Proactiveinvestors Australia Alto Metals Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Alto Metals Ltd RSS feed en Mon, 27 May 2019 01:15:16 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Alto Metals in trading halt pending update on shortfall placement shares ]]> https://www.proactiveinvestors.com.au/companies/news/220172/alto-metals-in-trading-halt-pending-update-on-shortfall-placement-shares-220172.html Alto Metals Ltd (ASX:AME) has been granted a trading halt by the ASX pending an update on the shortfall placement shares in relation to the current takeover offer from Middle Island Resources Ltd (ASX:MDI).

The trading halt will remain in place until the start of trading on Thursday, May 16, 2019, or when an announcement is made, whichever occurs first.

READ: Alto Metals welcomes defeating condition triggered on Middle Island Resources’ takeover bid

Middle Island had offered Alto shareholders five shares in Middle Island for every one Alto share held.

However, Alto’s board recommended its investors to reject the offer.

On May 6, 2019 Alto revealed that it will issue about 16.7 million new ordinary shares and 8.3 million new options to its chairman Terry Wheeler.

Importantly, the agreement to issue the additional Alto securities had triggered a defeating condition of the Middle Island takeover offer.

]]>
Tue, 14 May 2019 11:59:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220172/alto-metals-in-trading-halt-pending-update-on-shortfall-placement-shares-220172.html
<![CDATA[News - Alto Metals welcomes defeating condition triggered on Middle Island Resources’ takeover bid ]]> https://www.proactiveinvestors.com.au/companies/news/219856/alto-metals-welcomes-defeating-condition-triggered-on-middle-island-resources-takeover-bid-219856.html Alto Metals Ltd (ASX:AME) has welcomed the defeating condition triggered on Middle Island Resources Ltd’s (ASX:MDI) off-market takeover bid for Alto.

Background

Middle Island had offered Alto shareholders five shares in Middle Island for every one Alto share held.

However, Alto’s board recommended its investors to reject the offer.

READ: Alto Metals directors outline recommended rejection of Middle Island Resources’ takeover bid

On May 6, 2019 Alto revealed that it will issue about 16.7 million new ordinary shares and 8.3 million new options to its chairman Terry Wheeler.

Importantly, the agreement to issue the additional Alto securities has triggered a defeating condition of the Middle Island takeover offer.

Offer to lapse or to be withdrawn

Middle Island will not waive the breach of the defeating condition and reserves its right to rely on the trigger of the defeating condition to allow the offer to lapse or to apply for ASIC consent to withdraw the offer.

Middle Island will update Alto shareholders by way of further disclosure if and when it decides to rely on this defeating condition to allow the offer to lapse or apply to ASIC for consent to withdraw the offer.

]]>
Wed, 08 May 2019 17:04:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219856/alto-metals-welcomes-defeating-condition-triggered-on-middle-island-resources-takeover-bid-219856.html
<![CDATA[News - Alto Metals directors outline recommended rejection of Middle Island Resources’ takeover bid ]]> https://www.proactiveinvestors.com.au/companies/news/219738/alto-metals-directors-outline-recommended-rejection-of-middle-island-resources-takeover-bid-219738.html Alto Metals Ltd’s (ASX:AME) board has recommended its investors reject an off-market takeover offer put forward to its shareholders by Middle Island Resources Ltd (ASX:MDI).

The Western Australian target, which has the Sandstone Gold Project in WA as its flagship project, is chaired by shareholder and minerals chemist, entrepreneur Terry Wheeler.

Alto recently raised $2.6 million to fast-track its key asset in WA northeast of Perth.

READ: Alto Metals will use $2.6 million to fast-track drilling at Sandstone Gold Project

Middle Island offered shareholders five shares in its company for every one Alto share held.

Alto chairman Wheeler outlined reasons for the directors’ unanimous rejection of the bid in a letter to the company’s shareholders published yesterday.

Wheeler said the board believed the offer was “highly conditional and uncertain” and “likely to be Middle Island’s first move”, highlighting “there may be tax implications” for offer acceptance.

READ: Alto Metals board recommends shareholders reject Middle Island offer

Among the directors’ reasons for recommending a no-thanks to the offer was their belief: “the offer fails to recognise Alto’s unrealised potential” and “Middle Island needs Alto, however Middle Island’s proposal offers little benefit to Alto shareholders”.

The chairman flagged the company’s three largest shareholders do not plan to accept the offer.

In January 2019, Wheeler was the company’s biggest investor.

BIG PICTURE: Alto Metals targets 500,000 gold ounces at Sandstone in 2019 enroute to 1+ million

Wheeler wrote to shareholders: “Your directors believe that the offer is fundamentally opportunistic and timed to suit MDI’s best interests without reference to the inherent value of Alto or to the Sandstone Gold Project and the 818 square kilometres of the historic Archaean sandstone goldfield controlled by Alto.

“MDI’s offer is designed to secure early control of these assets and capture value that we believe would otherwise flow to you.

“Your directors believe that the offer does not reflect the short, medium and long-term unrealised potential that Alto offers you.

“Your directors urge you not to dilute your exposure to that value by prematurely passing control of Alto to MDI at a price that does not adequately reflect Alto’s unrealised potential.”

The directors recommended shareholders take no action.

 

]]>
Mon, 06 May 2019 18:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219738/alto-metals-directors-outline-recommended-rejection-of-middle-island-resources-takeover-bid-219738.html
<![CDATA[News - Alto Metals will use $2.6 million to fast-track drilling at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/219705/alto-metals-will-use-26-million-to-fast-track-drilling-at-sandstone-gold-project-219705.html Alto Metals Ltd (ASX:AME) has secured firm commitments to raise more than $2.047 million by way of an oversubscribed shortfall placement of almost 57 million shares at 3.6 cents per share.

The placement, which includes one free attaching unquoted option exercisable at 7 cents for every 2 shares subscribed for, attracted strong demand from several boutique funds and investors in Australia, including an equity funded drilling contract up to $350,000.

Premium of 44% to takeover offer

The shortfall placement price represents a premium of 44% to the implied offer price of 2.5 cents under Middle Island Resources Ltd’s (ASX:MDI) unsolicited takeover offer, being five MDI shares for every one Alto share.

This also represents a 10% discount to the closing Alto share price of 4 cents prior to announcing the capital raising.

