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Corporate Spotlight

ALT Resources Limited (ARS) is an Australia based mineral exploration company. The Company's portfolio of assets Lachlan Orogen in NSW and the Agnew-Wiluna and Norseman-Wiluna Greenstone Belts located in the Eastern Goldfields of WA.
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(ASX:ARS) Flyover Bottle Creek Western Australia

TIM’S FIND GOLD PROJECT

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TIM’S FIND GOLD PROJECT - TOLL TREATMENT MINING SERVICE AGREEMENT 

ASX Announcement 23 October 2019 


Alt Resources Ltd (Alt or Company)(ASX:ARS) is pleased to advise that it has executed a non-binding Term Sheet with Blue Cap Mining Pty Ltd for the development of mining operations at the Tim’s Find Gold Project contained within the Company’s Mount Ida and Bottle Creek Gold Project’s located 90 kilometres northwest of Menzies, Western Australia.


MINING SERVICE AGREEMENT (MSA) BLUE CAP MINING PTY LTD 

Alt Resources has executed a non-binding term sheet with Blue Cap Mining Pty Ltd (Blue Cap) for the provision of Mining Services Agreement (MSA) at the Tim’s Find project. Under the provisions contained in the MSA term sheet, Blue Cap will provide mining, transport, processing, drill and blast and associated mining services to the Company. The proposed MSA is to be on an open book basis with Blue Cap providing a $3.0 million Working Capital Facility (WCF) to facilitate initial mining operations and will continue until ore sales allow full payment of all invoices. The WCF is to be fully repaid within 6 months from first drawdown, subject to a force majeure clause.


The MSA with Blue Cap is subject to a number of conditions precedent including: 

  • Completion of due diligence to the satisfaction of Blue Cap; 
  • Execution of formal documentation including a Security Deed and mortgage over M29/421 (Tim’s Find Mining Lease); and 
  • Blue Cap and Alt Resources agreeing a final mine design and operating cost budget for the project.


In consideration for the provision of the WCF and overall performance of the contract, Blue Cap is to receive a facility fee comprising the following:

  • Establishment fee $10,000 upon document execution: and 
  • Issue of 50 million ordinary shares on signing of the formal documentation which are to be issued in exchange for a credit of $1,600,000 against the value of the total contracted works. 
  • The ordinary shares will have an issue price of $0.032 cents utilising the Company’s placement capacity under ASX Listing Rule 7.1 and will have a voluntary restriction period of 12 months from the date of issue.


The formal documentation is currently being prepared for execution by the Companies which is anticipated to occur in the near future.


TIMS FIND RECENT INFILL AND EXTENSION DRILLING 

In September 2019, the Company completed an additional ~2,500 metre RC drill program at Tim’s Find, comprising infill and extension drilling to the north and south of the Tim’s Find resource envelope. The final sample batches for the recently completed RC drill program have been delivered to ALS laboratory in Kalgoorlie with assay results to be delivered in the coming weeks. In July 2019, Alt announced to the market results of an additional ~3,000 metres of RC drilling undertaken at Tim’s Find12 . Importantly both the RC drilling programs completed in July and September include holes drilled outside the current resource envelope. Significant intercepts from the July drilling programs previously announced included:


  • TFRC001: 10m @ 6.32 g/t Au from 14m, including 2m @ 21.53 g/t from 20m 
  • TFRC005: 5m @ 12.61 g/t Au from 26m, including 2m @ 28.53 g/t from 28m 
  • TFRC007: 7m @ 5.90 g/t Au from 11m, including 1m @ 23.60 g/t from 15m 
  • TFRC009: 7m @ 10.50 g/t Au from 5m, including 2m @ 34.15 g/t from 6m 
  • TFRC019: 5m @ 5.56 g/t Au from 44m, including 2m @ 11.43 g/t from 45m 
  • TFRC028: 9m @ 5.73 g/t Au from 4m, including 3m @ 12.42 g/t from 6m 
  • TFRC033: 17m @ 3.63 g/t Au from 8m, including 6m @ 9.15 g/t from 18m 
  • TFRC055: 4m @ 9.66 g/t Au from 17m 
  • TFRC063: 11m @ 4.86 g/t Au from 22m, including 2m @ 24.68 g/t from 28m
  • TFRC066: 14m @ 4.34 g/t Au from 8m, including 1m @ 30.40 g/t from 19m


An additional 2,500 metres of RC is planned to commence in November prior to the end of the year break, priority locations for this drilling are being assessed, and dependent on the results from the September program further extensional drilling at Tim’s Find may be undertaken. 


