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ALTO METALS LIMITED

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Alto Metals Limited (ASX: AME) is an Australian public company which listed on the Australian Securities Exchange on the 20 December 2012 as Enterprise Uranium Limited (ASX: ENU). Between 2013 and 2014, uranium was the primary exploration target and a portfolio of projects prospective for sand hosted uranium deposits was assembled and explored.

During 2015, the Company commenced an active search for an advanced gold and/or base metals project. On 23 March 2016, an agreement was signed to purchase Sandstone Exploration Pty Ltd, the owner of the Sandstone Gold Project. Shareholders subsequently approved a company name change from Enterprise Uranium Limited to Alto Metals Limited, and in June 2016 Alto completed the purchase of Sandstone Exploration Pty Ltd. For details of the acquisition agreement, refer:


The Sandstone Gold Project is located 600km northeast of Perth in Western Australia, and lies within the Southern Cross Domain of highly prospective Archaean Yilgarn Craton, where infrastructure is good relative to other more remote parts of Australia. Alto believes there is potential to find major new plus million ounce gold deposits in areas of shallow cover in Western Australia. The Company makes extensive use of airborne geophysics to “see through” shallow cover and identify conceptual geological targets.

At 31 Dec 2016, Alto had 151.8 million shares on issue and 100% ownership of the 724km2 Sandstone Gold Project. The Company’s immediate objective at Sandstone is to discover mineral resources containing at least one million ounces of gold, and to establish a profitable mining operation.
Alto has an experienced Board of Directors with extensive skills in exploration, mining, accounting, corporate governance and provision of corporate advice. The Company currently has 724 km2 under granted title at Sandstone.
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Alto Metals Limited has assembled an experienced and well-respected board and management team comprising Dr Jingbin Wang, Mr Dermot Ryan, Mr Terry Wheeler, Mr Stephen Stone and Mr Robert (Sam) Middlemas.

Dr Jingbin Wang - Non-Executive Chairperson
Dr Wang has a B.Sc in Mineral Prospecting and Exploration from Central-South University of Technology Changsha, China, and an MSc and PhD in magmatic petrology and economic geology from the same university. Dr Wang is a geologist with extensive international minerals experience, and has been Chairman since 2004 of Sinotech Minerals Exploration Co. Ltd. He
He has been President of the prestigious Beijing Institute of Geology for Mineral Resources since 2002, and is an accomplished mining team leader with a track record of discovering major deposits around the world. Dr Wang has also held the title of Vice-President of the China Nonferrous Metals Industry Association since 2008 and was Executive Director of China Nonferrous Metals Resource Geological Survey from 2003 -2015. Dr Wang is a leader in the non-ferrous metals industry in China with over 30 years' experience in mineral exploration and mining. Dr Wang is also the Chairman and Director of East Africa Metals Inc. (TSX-V) and Nickel North Exploration Corp. (TSX-V) and a Director of Orca Gold Inc. (TSX-V).


Mr Dermot Ryan - Managing Director
Mr Ryan is a Fellow of the Australasian Institute of Mining and Metallurgy, a Fellow of the Australian Institute of Geoscientists, has Chartered Professional (CP) accreditation in the discipline of Geology and is a graduate from Curtin University in Western Australia. He has over 39 years’ experience in the discovery and successful development of gold, base metals, iron ore, diamond and uranium deposits. He spent 20 years with the CRA (Rio Tinto) group of companies, including ten years as Chief Geologist for CRA Exploration in various parts of Australia and was then GM Exploration for Great Central Mines / Normandy Yandal Operations in the 5 year period up to 2001. Over the past 16 years he has acted as a mineral exploration consultant to private and public exploration companies in Western Australia. Mr Ryan is currently Managing Director of ASX listed Enterprise Metals Limited.