"Endorsement" of project

Alto chairman Terry Wheeler said: “Alto is extremely pleased with the interest and support from investors which represents a strong endorsement of Alto’s Sandstone Gold Project, technical capabilities and ongoing strategy to generate and drill test a pipeline of highly prospective exploration targets.

“With this funding secured, we can commence the aggressive drilling campaign of approximately 10,000 metres targeting high-grade gold at several known prospects at Havilah, Vanguard and Lord Nelson in addition to exploration at a number of new targets we have identified.”

READ: Alto Metals board recommends shareholders reject Middle Island offer

The placement was completed in relation to the shortfall of the company’s non-renounceable entitlement offer detailed in the prospectus on January 24, 2019.

Settlement of the shortfall placement is expected to occur on Friday, May 10, 2019, with shares to be allotted and the start of trading on or around May 13, 2019.

The new shares will rank equally with the company’s existing fully paid shares.

Placement to chairman

Alto also intends to raise a further $600,000 through a placement to chairman and major shareholder Terry Wheeler to maintain his interest in the company.

This placement is to be made on the same terms as the shortfall placement and is subject to shareholder approval.

Total commitments of more than $2.647 million secured from both the shortfall Pplacement and placement will enable Alto to fast-track drilling at its flagship Sandstone Gold Project.

Funds will also enable the company to progress further exploration, resource study work and cover general working capital.

]]>
Mon, 06 May 2019 14:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219705/alto-metals-will-use-26-million-to-fast-track-drilling-at-sandstone-gold-project-219705.html
<![CDATA[News - Alto Metals in trading halt ahead of capital raising news ]]> https://www.proactiveinvestors.com.au/companies/news/219515/alto-metals-in-trading-halt-ahead-of-capital-raising-news-219515.html Alto Metals Ltd (ASX:AME) is in a trading halt pending the release of information in relation to a capital raising.

The trading halt will end on the beginning of trade on Monday, May 6, 2019, or when an announcement is made to market, whichever occurs earliest.

Shares last traded at 4 cents.

READ: Alto Metals board recommends shareholders reject Middle Island Offer

The company released a letter to shareholders yesterday stating that Alto’s board unanimously recommends shareholders reject the takeover offer from Middle Island Resources (ASX:MDI).

The letter said: “Middle Island’s understanding of the value of Alto has clearly increased through their presence in the Sandstone Goldfield.

“Your directors believe that Middle Island now recognises the inherent value of Alto’s Sandstone Project and the 818 square kilometres of the Archean Sandstone Goldfield controlled by Alto, which your directors have long believed to be one of the most prospective gold provinces in Western Australia today.”

READ: Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid

The board believes the offer fails to recognise Alto’s unrealised potential and that Middle Island needs Alto.

Alto’s three largest shareholders, who collectively own or control 32.12% of the company’s shares, have indicated that they do not intend to accept the offer.

]]>
Thu, 02 May 2019 09:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219515/alto-metals-in-trading-halt-ahead-of-capital-raising-news-219515.html
<![CDATA[News - Alto Metals board recommends shareholders reject Middle Island offer ]]> https://www.proactiveinvestors.com.au/companies/news/219415/alto-metals-board-recommends-shareholders-reject-middle-island-offer-219415.html Alto Metals Ltd (ASX:AME) has released a letter to shareholders today starting that is board unanimously recommends that shareholders reject the takeover offer from Middle Island Resources (ASX:MDI).

The letter said: “Middle Island’s understanding of the value of Alto has clearly increased through their presence in the Sandstone Goldfield.

“Your directors believe that Middle Island now recognises the inherent value of Alto’s Sandstone Project and the 818 square kilometres of the historic Archaean Sandstone Goldfield controlled by Alto, which your directors have long believed to be one of the most prospective gold provinces in Western Australia today.”

Alto’s three largest shareholders don’t intend to accept

The board believes the offer fails to recognise Alto’s unrealised potential and that Middle Island needs Alto, however Middle Island’s proposal offers little benefit to Alto shareholders.

Alto’s three largest shareholders, who collectively own or control 32.12% of the company’s shares, have indicated that they do not intend to accept the offer.

READ: Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid

Since acquiring the Sandstone Gold Project in June 2016, Alto has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns which commenced in late-2016.

Alto’s initial goal is to delineate a JORC resource of at least 1 million ounces of gold, that can become the basis for a re-establishment of standalone oxide and primary gold mining and milling operations at Sandstone.

]]>
Wed, 01 May 2019 09:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219415/alto-metals-board-recommends-shareholders-reject-middle-island-offer-219415.html
<![CDATA[News - Alto Metals board mulling formal recommendation for takeover offer ]]> https://www.proactiveinvestors.com.au/companies/news/218450/alto-metals-board-mulling-formal-recommendation-for-takeover-offer-218450.html Alto Metals Ltd’s (ASX:AME) board is still yet to make a formal recommendation to shareholders regarding the takeover offer from Middle Island Resources Ltd (ASX:MDI).

On Wednesday, Middle Island reduced the minimum acceptance condition for the all-scrip offer from 90% to 50.1%.

This information will be contained in Alto’s Target Statement which has to be issued within 15 days of receiving the Bidder’s Statement.

READ: Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer

The offer is for 5 Middle Island shares for every 1 Alto Metals share.

]]>
Fri, 12 Apr 2019 08:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218450/alto-metals-board-mulling-formal-recommendation-for-takeover-offer-218450.html
<![CDATA[News - Alto Metals major shareholders representing 32.12% do not intend to accept Middle Island offer ]]> https://www.proactiveinvestors.com.au/companies/news/216713/alto-metals-major-shareholders-representing-3212-do-not-intend-to-accept-middle-island-offer-216713.html Alto Metals (ASX:AME) has received separate written notices from the company’s three major shareholders who do not intend to accept the offer of five Middle Island Resources Ltd (ASX:MDI) shares for every one Alto share.

Under the terms of the proposed takeover, Middle Island offered five Middle Island shares for every one Alto share.

The three major shareholders own or control 68,608,175 Alto shares and include:

Windsong Valley Pty Ltd and Marymount Pty Ltd (related parties of Alto’s chairman Terry Wheeler);

Sinotech Corporation Limited; and

Enterprise Metals Ltd.

Further details of the director’s recommendation will be contained in Alto’s target statement which will be lodged and sent to shareholders following issue of the bidder’s statement.

