valiant” gold-in-soil anomaly over an interpretation of bedrock geology, and Figure 2 overleaf shows the gold anomaly over a magnetic image displaying strongly fractured Bif units.

Commenting on the Valiant gold-in-soil anomaly, Alto’s MD Dermot Ryan said: “The systematic approach being applied at Sandstone, that is, detailed magnetic surveys to “look through” lateritic cover, interpretation to identify favourable fractured iron rich host rocks, and follow up soil sampling, is potentially outlining new large gold systems. Drill testing of this latest soil anomaly is awaiting approval from the Dep’t Mines, Industry Regulation & Safety”.

The Valiant Anomaly lies ~7 km south-south east of the town of Sandstone (refer Figure 4 overleaf). The area was initially identified as a prime site for gold mineralization by Terra Resources consultant Barry Bourne in 2017. Four litho-structural targets, No’s. TR09 -TR11 and TR13 were identified when he processed and interpreted the detailed aeromagnetic data flown and/or compiled by Alto over the entire Sandstone project area. Bourne described the target as: “a break in sediment/mafic stratigraphy with interpreted felsic intrusives.” (Bourne, 2017)

In April 2018 XM Logistics Pty Ltd collected 336 soil samples over the general area encompassing targets TR09- TR11 and TR13 TR021. The assayed gold-in-soil anomaly lies in an area of laterite cover.

Click here to view the full announcement

DRILLING EMPHASISES POTENTIAL FOR SHALLOW GOLD MINERALIZATION AT TIGER MOTH, SANDSTONE, WA

ASX Announcement 10 July 2018 

  • Alto’s 20m deep aircore drilling program at Tiger Moth (South) has confirmed the grade, continuity and depth of the laterite gold mineralization. 
  • Assay highlights include: 

SAC126 : 12m @ 1.2g/t Au from 8m 

SAC127 : 12m @ 1.6g/t Au from 8m 

SAC135 : 8m @ 2.0g/t Au from 8m 

SAC137 : 4m @ 4.7g/t Au from 8m 

SAC138 : 8m @ 7.3g/t Au from 4m 

SAC143 : 8m @ 1.0g/t Au from 12m 

  • This shallow drilling has also assisted in producing the first ever credible model of Tiger Moth that can be tested by further drilling.

Alto Metals Limited (ASX: AME) (“Alto”, “the Company”) wishes to advise that twenty-three holes (of a 31 hole program) at Tiger Moth returned shallow intersections of +0.5g/t Au with 11 holes returning intersections greater than 1g/t Au. (Refer Table 1). This short 620m drill program was designed to test the grade and continuity of the flat lying laterite gold mineralization, and to provide samples for metallurgical test work.

The review of past work has also produced the first ever credible model of Tiger Moth that can be tested by further drilling. Carras Mining Pty Ltd have been engaged to undertake a JORC Code (2012) compliant resource estimate of the laterite mineralization and the underlying saprolite/oxide hosted gold mineralization previously drilled by Troy Resources NL. (Refer Figure 1)

Commenting on these results, Alto’s MD Dermot Ryan said:

“A small proportion of Alto’s 12,175m AC program in June included 31 holes at Tiger Moth (total of 620m) to assess the laterite gold mineralization overlying the Tiger Moth deposit. This new shallow drilling and review of historical drilling has led to a better understanding of the grade and distribution of both the laterite gold mineralization and the underlying quartz stockwork (saprolite/oxide) hosted gold mineralization.

Tiger Moth is just one of a number of deposits at Sandstone where laterite gold mineralization and saprolite hosted gold mineralization could potentially be recovered from shallow open pits. ”

ALTO’S AIRCORE DRILLING AT TIGER MOTH 

In June 2018, Alto commenced a shallow aircore drill program to test the gold in pisolitic laterite which overlies the main Tiger Moth South deposit. A total of 31 shallow vertical AC holes (total 620 metres) were drilled. The locations of Alto’s aircore drill hole collars are tabulated in Appendix 2, and Troy and Alto drill collar locations are shown overleaf in Figure 2.

Troy predominantly drilled on sections from west to east, whereas Alto’s modelling of Tiger Moth suggests that the deposit is a “shoot” plunging shallowly to the northwest, and is open down plunge. Refer Alto’s schematic mineralized long section (Figure 1 below) and surface drill collar plan (Figure 2).

Tiger Moth North may be the surface expression of a further NW plunging quartz stockwork “shoot” hosted by the same shear structure as Tiger Moth South.