Mr Terry Wheeler - Non-Executive Director
Mr Wheeler is a Fellow of the Royal Australian Chemical Institute, a Member of the Australasian Institute of Mining and Metallurgy Inc., a Member of the Association of Exploration Geochemists, and an Associate Member of the International Association of Geoanalysts. Mr Wheeler commenced employment at the DSIR (Department of Scientific & Industrial Research) in London in 1958 and achieved his academic qualifications whilst gaining excellent practical work experience. He migrated to Perth, Western Australia, in 1967 and joined Western Mining Corporation, where his mineral analysis experience was gained, and with further study and qualifications he was promoted to Chief Chemist of the Kambalda Nickel Operation in the Eastern Goldfields. Terry and his wife Christina established Genalysis Laboratory Services in 1975, and grew the company into one of the largest and most successful analytical companies in the southern hemisphere with over 300 technical staff. In 2007, Genalysis Laboratory Services was purchased by Intertek Group plc.

Mr Stephen Stone - Non-Executive Director
Mr Stone BSc (Hons) Mining Geology, MAusIMM, FAICD graduated with honours in Mining Geology from University of Wales, Cardiff and has since gained more than 30 years’ operating, project evaluation, executive management and corporate development experience in the international mining and exploration industry. He has worked for several years at the large open pit and underground copper mines of the Zambian Copperbelt and has since been involved in the formation and management of several junior ASX listed exploration companies. In 2007 he was appointed Managing Director of West African explorer Azumah Resources Limited and has overseen the discovery of over 2 million ounces of gold resources, the completion of a feasibility study and the substantial funding from international sources. In January 2016, Mr Stone joined the board of ASX listed and fellow Ghana gold explorer Castle Minerals Ltd.

Mr Robert (Sam) Middlemas - Company Secretary & Chief Financial Officer
Mr Middlemas is a chartered accountant with more than 20 years’ experience in senior financial management and executive roles with a number of listed public companies operating predominantly in the resources sector. He is the principal of a corporate advisory company which provides financial, board and secretarial services specialising in capital raisings, initial public offerings, corporate secretarial, financial and management reporting, treasury and corporate governance.
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EXCELLENT HIGH GRADE GOLD INTERSECTIONS AT VANGUARD SANDSTONE GOLD PROJECT

Assays received from first 9 holes (SRC029 - 037) of October ~4,500m reverse circulation (RC) drilling program at the 100% owned Sandstone Gold Project.

Significant gold intercepts at Vanguard so far include:
  • SRC031 : 4m @ 5.6g/t Au from 96m
  • SRC032 : 8m @ 3.6g/t Au from 105m
  • incl. 1m @ 15.8g/t Au from 109m
  • and 9m @ 4.6g/t Au from 116m
  • incl. 1m @ 11.9g/t Au from 121m
  • and 4m @ 5.8g/t Au from 140m
  • SRC036 : 9m @ 4.7g/t Au from 89m
  • incl. 1m @ 9.9g/t Au from 92m
  • and 1m @ 22.5g/t Au from 95m
  • SRC030 : 6m @ 2.4g/t Au from 135m
  • SRC034 : 6m @ 2.1g/t Au from 49m
  • SRC037 : 6m @ 2.1g/t Au from 118m

20 RC holes (3,959m) completed at Vanguard, and 5 RC holes (562m) completed at Maninga Marley to date.
  • Assay results for holes SRC038 - 053 expected during Nov-Dec 2017.
  • Company is on track to deliver a maiden JORC 2012 Resource for Vanguard Prospect by the end of 2017.

Alto’s Managing Director Dermot Ryan said: “We are highly encouraged by the significant gold mineralisation intersected in the first 9 RC holes of our 20 hole October/November RC drilling campaign at Vanguard.

In addition, petrological analysis of drill chips from Vanguard hole SRC016 has determined that the assayed gold mineralisation appears to be associated with granophyric dolerites or their included veins, and is therefore not dissimilar to the Mt Charlotte (Kalgoorlie) granophyre deposit.”

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Alto Metals Ltd acquired all of the issued capital of Sandstone Exploration Pty Ltd (Sandstone) in June 2016. Sandstone’s only asset, the Sandstone Gold Project, covers approximately 75% of the Archaean Sandstone Greenstone Belt in the East Murchison Mineral Field in Western Australia and is centred on the small township of Sandstone.