Middle Island has indicated it will send out its bidder’s statement on or before April 29, 2019.

]]>
Tue, 19 Mar 2019 17:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216713/alto-metals-major-shareholders-representing-3212-do-not-intend-to-accept-middle-island-offer-216713.html
<![CDATA[News - Alto Metals chairman increases shareholding ]]> https://www.proactiveinvestors.com.au/companies/news/216136/alto-metals-chairman-increases-shareholding-216136.html Alto Metals Ltd (ASX:AME) chairman Terrence Wheeler has acquired 6.38 million shares valued at $300,000.

The acquisition increases Wheeler’s holding in the company to 40.7 million shares.

This recent share acquisition is a result of the conversion of a convertible loan.

READ: Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid

Earlier this month, Alto received an all-scrip off-market takeover offer for all issued ordinary Alto shares from gold exploration company Middle Island Resources Ltd (ASX:MDI).

The offer for five Middle Island shares for every one Alto share is based on Middle Island’s closing price of 0.9 cents on February 28, 2019, valuing Alto at about $9.4 million.

]]>
Mon, 11 Mar 2019 12:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216136/alto-metals-chairman-increases-shareholding-216136.html
<![CDATA[News - Alto Metals to potentially fast-track into gold developer with Middle Island takeover bid ]]> https://www.proactiveinvestors.com.au/companies/news/215574/alto-metals-to-potentially-fast-track-into-gold-developer-with-middle-island-takeover-bid-215574.html Alto Metals Ltd (ASX:AME) has received an all scrip off-market takeover offer for all issued ordinary Alto shares from gold exploration company Middle Island Resources Ltd (ASX:MDI).

The offer for five Middle Island shares for every one Alto share is based on Middle Island’s closing price of 0.9 cents on February 28, 2019, valuing Alto at about $9.4 million.

This represents premiums of 61% to Alto’s last closing price of 2.8 cents, 61% to Alto’s five-day volume weighted average price (VWAP) of 2.8 cents and 34% to Alto’s ten-day VWAP of 3.35 cents.

Alto's board is considering its response and shareholders have been advisded to take no action in respect to the offer until a formal recommendation is made.

 

Middle Island managing director Rick Yeates said the offer was compelling for Alto shareholders.

Yeates said: “[Alto shareholders] will receive a significant premium based on the last closing price for their shares and will benefit in the future growth potential of the proposed combined group.”

The directors of Middle Island believe that combining the assets of the two companies will create near-term cashflow potential and considerable production and exploration upside.

Middle Island has also received indicative broker support regarding the combined group for an equity capital raising of about $5 million to advance feasibility and recommissioning.

READ: Alto Metals’ historical drilling data confirms high-grade gold at Sandstone North

Middle Island owns the Sandstone Project in Western Australia which includes a 600,000 tonne per annum processing facility currently on care and maintenance.

The plant will provide Alto with an immediate, nearby and cost-effective processing solution for Alto’s gold resources.

Alto’s deposits are anticipated to provide initial mill feed and critical mass to support an early recommissioning of the Sandstone plant, while Middle Island’s Two Mile Hill deposits offer considerable scale and project longevity.

Alto's exploration and development pipeline for Sandstone

  READ: Alto Metals reveals historical high-grade gold intersections at Ladybird

Yeates continued: “Middle Island will integrate Alto’s assets with Middle Island’s Sandstone Gold Project and immediately embark on an updated feasibility study, incorporating Alto’s mineral resources, to determine the economics of recommissioning the Sandstone gold processing plant.

“The collective Middle Island-Alto gold assets offer a substantial growth opportunity for current and future shareholders of the combined group, via a low capital intensity and a near-term production profile.

“The further potential is to significantly extend this production profile via Middle Island’s Two Mile Hill underground deposits, consolidate further proximal deposits within a 100-kilometre radius, and amalgamate an entire greenstone belt offering significant resource and exploration upside.

“In the view of the Middle Island directors, the premium offered, the funding support, Middle Island’s technical and management expertise, and participation in the combined Middle Island-Alto upside, make this bid a compelling proposal.”

READ: Alto Metals targets 500,000 gold ounces at Sandstone in 2019 enroute to 1+ million

Middle Island is advancing its wholly-owned Sandstone Project in WA with the aim of extending and enhancing the proposed gold production profile in order to recommission the on-site plant.

Production focus has been on the Two Mile Hill tonalite deeps and banded iron formation deposits.

Two Mile Hill now comprises a substantial exploration target which has been further defined through resource definition diamond drilling, ore-sorting trials and geotechnical studies.

Drilling, resource estimation and optimisation studies have resulted in Middle Island doubling the contained gold at its Wirraminna deposit.

This was supplemented by the discovery of four coincident gold-arsenic anomalies beneath transported cover at the Davis prospect, all within 1 kilometre of the processing plant.

Alto's gold resources at Sandstone

  READ: Alto Metals to raise up to $2.38 million for exploration at Sandstone Gold Project

Alto’s principal asset is the Sandstone Gold Project which covers about 80% or 800 square kilometres of the Archaean Sandstone greenstone belt.

The project surrounds and lies immediately adjacent to Middle Island’s tenure and is centred around the township of Sandstone, 600 kilometres northeast of Perth and 400 kilometres northwest of Kalgoorlie.

Alto’s global mineral resource estimate across the Indomitable, Vanguard, Lord Nelson and Lord Henry deposits comprises an indicated 1.2 million tonnes at 1.9 g/t gold for 65,000 ounces and an inferred 3.67 million tonnes at 1.66 g/t containing 196,000 ounces.

]]>
Thu, 28 Feb 2019 20:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215574/alto-metals-to-potentially-fast-track-into-gold-developer-with-middle-island-takeover-bid-215574.html
<![CDATA[News - Alto Metals enters trading halt ahead of board update ]]> https://www.proactiveinvestors.com.au/companies/news/215084/alto-metals-enters-trading-halt-ahead-of-board-update-215084.html Alto Metals Ltd (ASX:AME) has been granted a trading halt by the ASX pending the release of an update regarding its board composition.

The halt will remain until the start of ASX trading on Monday, February 25, 2019, or when the announcement is released to the market, whichever occurs earliest.

Alto's shares were trading at 3.4 cents when the halt was granted.

READ: Alto Metals board members increase stake after buying more shares

Alto is focused on expanding its 261,000-ounce gold resource at its flagship Sandstone Project in Western Australia.

