Alt Resources Ltd (ASX:ARS) is 11 holes through a planned 29 hole reverse circulation drilling program at its Mt Roberts-Cottee gold project near Leinster, Western Australia.
Samples from the first 7 holes have been dispatched to Kalgoorlie with assay results expected this month.
The Mount Roberts Cottee Project is located 19 kilometres from the 3.8-million-ounce gold Agnew Gold Mine owned by Gold Fields Ltd.
The drill holes are targeting mineralisation beneath historical workings and look to confirm high grade historical intercepts of up to 7.8 g/t gold.
Alt Resources recently raised $1.08 million in a share placement and is in the process of raising up to an additional $400,000 through a share purchase plan (SPP).
Background
Alt Resources has interests in four projects across Australia.
It owns a 70% interest in both the Paupong and Myalla projects located in the south-east Lachlan Orogen of New South Wales.
The company recently entered into a joint venture to acquire an 80% interest in the Fiery Creek gold project from Ironbark Zinc Ltd (ASX:IBG).
Fiery Creek is located 80 kilometres north-east of the Paupong project in New South Wales.
Finally, Alt Resources also recently entered a joint venture to acquire an 80% interest in the Mt Roberts Cottee gold project near Leinster in Western Australia.
Recent capital raising
Alt Resources recently issued 13.5 million shares priced at $0.08 in a share placement raising $1.08 million.
The SPP will look to raise up to an additional $400,000 and existing shareholders will be able to acquire shares in 5 parcel sizes ranging from $1,000 up to $15,000.
Funds raised will be used to undertake exploration drilling at the company’s New South Wales and Western Australian gold projects including:
- The reverse circulation drilling program at the Cottee gold project;
- Diamond drilling at the flagship Paupong IRG project;
- First pass reverse circulation drilling at the Fiery Creek gold project; and
- Providing working capital for the company’s current operations.