Gold explorer Alto Metals (ASX:AME) has reported new ‘high-grade’ gold results from drilling at the Indomitable Camp area within its Sandstone Gold Project in Western Australia.
The company, which has a $37.85 million market capitalisation, says the results were generated from its second phase of reverse circulation (RC) drilling at Indomitable as it maintains its focus on growing the existing resources within the Alpha Domain area of the project.
Alto reports drillhole SRC948, which represents the deepest hole of the program, was designed to target the interpreted plunge of the main structure and returned gold grades up to 11.3 grams per tonne (g/t) gold (Au), as well as a broad 34m ‘halo’ of mineralisation from 275m.
Key oxide gold results include hole SRC944, with 15m @ 3.1g/t Au from 32m, including 8m @ 5g/t Au from 32m, including 1m @ 22.2g/t Au from 33m; and hole SRC949 with 15m @ 2.1g/t Au from 72m, including 5m @ 5.4g/t Au from 79m and 1m @ 18.9g/t Au from 83m.
Meanwhile, key results from fresh rock at depth include hole SRC948 with 1m @ 11.3g/t Au from 237m and 4m @ 2.1g/t Au from 283m within a broad ‘halo’ of 34m @ 0.6g/t Au from 275m.
Alto notes these results follow on from the first 4 holes of the program, which confirmed further ‘significant’ gold mineralisation within a deeply weathered oxide zone to a downhole depth of 184m.
With these results now in hand, Alto Metals announces assays are still pending for another 7 RC holes from this phase of drilling for about 1,200m.
The results have been interpreted by Alto to highlight the significance of the interpreted structural controls of both the steeply dipping structures and shallow, westerly dipping thrust faults.
As a result, Alto states the next phase of planned exploration at Sandstone will begin in the coming weeks. This proposed work includes diamond drilling for structural and lithological purposes at both Indomitable and Bull Oak, supported by a further 5,000-10,000m of extensional and resource RC drilling.
Other proposed work includes first-pass RC drilling at multiple historic gold workings within the Hacks West area for ‘high-grade’ reef-style mineralisation, as well as low-cost lithium exploration work at Sandstone.
Speaking on the new results, Alto Metals Managing Director Matthew Bowles says: “This second phase of drilling at Indomitable was, for the first time, targeting the interpreted high-grade structures at depth. The drilling has again intersected shallow high-grade gold in oxide, including 15m @ 3.1 g/t gold including 1m @ 22.2 g/t gold, but more importantly has intersected gold mineralisation of up to 10 g/t gold in multiple shallowly dipping interpreted thrust faults in fresh rock at depth.
“Our drilling has shown that mineralisation remains open at depth, with higher grades typically observed where these faults intersect the steeper plunging interpreted structures”
Our drilling has shown that mineralisation remains open at depth, with higher grades typically observed where these faults intersect the steeper plunging interpreted structures. We are awaiting assays for the final seven RC holes of this program. Following this, we plan to commence diamond drilling for structural information and continue further RC drilling.”
Alto Metals is an ASX-listed gold explorer that is the sole owner of the Sandstone Gold Project in the east Murchison of Western Australia.
The project covers a total land area of 740km-square on the Sandstone Greenstone Belt and currently has an optimised, open-pit constrained Mineral Resource Estimate (MRE) of 832,000oz gold at 1.5g/t, capturing over 80% of the unconstrained total MRE of 1.05 million ounces (Moz).
Alto Metals had $1.1 million cash at hand as of 30 June 2023, according to its latest quarterly report. Subsequent to the end of the quarter, the company announced a $5 million share placement and an additional $420,000 via a drill for equity arrangement.
Write to Adam Drought at Mining.com.au
Images: Alto Metals Ltd