The Sandstone resource is spread across three deposits – Lord Henry, Lord Nelson, and Indomitable Camp & Vanguard Camp.

A number of other advanced prospects exist including Havilah, Ladybird and Sandstone North.

Alto is expecting to release maiden JORC resource estimates over the coming weeks.

]]>
Fri, 22 Feb 2019 08:41:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215084/alto-metals-enters-trading-halt-ahead-of-board-update-215084.html
<![CDATA[News - Alto Metals board members increase stake after buying more shares ]]> https://www.proactiveinvestors.com.au/companies/news/214917/alto-metals-board-members-increase-stake-after-buying-more-shares-214917.html Alto Metals Ltd (ASX:AME) has had two of its board members increase their stake in the company after participating in the recent capital raising.

Acting chairman Terence Wheeler purchased 2.89 million shares for $104,200 increasing his stake to 34.52 million shares.

Executive direction Dermot Ryan purchased 138,888 shares for $5,000 increasing his holding in the company to 7.55 million.

READ: Alto Metals promotes Patrick Holywell to board level

Alto is focused on expanding its 261,000-ounce gold resource at its flagship Sandstone Project in Western Australia.

The Sandstone resource is spread across three deposits – Lord Henry, Lord Nelson, and Indomitable Camp & Vanguard Camp.

A number of other advanced prospects exist including Havilah, Ladybird and Sandstone North.

Alto is expecting to release maiden JORC resource estimates over the coming weeks.

]]>
Wed, 20 Feb 2019 10:42:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214917/alto-metals-board-members-increase-stake-after-buying-more-shares-214917.html
<![CDATA[News - Alto Metals promotes Patrick Holywell to board level ]]> https://www.proactiveinvestors.com.au/companies/news/214822/alto-metals-promotes-patrick-holywell-to-board-level-214822.html Alto Metals Ltd (ASX:AME) has promoted company secretary Patrick Holywell to the position corporate director.

Holywell has been appointed to focus on shareholder engagement, funding as well as the assessment of new opportunities for Alto.

He is a Chartered Accountant and has previous director and CFO roles in his 15 years of experience in finance, accounting and corporate governance.

READ: Alto Metals' historical drilling data confirms high-grade gold at Sandstone North

Alto is focused on expanding its 261,000-ounce gold resource at its flagship Sandstone Project in Western Australia.

The Sandstone resource is spread across three deposits – Lord Henry, Lord Nelson, and Indomitable Camp & Vanguard Camp.

A number of other advanced prospects exist including Havilah, Ladybird and Sandstone North.

New maiden resources expected shortly

In the company’s recent December quarterly report, director Dermot Ryan said: “The exploration conducted in the latter part of 2018 at Vanguard, Indomitable and Tiger Moth has provided the company with a number of immediate drill targets for 2019.

“In addition, the review and 3D modelling of previous explorers’ data from Havilah and Ladybird will lead to the estimation of maiden JORC 2012 Mineral Resources for these prospects in February 2019.

“Drilling to extend the strike and depth of these mineralised systems is planned for early 2019.

“The planned 2019 RC and AC drilling programs at various prospects will capitalise on the company’s evolving understanding of geology and structural controls on gold mineralisation at Sandstone, and the substantial drilling/assay database that we have acquired and generated over the past two years.”

]]>
Tue, 19 Feb 2019 08:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214822/alto-metals-promotes-patrick-holywell-to-board-level-214822.html
<![CDATA[News - Alto Metals' historical drilling data confirms high-grade gold at Sandstone North ]]> https://www.proactiveinvestors.com.au/companies/news/214313/alto-metals--historical-drilling-data-confirms-high-grade-gold-at-sandstone-north-214313.html Alto Metals Ltd (ASX:AME) has reviewed historical reverse circulation (RC) drilling results that confirm high-grade gold at the Sandstone North prospect in Western Australia.

Since acquiring the project in 2016, Alto has compiled and reviewed a large database ahead of a series of focused exploration and drilling campaigns.

The Sandstone North prospect includes the historic Oroya Extended workings where small pits and shafts run north-south over a strike length of 300 metres.

 

 

RC drilling by previous explorers has confirmed high-grade gold mineralisation exists at the prospect, with results including:

8 metres at 4.9 g/t gold from 82 metres 3 metres at 32.1 g/t from 94 metres 9 metres at 8 g/t from 29 metres 2 metres at 24.2 g/t from 34 metres 11 metres at 6.2 g/t from 34 metres High-grade nature

Alto executive director Dermot Ryan said: “Sandstone North is somewhat different from other known gold deposits at Sandstone, in that the gold mineralisation is hosted in a sulphidic quartz vein system within sheared pyritic sediments, adjacent to an ultramafic unit.

“The high-grade nature of the mineralisation and the underexplored, under-drilled nature of the deposit makes it an attractive exploration target for 2019.”

READ: Alto Metals targets 500,000 gold ounces at Sandstone in 2019 enroute to 1+ million

The company’s goal is the delineation of a 1 million-ounce JORC 2012 mineral resource that could become the basis for a re-establishment of standalone oxide and primary gold mining and milling operations.  

In 2018 the company carried out drilling to test for extensions to mineralisation along strike at the northern and southern ends of the mineralisation.

A total of eight drill holes were completed for 783 metres demonstrating that the mineralisation is open to the north and south of the main zone.

READ: Alto Metals to raise up to $2.38 million for exploration at Sandstone Gold Project

The company aims to raise up to $2.38 million in a 1 for 3 non-renounceable rights issue with the majority of funds to be allocated to ongoing exploration including at the Sandstone Gold Project in the first half of 2019 and to increase the mineral resource inventory.

Shares in the pro-rata entitlement offer to eligible shareholders are priced at 3.6 cents each.

READ: Alto Metals reveals historical high-grade gold intersections at Ladybird

The company also confirmed shallow high-grade gold mineralisation exists at the Ladybird prospect within the Sandstone project.

Best results included:

5 metres at 29.4 g/t from 8 metres; 4 metres at 7.3 g/t from 42 metres; and 5 metres at 5.6 g/t from 0 metres

Further drilling is planned for quarter 1 to test along strike, down dip and down plunge extensions to the mineralised zone at Sandstone North.

