Alt Resources Ltd: Drilling confirms new gold occurrences at Mt Roberts Gold Project, WA
Monday, Nov 06, 2017
Alt Resources (ASX:ARS) (the Company) is pleased to announce the completion of 1,489m of RC drilling at its Mt Roberts Gold Project, near Leinster, WA. Drilling focused on outlying targets to the south and east of the main Mt Roberts Workings. This drilling program brings the total metres drilled by Alt Resources at the project to 3,577m, which satisfies the earn-in requirements for 51% of the project, under the agreement with Mount Roberts Mining Pty Ltd.

Key Points

- 1,490m greenfields RC drilling program completed at Mt Roberts Gold Project

- Gold mineralisation up to 9.84 g/t Au confirmed along strike at Rum Punch

- New gold intercepted at Far East where no previous drilling

- Gold confirmed at Kathleen workings

- Significant intercepts are:

o 1m @ 9.84 g/t Au
o 1m @ 3.05 g/t Au
o 2m @ 1.27 g/t Au
o 1m @ 1.8 g/t Au

- Alt has now satisfied the requirements to earn 51% of the Mt Roberts Project

- Resource drilling at Mt Roberts to commence in 2018

The Mount Roberts Gold Project is located 9 km northwest of Leinster and 19 km northeast of the 3.8 Moz Agnew Gold Mine operated by Gold Fields Ltd. The project lies within the Agnew-Wiluna Greenstone Belt, which is host to several major gold deposits including the Agnew Gold Mine, Lawlers and Vivien, within or near the Agnew Gold Camp.

The Company currently holds two mining leases at the Mt Roberts gold project (M36/279 and M36/341; see Figure 1 in link below) through a farm-in agreement with Mount Roberts Mining Pty Ltd (MRM). Alt has also recently reached an agreement with Montezuma Mining Ltd (MZM) to acquire the surrounding exploration licence application E36/843, substantially increasing the Company's potential landholding in the area. The Company is required to finalise Native Title Heritage and Access agreements to expedite the final grant of E36/843 and is currently undergoing negotiations with the Native Title holders through their representatives with this aim. This expanded landholding enables the Company to take a whole system, district-scale approach to exploration.

New drilling described in this announcement was at Rum Punch, where in 2016 Alt intercepted 18m @ 0.8 g/t Au, including 7m @ 1.66 g/t Au, Kathleen, Far East, Fold Nose and the Screen Workings. The focus of this drilling program was to test new exploration targets identified during detailed geological mapping and sampling carried out in March 2017, as well as extend the previously identified mineralisation zone at Rum Punch. This strategy ensures a continuing pipeline of exploration projects at Mt Roberts, essential to support development of the Mt Roberts deposit itself. A resource drill program is planned for the Mt Roberts Workings in 2018. In 2016, Alt intersected up to 67 g/t Au at Mt Roberts.

Rum Punch

New RC drilling conducted by Alt Resources aimed to expand and understand the previous mineralised intercepts at Rum Punch in the southern part of M36/341. This area is characterised by a strong gold-in-soil anomaly, based on a historical soil survey conducted by Western Mining Corporation (WMC) in 1988, with a maximum gold result of 180 ppb. WMC also conducted first pass drilling of the area in 1988, and intersected 5m @ 2.03 g/t Au, including 2m @ 4.5 g/t Au in drillhole LSGC9. Alt Resources drilled the Rum Punch soil anomaly in November 2016, with an intercept of 7m @ 1.66 g/t Au from 35m in MRRC0032.

The new drilling by Alt Resources has intercepted significant gold mineralisation along strike to the south of the previous intercepts. This includes high grade gold mineralisation up to 9.84 g/t Au. Significant results include:

MRRC0039: 6m @ 0.50 g/t Au, from 48m, including
1m @ 1.80 g/t Au, from 48m

MRRC0042: 1m @ 1.19 g/t Au from 95m

MRRC0043: 2m @ 1.27 g/t Au from 39m

MRRC0044: 1m @ 1.28 g/t Au from 71m

MRRC0045: 1m @ 9.84 g/t Au from 78m

MRRC0047: 1m @ 1.07 g/t Au from 13m, and
1m @ 1.28 g/t Au from 17m

Samples were selectively chosen for assay, based on visual logging of quartz and alteration zones. Additional samples have been chosen for assay based on the initial results, with second-round samples currently being analysed at ALS in Kalgoorlie.

Confirmed gold mineralisation in a combination of historical WMC holes, as well as previous and new Alt Resources drillholes, extends at least 40m along strike. The surface expression of possible mineralised quartz veins and structures is locally ~150m, with interpreted extension all the way to the Mt Roberts workings, 700m to the north.

At Rum Punch a gossanous quartz-ironstone rock chip sample was collected from previously un-mapped prospecting pits. This sample assayed at 15.85 g/t Au.

Regional Exploration

RC drilling was also conducted on a number of outlying targets that had been previously identified by the Company. These included the historic Kathleen workings, with a reported historical production of 120 tonnes @ 6 g/t Au, the Screen workings, as well as Far East and Fold Nose, which were both identified during mapping by Alt Resources in March 2017.

Kathleen

Alt Resources drilled at the Kathleen workings in November 2016, and whilst substantial quartz veining was intersected downhole, no significant gold was detected in assays. Given the high grades of historical production, the Company tested the workings again, this time targeting a shallower depth. Drillhole MRRC0054 returned 1m @ 3.05 g/t Au from 11m downhole. This suggests that supergene enrichment plays a significant role in concentrating gold in this area, and future drilling will target shallow oxide mineralisation.

Far East

A series of prominent, parallel, gossanous quartz veins was mapped by Alt geologists in March 2017, in the eastern area of the project. The prospect has been named 'Far East'. Rock chip samples from this area did not return significant results, however 2 RC holes were drilled into the prospect. MRRC0050 intersected an 11m zone of quartz veining with strong clay alteration and shearing evident in drill chips. Assays from this zone returned 3m @ 0.75 g/t Au, including 1m @ 1.41 g/t Au. Whilst the grades are modest, the result gives the Company confidence to continue exploration in this previously untested area.

Additional drillholes at Fold Nose and the Screen workings did not return significant results.

The Company's greenfield drilling program at the Mt Roberts Project has successfully extended known mineralisation at Rum Punch, intersected and confirmed mineralisation beneath old high grade workings at Kathleen, and identified an entirely new mineralised zone at Far East. Alt will continue to expand exploration in these areas as well as explore new targets identified in August 2017 from re-processing and interpretation of historical geophysics. In addition, Alt plans to undertake a thorough resource drilling program at the Mt Roberts workings to generate a JORC compliant resource. This program is scheduled for 2018.

For more information, please visit: https://www.altresources.com

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