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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

REVIEW AND UPDATE

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MT IDA GOLD PROJECT - QUINN’S OPEN PIT REVIEW AND UPDATE 

ASX Announcement 8 April 2019 


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to provide the following review and update of the historical Mt Ida Gold Project and specifically the historic Forrest Belle and Boudie Rat open pits being part of the Quinn’s project area.


The Quinn’s project area is situated in the northern end of the Mount Ida Greenstone Belt and includes the dormant mining operations at Boudie Rat, Forrest Belle and Quinn Hills. The project is located about 10km northeast of Copperfield, 100km north west of Menzies and 17 kilometres from the Bottle Creek Gold Project (Figure 1). 


Figure 1: Location of Boudie Rat, Forrest Belle and Quinn’s Hills Resource areas 

As part of the continuing development planning for the Mt Ida and Bottle Creek Gold Projects the Company has recently completed a comprehensive review of the historic Quinn’s project area, including historic mines Boudie Rat, Forrest Bell and Quinn’s Hills. The Company has spent several months validating and reviewing the historical drillhole data (Figure 2) at the Forrest Belle and Boudie Rat open pits, located on the Quinns mining lease M26/065. Work was aimed at identifying future drilling targets up and down strike of the two pits.


In addition to data review a detailed Digital Terrain Modelling (DTM) over the Boudie Rat and Forrest Belle pits, and the Quinn’s Hill mine area, was completed to help assess viability to mine remnant gold resources. The Forrest Belle and Boudie Rat pit DTM’s are included in Figures 5 and 6 of this report.


Figure 2: Long section looking west showing historic pits and drilling 


Mineralisation 

Historic gold workings are scattered throughout the Quinn’s area but the main centres of mineralisation are located at Boudie Rat and Forrest Belle where open pit mining has been undertaken by previous miners. The gold mineralisation occurs principally as quartz-pyrite lodes associated with quartz-mica schist within metagabbro. The mineralisation coincides with areas of more intense, generally NNW-SSE trending, shearing. 


Shear hosted gold deposits are often characterised by structurally controlled shoots of higher grade mineralisation, and the 2003 Resource Report, completed for Sipa Resources, suggests this is the case at Boudie Rat and Forrest Belle where early underground ore is recorded as 27.3 g/t gold. A review of the historic drilling database confirms the presence of these higher grades.


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121 MINING

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RESOURCE UPGRADE

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BOTTLE CREEK RESOURCE UPGRADE BRINGS TOTAL MT IDA RESOURCE TO 406,000 OUNCES GOLD AND 3.8M OUNCES SILVER

ASX Announcement 13 March 2019


HIGHLIGHTS: 

  • Recent RC drilling at Bottle Creek delivers 3rd JORC resource upgrade adding 149,000 oz Au and 2.88M oz Ag 
  • Bottle Creek JORC resource estimate is now 5.6Mt @ 1.72g/t Au, for 309,000oz Au and 3.78Moz Ag 
  • Bottle Creek and the Mt Ida Project combined resource inventory now stands at 6.8 Mt @ 1.85g/t Au for 406,000oz Au and 3.78Moz Ag 
  • Measured + Indicated resource for the Bottle Creek and Mt Ida Projects now stand at 316,000oz Au and 2.7Moz Ag 
  • The average project wide cost per resource ounce Au now stands at $9.80 
  • Resource upgrade includes additional 5,131 metres of new RC drilling defining extensions to the south of Emu and Southwark deposits and north of the VB and Boags pit 
  • Metallurgical study completed 
  • Preliminary pit optimisation and scoping study completed# 
  • Preliminary treatment plant design and costing completed 
  • Tailings storage facility study completed


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to provide an update to the Mineral Resource estimate for the Bottle Creek and Mt Ida Gold Project. The Company recently completed estimations based on the third phase of RC drilling at Bottle Creek. Confirming mineralisation extensions to the south of the Emu and Southwark deposits, as well as to the north of the VB and Boags open pits with the Phase 3 drill program adding an additional 148,668oz Au and 2.88Moz Ag. Bringing the total for Alt’s Bottle Creek Gold Project to 5.5Mt @ 1.72g/t Au, for 309,000oz Au (Table 1), including 5.5Mt @ 21.1 g/t Ag for 3.78Moz Ag


The Company released its Maiden JORC Resource estimate for Bottle Creek on the 16 th August 20181 . With a second resource upgrade for Bottle Creek being announced to the market 18th October 20182 . This third resource upgrade expands Alt’s overall Mt Ida and Bottle Creek Gold Project resource inventory significantly. Alt’s combined mineral resource Inventory now stands at 6.8Mt @ 1.85 g/t for 406,000oz Au and 3.78Moz Ag consisting of the Bottle Creek Project combined with the existing resources on the Mt Ida Project, which includes Quinn’s and Mt Ida South Project areas (See Appendix 1 for a summary of the Mt Ida Gold Project resources).


The current expanded resource upgrade supports the Company’s continued project development strategy for the Mt Ida region with Bottle Creek being the cornerstone asset and the location of the planned treatment plant. Work on processing options along with the current resource upgrade has the Mt Ida Gold Project rapidly evolving into a development project. The project area has multiple additional exploration and mining targets identified within the Company’s landholding.


The upgraded resource estimate incorporates results of 5,131 metres new RC drilling undertaken immediately to the south of the Emu and Southwark deposits and to the north of the VB and Boags pits (Figure 1) with results announced to the market 14 December 20183 . The Southwark extension fills in the gap between Emu and Southwark, confirming continuity between the two deposits, with the drilling to the north of VB and Boags extending the up-strike extension at VB by 150 metres and by 200 metres at Boags. 