- Jessica Cummins

]]>
Sun, 10 Feb 2019 20:09:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214313/alto-metals--historical-drilling-data-confirms-high-grade-gold-at-sandstone-north-214313.html
<![CDATA[News - Alto Metals reveals historical high-grade gold intersections at Ladybird ]]> https://www.proactiveinvestors.com.au/companies/news/213569/alto-metals-reveals-historical-high-grade-gold-intersections-at-ladybird-213569.html Alto Metals Ltd’s (ASX:AME) compilation and review of a previous explorer’s data has confirmed that shallow high-grade gold mineralisation exists at the Ladybird Prospect within its Sandstone Gold Project in Western Australia.

Significant historical reverse circulation (RC) drill intersections at Ladybird include:

• 5 metres at 29.4 g/t gold from 8 metres;
• 4 metres at 7.3 g/t gold from 42 metres; and
• 5 metres at 5.6 g/t gold from 0 metres.

Although the mineralised zone is relatively narrow and steeply dipping, the grade and continuity of mineralisation suggest that the deposit could be amenable to open pit mining in its upper reaches.

READ: Alto Metals targets 500,000 gold ounces at Sandstone in 2019 enroute to 1+ million

The Sandstone Gold Project comprises about 800 square kilometres of the prospective Archaean Sandstone Goldfield, 600 kilometres north of Perth in the East Murchison Mineral Field.

Alto’s goal is the delineation of a +1 million gold ounces resource that could become the basis for a re-establishment of standalone oxide and primary gold mining and milling operations.

 

Background

Western Mining Corporation initially completed 19 reverse circulation (RC) drill holes in 1988 at Ladybird which defined a 550-metre strike length of gold mineralisation.

A further ten RC drill holes were completed in the same year, and drill hole MSGC1162 reported a high-grade intersection with gold values including 1 metre at 67 g/t gold.

In 1990, a further nine RC holes were completed and in 1992 WMC reported a maiden resource estimate.

Alto has now captured and digitised the existing Ladybird drilling data and produced a 3D model of the geology and mineralisation.

3D model of geology and mineralisation

The model has assisted with interpretation of the mineralisation and the targeting of future drilling.

Alto has commissioned Dr Spero Carras of Carras Mining Pty Ltd to prepare a JORC resource estimate for the Ladybird deposit. This should be completed by February 2019.

Further RC drilling is planned to test the strike and down-dip extensions to the mineralisation and potentially expand the mineralised area.

Exploration and development pipeline for Sandstone

]]>
Wed, 30 Jan 2019 13:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213569/alto-metals-reveals-historical-high-grade-gold-intersections-at-ladybird-213569.html
<![CDATA[News - Alto Metals to raise up to $2.38 million for exploration at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/213298/alto-metals-to-raise-up-to-238-million-for-exploration-at-sandstone-gold-project-213298.html Alto Metals Ltd (ASX:AME) aims to raise up to $2.38 million in a 1 for 3 non-renounceable rights issue with the majority of funds to be allocated to ongoing exploration, including drilling, at the Sandstone Gold Project in WA.

Shares in the pro-rata entitlement offer to eligible shareholders are priced at 3.6 cents each.

This represents a 10% discount to the last closing price of 4 cents and a 15% discount to the 15-trading-day volume-weighted average price on Wednesday, January 23.

READ: Alto Metals set to add to Sandstone gold bounty with Havilah resource

Alto expects to add ounces to the Sandstone project through an imminent resource estimate for the Havilah deposit.

Sandstone’s existing resource is 261,000 ounces and the company is aiming to define at least 500,000 more ounces this year as part of its overall strategy to delineate more than 1 million ounces.

READ: Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining

This strategy also includes re-establishing gold mining and milling operations at the project in the East Murchison Mineral Field.

Offer includes option

Each share in the offer comes with an unquoted free-attaching option that has an exercise price of 7 cents and expires 18 months later.

The offer, which closes at 8pm EST on February 14, could introduce more than 66 million new shares and 33 million options to those in circulation.

Any new shares and options not taken up will be offered to eligible shareholders in a shortfall offer on the same conditions.

These can be issued at the directors’ discretion up to February 19 before the securities are added to quotation on February 21 and begin to be traded normally from February 25.

READ: Alto Metals Ltd acquiring rights to shallow gold at Sandstone project

Alto expects to direct up to $1.967 million of the funds towards exploration, keeping $369,000 for working capital requirements and directing $40,000 to offer costs.

]]>
Fri, 25 Jan 2019 10:55:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213298/alto-metals-to-raise-up-to-238-million-for-exploration-at-sandstone-gold-project-213298.html
<![CDATA[News - Alto Metals targets 500,000 gold ounces at Sandstone in 2019 enroute to 1+ million ]]> https://www.proactiveinvestors.com.au/companies/news/213302/alto-metals-targets-500000-gold-ounces-at-sandstone-in-2019-enroute-to-1-million-213302.html Alto Metals Limited (ASX:AME) expects to add ounces to the 261,000-ounce resource at the Sandstone project in WA's Mid-West this quarter, as it raises funds from shareholders with an entitlement issue.

Carras Mining Pty Ltd’s Dr Spero Carras is hard at work on a gold resource estimate for the Havilah deposit which the company expects to share by the end of January after launching its $2.38 million 1 for 3 entitlement offer earlier today.

READ: Alto Metals to raise up to $2.38 million for exploration at Sandstone Gold Project

Explorer Alto is also planning Ladybird and Sandstone North JORC-compliant resource statements after defining maiden gold resources at the Indomitable and Vanguard Camp deposits last year.

Sandstone project on the East Murchison Mineral Field has a defined gold resource at 4.9 million tonnes grading 1.7 g/t for 261,000 ounces of contained gold.

Sandstone Gold Project gold resources

Alto hopes to define at least 500,000 ounces at Sandstone in 2019 as part of a strategy to delineate more than 1 million ounces and re-establish standalone oxide and primary gold mining and milling operations at its flagship project.

A forward plan to 500,000 ounces

By reviewing past explorers’ data, Carras has already determined the historical mine deposit at Havilah is similar to the Vanguard deposit 6 kilometres to the northwest, which hosts a 50,000-ounce resource.

Both Havilah and Vanguard are in the high-priority Alpha Domain, backing Alto’s view the domain could host a substantial gold deposit.

The geology at Havilah

READ: Alto Metals intersects high-grade gold up to 19.2 g/t at Vanguard prospect in WA

Alto has intersected up to 19.2 g/t at Vanguard prospect with the standout grading found in a 1-metre individual assay from 63 metres.

