Alto Metals (ASX:AME) has confirmed the ‘significant’ potential to extend mineralisation below the shallow mined pit along strike and at depth at its Bull Oak deposit in Western Australia.
The $31.42 million market capitalisation company has received initial assay results from the first 4 holes of an 18-hole reverse circulation (RC) drill program at Bull Oak.
The assays highlighted ‘significant’ thick gold intercepts within the host granodiorite and the surrounding country rock, including hole SRC971 with 172m @ 0.64g/t Au from 44m; and hole SRC969 with 227m @ 0.44g/t Au from 26m.
The remaining assays from additional extensional drilling at Bull Oak and other regional prospects are expected to be returned during November / December 2023.
Alto says mineralisation has now been extended to 400m in strike and remains open along strike and at depth.
Alto Metals Managing Director Matthew Bowles says these assay results have demonstrated that mineralisation is not constrained to the granodiorite and highlights the potential for ‘considerable’ near-term growth within a ‘larger’ single pit.
“Our low-cost, targeted exploration is continuing to deliver as we focus on growing our existing resource base and advancing regional prospects.
“Our low-cost, targeted exploration is continuing to deliver as we focus on growing our existing resource base and advancing regional prospects”
We have a number of additional assays still pending from Bull Oak, and with drilling ongoing at regional targets, shareholders can look forward to further news flow over the coming months.”
The current mineral resource for Bull Oak is 65,000 ounces @ 1.1g/t Au constrained within a $2,5000 pit shell — capturing the majority of the historical shallow drilling and limited by the extent of drilling.
The Bull Oak deposit lies within the Alto’s Sandstone Gold Project in Western Australia.
Alto Metals is a gold explorer focused on its wholly owned Sandstone Gold Project. The Sandstone project covers 740km-square of the Sandstone Greenstone Belt.
As of 30 June 2023, the company had $1.1 million cash at hand, according to its latest quarterly report. On 24 July 2023, Alto announced a placement to raise $5 million and a $420,000 drill-for-equity arrangement to support ongoing exploration activities at the Sandstone Gold Project.
Write to Aaliyah Rogan at Mining.com.au
Images: Alto Metals