Parallel work on mine design and treatment options of which the Company recently announced its metallurgical test results to the market 7 February 20194 is ongoing. The final metallurgical test work data has been received from AMML Laboratory confirming the mill operating parameters being 80% passing 60 micron as the optimum grind size recovering 93.1% Au and 65% Ag for the Bottle Creek treatment plant.


Alt’s strong growth strategy and continued commitment to the development and expansion of the Mt Ida and Bottle Creek Gold Projects are strongly supported by the new resource upgrade and ongoing exploration activity.


Table: Summary of updated global Mineral Resource Estimate for the Bottle Creek Project, incorporating the new estimate for the Emu, Southwark deposits plus the, VB and Boags open pits and the Cascade deposit using 0.5 g/t cut-off for gold. Total tonnes and ounces have been rounded to the nearest 1,000* 


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GOLD INTERCEPTS

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HISTORICAL GOLD INTERCEPTS IDENTIFIED AT SHEPHERDS BUSH, MT IDA GOLD PROJECT 

ASX Announcement 13 February 2019 


HIGHLIGHTS

  • Technical review of La Mancha Resources historical drilling has revealed historic wide gold intercepts at Shepherds Bush prospect Mt Ida South 
  • Same mineralized structure as Tim’s Find and Spotted Dog deposits1 
  • Shepherds Bush lies 2 kilometres south of Spotted Dog on the Ballard fault 
  • Significant historic RAB and RC intercepts from Shepherds Bush prospect include: 

➢ 12m @ 1.65 g/t Au from 72m 

➢ 20m @ 1.37 g/t Au from 28m 

➢ 12m @ 0.99 g/t Au from 52m 

➢ 32m @ 0.91 g/t Au from 48m 

➢ 32m @ 0.82 g/t Au from 72m 

➢ 16m @ 0.79 g/t Au from 60m 

➢ 16m @ 0.78 g/t Au from 28m


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to report that ongoing collation and review of historical data over the Mt Ida Project has confirmed consistent wide gold intercepts at the Shepherds Bush Prospect shown in Figure 1.


The Shepherds Bush prospect was identified as a gold in soil anomaly by La Mancha Resources in 2006 and is located 2km south of Alts’ Spotted Dog South Resources. Shepherds Bush occurs at the intersection of the regional scale north-south orientated Ballard Shear and an oblique north-east cross cutting structure as illustrated in Figure 1. The gold in soil anomaly appears to be controlled by the north east orientated structure which indicates there is potential to undertake follow up drilling along strike expanding the mineralised footprint.


The geochemical anomaly was drilled by La Mancha Resources in 2006 with an initial eight-hole AC and RAB program and was then followed by a 7 hole RC program. Drilling was completed on two 200 metre spaced lines with no follow up drilling undertaken, despite reasonably significant assayed gold results generated by the RC drilling program.


RC drilling results suggests a potential broad zone of low-level supergene anomalism associated with hematite alteration and silicification. The RC logging indicates weathering penetrates to ~80 metres below surface. The gold mineralisation intersected by this drilling suggests gold bearing fluids may have been introduced into the sulphide-rich host horizon, along the intersection with the NE-SW striking fault shown on Figure 2.


The location of Shepherds Bush prospect is favourable, being 2km south of the Company’s Spotted Dog South and Tim’s Find existing gold resources (Figure1), which are within 10km of the Bottle Creek resources2 . Alt has lodged a Program of Work (POW) to expand exploration drilling at Shepherds Bush, with RC drilling and, when approvals are received from the DMIRS, is scheduled to commence later in 2019.


Along with desktop review of historical datasets Alt has been carrying out field reconnaissance over the entire Mt Ida Project, which will help prioritize work going forward in 2019.


Figure 1: Alt Resources Mt Ida Gold Project deposit locations 


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UP TO 94% GOLD

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New Metallurgical Test Work Confirms up to 94% Gold Recovery from Emu and Southwark at Bottle Creek Gold Project 

ASX Announcement 7 February 2019 


KEY POINTS: 

  • 94% recoverable gold and 65% recoverable silver using conventional cyanide leach processing on samples of Emu and Southwark oxide material 
  • Metallurgical recovery tests completed at a range of grind sizes from 80% passing 106 micron to 80% passing 45 micron. An optimum grind size of 80% passing 60 micron has been chosen for additional work. 
  • Rapid leach kinetics for both gold and silver after first 12 hours using existing site water 
  • Bond ball mill Work Index 10.6 in line with historical record of 10.9 recorded from the historical mining cycle at Bottle Creek 
  • Cyanide and lime consumption in line with existing WA CIP plant operations


Alt Resources Ltd (“Alt” or “the Company”) (ASX: ARS) is pleased to announce that it has completed initial metallurgical test work on oxide gold samples at the Emu and Southwark deposits from the Bottle Creek Gold Project in the Mt Ida region of Western Australia (Figure 1). The Bottle Creek Gold Project is the cornerstone asset of the Company’s Mt Ida Gold Project. 


Alt CEO James Anderson said, “This is a significant and very positive result at Bottle Creek confirming the historical performance by the previous miner Norgold and reinforcing our view that Bottle Creek is a robust, small scale open pit development project. The new metallurgy, along with recent pit optimisation work, paves the way to complete a treatment plant design to be located at Bottle Creek and move rapidly to the feasibility study.”


“The project is looking favourable for a simple processing route, and these test results support our aim of developing a gold plant at Bottle Creek. Itis another positive step towards the planned mining hub to service this northern end of the Mt Ida gold belt.” 


Figure 1: The Bottle Creek Gold Project, Mt Ida WA 


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