Highlighted intervals from Vanguard include: 40 metres at 3.6 g/t from 61 metres, including 5 metres at 8.7 g/t from 61 metres; 19 metres at 4 g/t from 69 metres; and 7 metres at 3 g/t from 94 metres.

Geological modelling on Vanguard

Alto plans to build on its work of the past two years through RC and diamond drilling at the Vanguard and Indomitable prospects to define the extent of their mineralised structures.

Alto managing director Dermot Ryan spoke to Proactive Investors’ Stocktube video channel about the company’s progress over the past 24 months, in a video interview in December 2018.

The MD indicated the company was talking to parties about funding options as it ramped up exploration efforts.

Ryan said: “We’re in discussions with a number of parties.

“From the first two years that we’ve been on the ground we’ve raised money from shareholders, we’ve done placements to our existing shareholders and we’ve done shareholder purchase plans.

“Going into 2019, we’re going to have to raise money … because we’re going to be ramping up the drilling and ramping up the ounces.

“The results that we’ve achieved in a relatively short time of 24 months are very encouraging and certainly parties that we’re talking to certainly believe that the quality of the work and the cost per ounce that we’re discovering is very good.”

 

Earlier this month, Sandstone Exploration Pty Ltd agreed to sell surface prospecting rights at Sandstone project to Alto in exchange for 3 million ordinary shares.

Using the rights, Alto could prospect and fossick for gold to a 2-metre depth from surface.

READ: Alto Metals Ltd acquiring rights to shallow gold at Sandstone project

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield on the East Murchison Mineral Field in the area once known as the Murchison region.

Sandstone covers about 80% of the historic Archaean goldfield, 600 kilometres north of Perth.

Sandstone is on a historic goldfield in Western Australia

Shareholder entitlement offer

Shares in Alto’s non-renounceable entitlement offer are priced at 3.6 cents each, representing a 10% discount to the last closing price of 4 cents, on Tuesday, January 22, 2019, and a 15% discount to the 15-trading-day volume-weighted average price on Wednesday.

Each share comes with an unquoted free-attaching option that has an exercise price of 7 cents and expires 18 months later.

The offer could introduce another 66 million new shares and 33 million options to those in circulation.

About 195 million shares were on issue on November 28, 2018.

The closing time for the entitlement offer is 8pm EST on February 14.

Any shortfall shares can be issued at the directors’ discretion up to February 19 before the securities are added to quotation on February 21 and begin to be traded normally from February 25.

Alto expects to direct up to $1.967 million of the funds towards exploration, keeping $369,000 for working capital requirements and directing $40,000 to offer costs.

An exploration development pipeline for Sandstone

Quarterly reporting

Alto is at work on its quarterly reports for December quarter 2018.

The company’s September quarterly cashflow report revealed the company spend $810,000 on operating activities, including $610,000 on exploration, and used $439,000 for financing in September quarter 2018.

Alto ended the September quarter with $486,000 cash.

It later accepted a $300,000 convertible loan facility from chairman Wheeler’s private vehicle Windsong Valley Pty Ltd, in December 2018.

Shareholders will consider a motion to accept the funding option at a general meeting on February 26, 2018, to be held in West Perth.

The unsecured loan attracts an interest rate of 8% and is repayable by December 31, 2019.

On October 16, 2018, the company had predicted it would have $390,000 of cash outflows in the December quarter.

Capital matters

Alto is a tightly held company.

Its top 10 shareholders had 48.9% of the company on November 28, 2018.

Wheeler’s outfit held a 16% stake on the day of the company’s annual general meeting, as the number-one shareholder.

Sinotech (Hong Kong) was the second-largest shareholder with 8%, followed by Enterprise Metals (6$), Mr Stone (5%), Crownluxe (4%), and managing director Ryan and his partner Mrs Ryan (a collective 3%).

Four other shareholders represented the top 10.

West Perth-based Alto Metals will hold a general meeting at its offices on Thelma Street at 2pm local time (5pm EST) on February 26. It is expected to submit its quarterly cashflow and activities by the end of the month.

— with John Miller, Danielle Doporto, Tharun George

]]>
Thu, 24 Jan 2019 22:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213302/alto-metals-targets-500000-gold-ounces-at-sandstone-in-2019-enroute-to-1-million-213302.html
<![CDATA[News - Alto Metals set to add to Sandstone gold bounty with Havilah resource ]]> https://www.proactiveinvestors.com.au/companies/news/212734/alto-metals-set-to-add-to-sandstone-gold-bounty-with-havilah-resource-212734.html Alto Metals Ltd (ASX:AME) is close to completing a gold resource estimate for the Havilah deposit within its Sandstone project in WA which will add to the existing resource of 261,000 ounces.

The company aims to define at least 500,000 ounces at Sandstone this year as part of its overall strategy to delineate more than 1 million ounces and re-establish gold mining and milling operations.

Alto has commissioned Dr Spero Carras of Carras Mining Pty Ltd to prepare a JORC 2012-compliant mineral resource estimate, which should be completed by the end of the month.

READ: Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining

His work includes compiling and reviewing of previous explorers’ data.

This has confirmed that the style of high-grade gold mineralisation at the historical Havilah gold mine is similar to the Vanguard deposit 6 kilometres to the northwest, which hosts a resource of 50,000 ounces.

Havilah, like Vanguard, is within the high-priority ‘Alpha Domain’, supporting Alto’s view that the domain has potential to host a substantial gold deposit.

Sandstone regional geology showing location of Havilah.

Executive director Dermot Ryan said: “The style of mineralisation and grade at Havilah is very encouraging.

“There is a major paleochannel of around 5 kilometres between Havilah and Vanguard, which is yet to be drill tested by Alto. This represents an excellent target area.

“In addition, the drilling data and 3D model suggests that the deposit is open down plunge to the northwest and to the southeast.”

Historical production

Historical records show that production from the Havilah mine area between 1904 and 1929 was about 48,497 tonnes at 21.6 g/t for 33,870 ounces, with the majority of this from 1907 to 1911.

These miners largely stoped out a high-grade footwall zone and left intact a lower grade hanging wall zone of mineralisation which was subsequently drilled by modern explorers.