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ADDITIONAL HIGH GRADE GOLD

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EXTENSION DRILLING DELIVERS ADDITIONAL HIGH GRADE GOLD AT VB NORTH 

ASX Announcement 22 October 2019 


HIGHLIGHTS 

  • Extension drilling at VB North confirms high-grade gold five hundred metres up strike to the north of VB pit 
  • 21 RC holes for 1,040 metres drilled covering a 200 metre strike length 
  • Significant intercepts from VB North mineralised zone include: 
    • 15m @ 4.64 g/t Au from 57 metres 
    • 6m @ 3.76 g/t Au from 66 metres 
    • 7m @ 3.03 g/t Au from 57 metres 
    • 12m @ 2.89 g/t Au from 56 metres 
    • 6m @ 2.43 g/t Au from 29 metres 
    • 7m @ 2.28 g/t Au from 19 metres 
    • 10m @ 1.67g/t au from 25 metres 
    • 12m @ 1.38g/t Au from 51 metres


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to announce it completed 21 RC drill holes for 1040 metres at the Bottle Creek Gold Project. The holes were drilled five hundred metres up-strike to the north of the historic VB open pit as seen in Figure 2. The drilling at VB North was the first area drilled during the recently completed 3,400 metre RC drilling program undertaken at Bottle Creek and the Tim’s Find Project areas during September 2019.


Figure1: Challenge Drilling VB North ore zone September 2019 

Figure 2: Location north VB RC drilling, Bottle Creek gold project 


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BOTTLE CREEK GOLD PROJECT

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ACQUISITION OF THE BOTTLE CREEK GOLD PROJECT AND FUNDING PACKAGE 

ASX Announcement 19 September 2019 


Highlights

  • Alt Resources has executed a $4.5 million funding package on attractive terms; 
  • Funds to be used to complete payment of the Bottle Creek Gold Project; 
  • Notes to convert at a significant premium to the Company’s current share price; 
  • The Company to commence small scale mining at Tim’s Find to service the facility; and 
  • The funding package significantly reduce equity dilution and allows the Company to focus on its mining ambitions.


Alt Resources Limited (ASX:ARS) (the Company) is pleased to announce that it has executed a nonbinding term sheet for a funding package via a partially redeemable Convertible Note Deed (Notes) with Collins Street Value Fund (CSVF). The funds will enable the Company to make the final vendor payment for the acquisition of the Bottle Creek Project pursuant to the “Option to Purchase Agreement” well ahead of the November 2020 payment date1 .


Figure 1: The Bottle Creek Mining Leases showing the VB and Emu Pits and exploration camp. 

Bottle Creek: 

The Mt Ida project lies approximately 90km North West of Menzies in Western Australia. The Bottle Creek Mining Leases form a key part of the Company’s 360km² Mt Ida Project. The two Mining Leases at Bottle Creek hold independent JORC 2012 Measured, Indicated and Inferred Resources of 5.6Mt @ 1.72g/t Au for 309,000oz Au and 3.78Moz Ag23 .


Bottle Creek was mined by Norgold Ltd, a subsidiary of Rio Tinto, between 1988 and 1989. The operation produced approximately 93,000oz Au from two open pits, VB and Boags, in an 18 month operation. The pits were mined to 50m depth and averaged 3.26g/t Au at the VB pit and 2.65g/t Au at Boags. 


Figure 2: Map showing the Bottle Creek Mining Leases in relation to the rest of the Mt Ida project. 


The ore was processed through a Minproc designed and built CIP plant. The plant was removed by Norgold during extensive mine rehabilitation in the early 1990’s. Significant mining infrastructure still exists at Bottle Creek including tailings storage facilities, fully functioning exploration camp, potable water and communication services.


The Company will continue to focus on expanding its resource base at the Mt Ida and Bottle Creek gold projects with the aim of bringing these assets back into production. The third stage of resource and exploration drilling has commenced at Bottle Creek. Challenge Drilling currently have an RC drill rig onsite and drilling is underway.


