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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

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


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MASSIVE SULPHIDES

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BASE METAL MASSIVE SULPHIDES AT SHEPHERDS BUSH AND BOTTLE CREEK: HELICOPTER TIME DOMAIN ELECTROMAGNETIC SURVEY TO BE FLOWN 

ASX Announcement 19 August 2019


HIGHLIGHTS

  • HTDEM Heli survey to commence August 2019 following positive copper assays 
  • Shepherds Bush follow up multi-element assaying shows gold associated base metals in massive sulphides 
  • Significant 19 metre massive sulphide intercept from SBRC 006 at Shepherds Bush includes; 
    • 19m @ 0.31g/t Au from 119 metres to EOH 
    • 19m @ 0.15% Cu from 119 metres to EOH with a peak of 0.72% Cu 
    • 19m @ 0.56% Mn from 119 metres to EOH with 2m @ 0.79g/t Au, 1.5g/t Ag and 0.67% Cu 
  • 2018 Bottle Creek diamond drill hole may indicate broader base metal potential, EMDD001 includes; 
    • 4.26m @ 2.06g/t Au, 26.6g/t Ag, 0.33% Zn, 0.15% Pb & 0.14% Mn from 193 metres


Figure 1: NRG HTDEM survey 


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to provide an exploration update from drillholes SBRC006 and EMDD001 from Shepherd’s Bush and Bottle Creek project areas. The Company recently completed RC drilling at the Mt Ida Gold Project across several prospects, as part of the program ten RC holes were drilled at the Shepherd’s Bush prospect, with results announced to the market in August.1


Alt’s recent drilling confirmed broad zones of gold mineralisation in a package of ultramafic and mafic schists, sulphidic shales, and cherts including drillhole SBRC006, which returned 80 metres at 1.49g/t Au (Figure 2). With several drillholes intercepting gold in massive and semi-massive sulphides, and SBRC006 ending with gold in 19 metres of massive sulphides, the Company re-submitted SBRC006 pulps for a full ME-ICP61 four acid digest multi-element analysis.


The massive sulphide intercept in SBRC006, which continues to then end of hole, has returned 19 metres at 0.31g/t Au, 0.93g/t Ag, 0.15% Cu and 0.56% Mn (Figure 2). There is an elevated copper zone at the top of the massive sulphide including 2 metres at 0.79g/t Au, 1.5g/t Ag, 0.67% Cu.


Figure 2: Section AA Shepherds Bush with historical and recent RC drillhole Au intercepts 


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BROAD GOLD ZONES

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SHEPHERDS BUSH INTERCEPTS BROAD GOLD ZONES MT IDA GOLD PROJECT

ASX Announcement 6 August 2019 


HIGHLIGHTS

  • First stage RC program delivers shallow 80 metre gold intercept 
  • Broad zones of gold mineralisation intercepted at Shepherds Bush and Spotted Dog 
  • Intercepts of massive and semi massive sulphides 
  • Significant intercepts include; 
    • ➢ 80m @ 1.49g/t Au from 8 metres 
    • ➢ 21m @ 1.92g/t Au from 36 metres 
    • ➢ 25m @ 1.1g/t Au from surface 
    • ➢ 12m @ 1.93g/t Au from 12 metres 
    • ➢ 9m @ 1.56g/t Au from 40 metres


Alt Resources Ltd (ASX: ARS, Alt or ‘the Company’) is pleased to provide an exploration update from completion of 18 RC drillholes at the Shepherd’s Bush and Spotted Dog prospects at Mt Ida South. 


Figure 1: Challenge Drilling at Shepherds Bush Mt Ida Gold Project


The Company recently completed ~5,500 metres of RC drilling at the Mt Ida Gold Project across several prospects, announcing the Tim’s Find results in July 2019


As part of the recent program the Company drilled ten RC holes at the Shepherd’s Bush prospect and seven RC holes at the Spotted Dog prospect. Historical exploration undertaken at Shepherds Bush by previous operators was recently reviewed by the Company with the results of that review announced to the market in February of this year2 . Alt’s recent ten hole RC program reported here has confirmed the historical results intercepting broad zones of low-level gold in a series of ultramafic and mafic schists with sulphidic shales and cherts. Drillhole SBRC006, which returned 80 metres at 1.49g/t Au (Figure 2), indicates significant potential, and with the hole ending in low-grade gold mineralisation in massive sulphides selected samples have been sent for base metal assaying.


All ten RC drillholes at Shepherds Bush intercepted gold mineralisation to varying degrees across a 400 metre strike length thus extending the historical mineralised zone by 200 metres to the north (Figure 4). All significant results are included in Table 1.


Alt CEO James Anderson commented "We are very encouraged by the wide zones of mineralisation intersected at Shepherds Bush with the level of hematite alteration, brecciation and silicification along strike suggesting more significant gold mineralisation may be present in the area. Quite possibly we may be on the edge of larger gold system. Shepherds Bush will now be prioritised as a significant exploration target to fast track exploration and is considered by the Company to have potential to add resource ounces quickly” 


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