Between 1980 and 2009, 210 drill holes for 7,240 metres were drilled at Havilah by previous explorers with a maximum drill hole depth of 123 metres and an average maximum depth of only 34 metres.

High-grade results

Results from this work include 7 metres at 20.8 g/t from 2 metres, including 1-metre at 120 g/t from 5 metres; 17 metres at 8.5 g/t from 32 metres; 2 metres at 61.8 g/t from 65 metres; and 3 metres at 37.2 g/t from 8 metres.

Alto has captured and digitised the drilling data and detailed historical underground workings to produce a 3D model of the geology, mineralisation and underground workings.

Maximum gold reported to drill hole collars overlying Alto’s aerial drone imagery.

This model has assisted with interpretation of the mineralisation and targeting of future drilling and will enable the company to account for mined out areas in the resource estimate.

Alto also plans further reverse circulation drilling this quarter to test down-dip/down-plunge extensions to the Havilah mineralisation and potentially expand the mineralised area.

READ: Alto Metals Ltd acquiring rights to shallow gold at Sandstone project

Earlier today Alto announced that it was acquiring the surface prospecting rights at Sandstone from Sandstone Exploration Pty Ltd for consideration of 3 million Alto shares.

The 2-metre Prospecting and Fossicking Rights enable the owner to prospect and fossick for gold down to 2 metres depth from surface.

Alto believes these rights will help it to meet the resource goals for the project in the Murchison region.

]]>
Thu, 17 Jan 2019 11:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212734/alto-metals-set-to-add-to-sandstone-gold-bounty-with-havilah-resource-212734.html
<![CDATA[News - Alto Metals Ltd acquiring rights to shallow gold at Sandstone project ]]> https://www.proactiveinvestors.com.au/companies/news/212730/alto-metals-ltd-acquiring-rights-to-shallow-gold-at-sandstone-project-212730.html Alto Metals Ltd (ASX:AME) is acquiring the surface prospecting rights at its Sandstone Gold Project in the East Murchison Mineral Field of Western Australia.

The owner of the 2-metre Prospecting and Fossicking Rights, Sandstone Exploration Pty Ltd, has agreed to sell the rights to Alto for consideration of 3 million ordinary fully paid shares in the company.

These rights enable the owner to prospect and fossick for gold down to 2 metres depth from surface.

READ: Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining

Alto believes that the rights to shallow gold at Sandstone will help meet its goal of delineating more than 500,000 ounces at the project this year and eventually 1 million ounces.

Such a resource could become the basis for re-establishment of standalone oxide and primary gold mining and milling operations.

Alto’s director Dermot Ryan said: “The Sandstone area is well known for its significant deposits of alluvial and specimen gold.

“The purchase of the 2-metre Prospecting and Fossicking Rights will give Alto control over and the right to extract any shallow gold deposits discovered on its tenements.”

READ: Alto Metals intersects high-grade gold up to 19.2 g/t at Vanguard prospect in WA

Completion of the agreement is expected to take place shortly and the 3 million new shares will be voluntarily escrowed for a period of six months from date of issue.

The consideration shares will be issued under Alto’s Listing Rule 7.1 capacity and the company will apply to the ASX for official quotation.

READ: Alto Metals enters $300,000 convertible loan facility with chairman and major shareholder

Alto holds about 800 square kilometres of the prospective Archaean Sandstone Goldfield, 600 kilometres north of Perth.

Since acquiring the project in June 2016, Alto has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns which began in late-2016.

To date, the company has defined a gold resource of about 4.9 million tonnes at 1.7 g/t for 261,000 ounces of contained gold across the project.

It is working on JORC 2012 resource estimates for three deposits - Ladybird, Havilah and Sandstone North – after revealing maiden resources at the Indomitable and Vanguard Camp deposits a few months ago.

As part of this work, RC drilling is planned this year at Indomitable, Vanguard and Lord Nelson while aircore drilling is also planned for earlier stage exploration areas.

]]>
Thu, 17 Jan 2019 09:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212730/alto-metals-ltd-acquiring-rights-to-shallow-gold-at-sandstone-project-212730.html
<![CDATA[News - Alto Metals enters $300,000 convertible loan facility with chairman and major shareholder ]]> https://www.proactiveinvestors.com.au/companies/news/210824/alto-metals-enters-300000-convertible-loan-facility-with-chairman-and-major-shareholder-210824.html Alto Metals Ltd (ASX:AME) has entered into a convertible loan financing facility agreement worth $300,000 with its acting chairman and largest shareholder Terry Wheeler.

Alto is not required to provide any security for the loan which will accrue interest at 8% per annum and is repayable on or before December 31, 2019.

 

The first tranche is expected to be received immediately and the two remaining will be advanced on or before January 31 and February 28, respectively.

Any interest accrued on the loan will be repaid by Alto in cash.

Under the agreement Alto may elect to repay the outstanding principal and accrued interest in cash or to issue 6,382,979 ordinary shares at an issue price of 4.7 cents to satisfy the loan.

READ: Alto Metals intersects high-grade gold up to 19.2 g/t at Vanguard prospect in WA

Alto recently returned high-grade gold assays in reverse circulation drilling at the Vanguard prospect within its wider Sandstone Gold Project.

A hole was drilled to confirm the prospect’s geological model and provide samples for preliminary metallurgical test work.

Highlighted intervals include: 40 metres at 3.6 g/t gold from 61 metres, including 5 metres at 8.7 g/t from 61 metres; 19 metres at 4 g/t from 69 metres; and 7 metres at 3 g/t from 94 metres.

Individual 1-metre assays include: 1 metre at 19.2 g/t from 63 metres; 1 metre at 15.1 g/t from 71 metres; and 1 metre at 11.9 g/t from 79 metres.

READ: Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Sun, 09 Dec 2018 20:17:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210824/alto-metals-enters-300000-convertible-loan-facility-with-chairman-and-major-shareholder-210824.html
<![CDATA[Media files - Alto Metals adding ounces and grade across multiple deposits at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11451/alto-metals-adding-ounces-and-grade-across-multiple-deposits-at-sandstone-gold-project-11451.html Thu, 06 Dec 2018 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11451/alto-metals-adding-ounces-and-grade-across-multiple-deposits-at-sandstone-gold-project-11451.html <![CDATA[News - Alto Metals intersects high-grade gold up to 19.2 g/t at Vanguard prospect in WA ]]> https://www.proactiveinvestors.com.au/companies/news/210533/alto-metals-intersects-high-grade-gold-up-to-192-gt-at-vanguard-prospect-in-wa-210533.html Alto Metals Ltd (ASX:AME) has returned high-grade gold assays in a reverse circulation (RC) drill hole at the Vanguard prospect within its wider Sandstone Gold Project.