Click here to view the full announcement

NEW GOLD MINERALIZED STRUCTURES DISCOVERED AT VANGUARD, SANDSTONE WA

ASX Announcement 3 July 2018

1 st batch of 4m composite aircore (AC) samples from Vanguard extension drilling program have defined 2 new mineralized structures.

Assay highlights include: 

  • SAC206 : 20m @ 1.4g/t Au from 40m 
  • SAC214 : 12m @ 2.5g/t Au from 0m 
  • and : 9m @ 4.0g/t Au from 60m

Alto Metals Limited (ASX: AME) (“Alto”, “the Company”) is pleased to advise that 50gm fire assays of 4m composite aircore samples have been received from 35 AC holes drilled on the periphery of Vanguard. Ten of these “extension holes” intersected shallow intersections of +0.5g/t Au. (refer Appendices 1 & 2)

These new gold results provide further evidence that the Vanguard system is robust and open, and justifies the aircore drill program to test and expand the footprint of the Vanguard gold deposit.

Commenting on these results, Alto’s MD Dermot Ryan said:

“Between 26 May and 25 June 2018, Alto completed 253 infill and/or extensional aircore drill holes for a total of 12,175m over ten high priority prospect areas at Sandstone.

Approximately half of these holes and half of the metres were drilled around Vanguard and between Vanguard and Vanguard North.

This first batch of 4m composite assays now received from 35 holes around Vanguard are highly encouraging, and they add two more mineralized structures to the three mineralized structures previously defined by Alto. We are looking forward to the assay results of the outstanding 118 Vanguard AC holes over the next 4 to 5 weeks, which will potentially define further mineralized structures. ”

EXTENSIONAL AIRCORE DRILLING AT VANGUARD

On 26 May, Alto commenced an aircore drill hole program to test the gold in soil anomaly surrounding Vanguard. A total of 35 shallow vertical AC holes (total 2,073metres) were drilled around Vanguard in this first round of drilling. The current drill hole collar positions are shown in Figure 1 below.

The newly discovered mineralized structures on Section C have similar orientations to the mineralized structures on Section A and Section B previously defined by Alto’s drilling. All five mineralized structures plunge shallowly to the northeast and are open at depth. Depth of oxidation is approximately 50m, and the primary host rock is mafic volcanics. Long sections showing these plunging mineralized structures are shown overleaf.

Note: Alto’s angled RC Holes drilled in 2017 “clipped” mineralized structures, but did not define them. Also, note that mineralization in SAC214 (9m @ 4.0 g/t Au from 60m to 69m) is open at End of Hole.

Click here to view the full announcement 

“SUPERB” GOLD ANOMALY DEFINED AT SANDSTONE, WA

ASX Announcement 27 June 2018


  • Soil sampling has located a strong linear gold-in-soil anomaly ~12km south of Sandstone township 
  • The anomaly is open to the south east 
  • The bedrock geology is obscured by iron rich duricrust (“laterite”) which may or may not be transported 
  • Drill testing is required to determine the source of the gold anomaly

Alto Metals Limited (ASX: AME) (“Alto”, “the Company”) is pleased to advise that assays from 24 samples out of a total of 74 samples collected in the vicinity of a geophysical target approximately 12km south of Sandstone have defined a 1,500m long, south-east striking gold in soil anomaly of +7ppb Au. The maximum value was 228ppb Au, and 13 samples returned over 15ppb Au.

Figure 1 below shows the location of Alto’s “Superb” gold anomaly in soil assays over an interpretation of bedrock geology.

The Superb Anomaly lies ~12 km south of the town of Sandstone (refer Figure 3 overleaf). The area was initially identified by Terra Resources consultant Barry Bourne in 2017 as litho-structural target No. TR021, when he processed and interpreted the detailed aeromagnetic data flown and/or compiled by Alto over the entire Sandstone project area. Bourne described the target as: “a break in sediment/ mafic stratigraphy with proximal mineralisation.” (Bourne, 2017)

In April 2018 XM Logistics Pty Ltd collected 74 soil samples over TR021 and its environs. The assayed gold in soil anomaly lies in an area of iron rich duricrust (or “laterite”). It is not known at this stage whether the gold in the soil is representative of a primary gold source at depth, or is alluvial in nature (ie. transported). Further soil sampling is required to determine the extent of the gold in soil anomaly which is open to the south east. 

A Program of Work (PoW) for Aircore drilling has been lodged with the Department of Mines, Industry and Safety but approval is yet to be granted.

Click here to view the full announcement 

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