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RC DRILLING TO RE - COMMENCE

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MT IDA AND BOTTLE CREEK GOLD PROJECTS EXPLORATION UPDATE - RC DRILLING TO RE - COMMENCE

ASX Announcement 9 September 2019 


ALT Resources Limited (ASX: ARS, Alt or the Company) is pleased to provide the following exploration update for operations at its Mt Ida and Bottle Creek Gold Projects incorporating the Bottle Creek, Quinn’s and Mt Ida South project areas (Mt Ida or Project), located 90km north-west of Menzies in Western Australia’s Eastern Goldfields.

Alt will re-commence RC drilling at the Tim’s Find and Shepherds Bush project areas on 16th September 2019. The Company has elected to fast track exploration drilling with the Challenge RC rig mobilising to site on the 16th. The Company has decided to bring the RC program forward and complete the next phase of drilling prior to the hotter part of the year and will drill an additional 2500 metres of RC at the Tim’s Find and Shepherds Bush projects over the coming weeks.

The Company recently completed a Helicopter-borne Time-Domain Electromagnetic (HTDEM) survey at the Bottle Creek and Shepherds Bush project areas using the New Resolution Geophysics (NRG) Xcite system (Figure 1). NRG surveyed 284 line kilometres across the two project areas and the data is now being reviewed with interim data indicating the presence of stratigraphic conductors and some positive structural corridors for future exploration drilling.


Figure 1: NRG Heli EM survey underway at Bottle Creek and Shepherds Bush projects



The HTDEM data is being reviewed and final results will be announced to the market on completion. The Company is planning to use the EM data in conjunction with existing magnetic data, soil geochemistry and recent drilling to provide new drill targeting for the Mt Ida and Bottle Creek Gold Projects.

An image of preliminary EM data from a late time channel (Ch 20) is presented in Figure 2 and shows several strike extensive conductor trends with evidence of structural disruption occurring along those trends.

Figure 2: Colour image of preliminary EM data (z dB/dt, Ch 20) at the Bottle Creek and Shepherds Bush prospect Mt Ida


Company recently completed a 5,500 metre RC program at the Mt Ida South and Quinn’s project areas with very encouraging Tim’s Find results having been announced to the market in July 20191 . The results from this RC drill program were very positive with the Company extending know mineralised zones at Tim’s Find outside the existing resource area.

The next phase of RC drilling has been designed to expand the Tim’s Find resource and undertake infill drilling at the Shepherds Bush prospect with the view to deliver new resource upgrades from both project areas in the coming months.


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BROAD INTERCEPTS

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BROAD INTERCEPTS INCLUDING HIGH GRADE GOLD MINERALISATION AT PIANTO’S AND FOREST BELLE MT IDA GOLD PROJECT

ASX Announcement 26 August 2019 


HIGHLIGHTS: 

  • Grades up to 45g/t Au returned in 11 RC holes drilled at Forrest Belle 
  • Peak assay 28.9g/t returned in 3 RC holes drilled at Pianto’s Find 
  • Significant intercepts including: 
    • 17m @ 3.5tg/t Au, including 1m @ 45g/t Au from 33 metres (Forrest Belle) 
    • 14m @ 2.6g/t Au, including 1m @ 28.9g/t Au from 26 metres (Pianto’s Find)


Figure 1: Challenge Drilling RC at Pianto’s Find, Mt Ida Gold Project


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to provide an exploration update and results from Forest Belle and Pianto’s project areas. Pianto’s and Forrest Belle were the last areas tested by the Company during the recent RC drilling program at Mt Ida with 11 holes drilled at Forrest Belle and three holes drilled at Pianto’s Find.


The Pianto’s Find prospect is of interest to the Company due to similar magnetic response to Bottle Creek, indicating potential for a parallel mineralised corridor. In addition to similarities in the magnetics data, historical RAB drilling at Pianto’s, shown in figures 2, 3 and 4 below, supports gold potential with one of the historic drillholes (MIB232) intercepting shallow low grade gold. With Bottle Creek mineralisation drilled along >8km strike length and contributing strongly to the projects Gold and Silver Resource1 the Pianto’s holes were designed as an intial test of the parallel magnetic lineament.


Figure 2: Pianto’s and Bottle Creek magnetic lineaments and Pianto’s RC drillhole locations


Click here to view the full announcement 

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