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The area covered by the Sandstone Gold Project was formerly part of Troy Resources Ltd’s (ASX: TRY) Sandstone Gold Operations, which was highly profitable up until the cessation of mining in late 2009.
Alto’s first obective at Sandstone is to delineate relatively shallow oxide gold mineralisation that can be economically mined and trucked to one of several gold treatment facilities in the region. The second objective is to delineate deeper and more extensive high-grade sulphide-hosted gold mineralisation using RC and diamond drilling.


To support these objectives, Alto commenced in late 2016 a variety of broader exploration initiatives including acquisition of high-resolution airborne magnetic and radiometric data, litho-structural interpretation and targeting, Induced Polarisation (IP) surveys, and established an external research advisory committee (ERAC).
The ERAC is chaired by Emeritus Professor David Groves and was established to oversee Alto’s research and development (R&D) activities. The committee consists of a multi-disciplinary team of geoscientists, and a primary researcher based at The University of Western Australia. The scope of the ERAC is to incorporate traditional and emerging exploration techniques and technologies for testing on Alto’s project areas. The Sandstone Belt has been the focus of limited research to date, in comparison with other similar greenstone belts. The team is developing an understanding of the mineralising systems of the Sandstone Greenstone Belt.
Alto considers that the robust Australian gold price and current competitive cost environment will enable it to consider several areas for early recommencement of mining.


Background
Since the discovery of gold at the end of the 19th Century, the Sandstone Greenstone Belt has produced over 1.2 million ounces of gold from numerous underground and open pit mining operations. Of this, some 612,000 ounces was produced between 1994 and 2010 from the open-pit mining of shallow oxide ore by ASX listed companies Herald Resources Ltd and Troy Resources Ltd.
The numerous former open pits, prospects and gold occurrences now owned by Alto include Lord Nelson, Lord Henry, Havilah, Bull Oaks Reef, Vanguard, Ladybird, Maninga Marley, Sandstone North, Oroya, Tiger Moth, Musketeer, Piper and Bulchina.
Between 1994 and 2010, the exploration focus at Sandstone was largely on exploring for and mining shallow oxide ore to feed the Herald/Troy Nunngarra Mill, at a time when the Australian dollar gold price was substantially lower than it is today.


Alto’s Exploration Program
In late November 2016, Alto commenced a limited reverse circulation (RC) and aircore (AC) maiden drilling program (3,827 metre RC and RC/AC) to provide a preliminary test for possible extensions to shallow oxide gold mineralisation at the Indomitable and nearby prospects, previously identified by Troy Resources Ltd (Troy), and to test induced IP anomalies immediately north of the Lord Nelson and Lord Henry deposits for sulphide associated mineralisation. Refer ASX announcements for results of progressive drilling programs.
More extensive RC and AC drilling programs are planned to commence in March 2017.
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16 November 2017 ASX: Media Release

Strongly Supported Alto Share Purchase Plan raises $917,000
• Funds received from the recent Placement and the Share Purchase Plan now total $2.5 million.
• Follow up RC drilling at Vanguard planned to commence on 23 November 201
7.

Alto Metals Limited (“Company” or “Alto”) is pleased to advise that the Shareholder Purchase Plan (SPP) was closed on 14 November 2017. The Company received valid applications from eligible shareholders for new shares raising $917,000 with the shares to be issued at a price of 7.5 cents per share which was the same price as a placement to Sophisticated Investors made on 24 October 2017 (being a 15% discount at the time of the placement announcement).

As a result, 12,226,642 new fully paid ordinary shares in Alto will be issued to shareholders on 21 November 2017 and statements will be dispatched to shareholders with the new shares to begin trading on 22 November 2017.

This brings the total funds received from the recent Placement and the Share Purchase Plan to $2.5 million. Funds raised will be primarily directed towards the continuation of work at the Sandstone Gold Project and will include drill targeting of extensions to Vanguard and other existing mineral resources, drill targeting of other prospect area and for working capital.

Alto would like to thank all Shareholders for their strong and continued support of the Company.

Dermot Ryan
Managing Director
This is a paid advertisement. HotCopper does not endorse, approve or take responsibility for the statements made.
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