The hole was drilled to confirm the prospect’s geological model and provide samples for preliminary metallurgical test work.

Highlighted intervals include: 40 metres at 3.6 g/t gold from 61 metres, including 5 metres at 8.7 g/t from 61 metres; 19 metres at 4 g/t from 69 metres; and 7 metres at 3 g/t from 94 metres.

Individual 1-metre assays include: 1 metre at 19.2 g/t from 63 metres; 1 metre at 15.1 g/t from 71 metres; and 1 metre at 11.9 g/t from 79 metres.

  READ: Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining

Alto plans to build on the work completed over the past 24 months through RC and diamond drilling at the Vanguard and Indomitable prospects to define the extent of the mineralised structures.

The company will also undertake aircore drill-testing of soil and laterite gold geochemical anomalies.

Resource evaluation work is progressing and Alto plans to complete maiden mineral resource estimates for the Ladybird, Havilah and Sandstone North prospects using existing data.

The work will comprise geotechnical drilling, bulk density measurements and metallurgical test work where required to convert gold mineralisation into a resource.  

READ: Alto Metals intersects 40 metres at 3.5 g/t gold at Sandstone, confirms geological models

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Tue, 04 Dec 2018 21:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210533/alto-metals-intersects-high-grade-gold-up-to-192-gt-at-vanguard-prospect-in-wa-210533.html
<![CDATA[News - Alto Metals eyes 1 million+ gold resource at Sandstone to recommence mining ]]> https://www.proactiveinvestors.com.au/companies/news/210354/alto-metals-eyes-1-million-gold-resource-at-sandstone-to-recommence-mining-210354.html Alto Metals Ltd (ASX:AME) holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of Western Australia.

Since acquiring the Sandstone Gold Project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

Forward plan for near-term opportunity

The company’s plan is to increase its gold resource incrementally targeting shallow deposits (about 200 metres below surface) at the Vanguard, Indomitable, Lord Nelson and Lord Henry deposits that can be economically mined.

Alto has already defined a gold resource of about 4.9 million tonnes at 1.7 g/t for 261,000 ounces of contained gold at the Sandstone Gold Project.

This includes the maiden inferred resource of 124,000 ounces of gold for its Indomitable and Vanguard Camp deposits.

READ: Alto Metals reveals maiden gold resource at Indomitable and Vanguard Camp deposits

Alto managing director Dermot Ryan recently said: “These shallow gold deposits in the Vanguard and Indomitable Camps all have a gold rich lateritic cap overlying the oxide gold mineralisation, most are “blind” in that they are buried under alluvium, and most importantly, the gold grades increase with depth into the transition and fresh rock zones.

“Now that we understand the structural controls on these deposits, the next stage is to RC (reverse circulation) drill test them (and their associated bodies) along strike and down plunge, where extra ounces of gold can be rapidly added.

READ: Alto Metals managing director ups stake through on-market trades

“When Alto purchased the project in 2016, there were no JORC 2012 mineral resources.

“With carefully targeted drilling and adequate funding, there is potential to double the current JORC 2012 mineral resource base to +500,000 ounces over the next 12 months.”

Sandstone Gold Project gold resources

In October 2018, Alto confirmed the geological models for the Vanguard and Tiger Moth prospects.

An RC drilling program consisting of two holes recovered high-grade intercepts from each prospect, as well as providing samples for further metallurgical test work.

The drill hole at Vanguard intersected 40 metres at 3.5 g/t gold from 60 metres, including 12 metres at 5 g/t from 60 metres, while Tiger Moth hole intersected 8 metres at 4.1 g/t from 52 metres.

Understanding high-grade plunging shoots of orogenic gold systems is the key to unlock potential multi-million ounces gold deposits

Alto managing director Dermot Ryan added: “Alto’s recently published mineral resource estimate for the Indomitable and Vanguard camps was the result of applying a systematic exploration approach.

“This process resulted in the selection and successful testing of a number of litho-structural gold targets.

“The next stage is to step-out and drill test the down-dip/down-plunge extensions of these newly discovered mineralised structures and convert gold mineralisation into mineral resource.”

Exploration-development pipeline

Alto plans to conduct RC and diamond core drilling at Vanguard and Indomitable to define the extent of the mineralised structures, as well as aircore drill testing of soil and laterite gold geochemical anomalies.

The company will also progress its resource evaluation work, which will include:

• Maiden mineral resource estimation for Ladybird, Havilah and Sandstone North using existing available data;

• Update to the company’s JORC 2012 mineral resource inventory; and

• Geotechnical drilling, bulk density measurements and metallurgical test work where required to convert gold mineralisation into mineral resource.

Alto’s medium to long-term goal is to discover 5 million ounces gold in high-grade deposits (200 – 500 metres below surface), which will serve as the foundation of major mining operations.

]]>
Mon, 03 Dec 2018 17:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210354/alto-metals-eyes-1-million-gold-resource-at-sandstone-to-recommence-mining-210354.html
<![CDATA[News - Alto Metals chairman resigns from board, Terry Wheeler elected acting chairman ]]> https://www.proactiveinvestors.com.au/companies/news/208882/alto-metals-chairman-resigns-from-board-terry-wheeler-elected-acting-chairman-208882.html Alto Metals Ltd (ASX:AME) chairman Terry Streeter has resigned from the gold explorer’s board to pursue his other business interests.

The company has elected Terry Wheeler, who joined Alto’s board in December 2016 and is its largest shareholder, as acting chairman.

READ: Alto Metals intersects 40 metres at 3.5 g/t gold at Sandstone, confirms geological models

Wheeler said the Alto board thanked Streeter for his service and wished him the best with his future endeavours.

Alto’s board now comprises Wheeler, non-executive director Jingbin Wang and managing director Dermot Ryan.

The board has reaffirmed that it is committed to discovering and developing one or more major gold deposits in the Sandstone region of WA.

A ramping up of exploration activity and drilling is expected in 2019, after two years of compilation, target identification and target testing.

READ: Alto Metals managing director ups stake through on-market trades

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations

]]>
Thu, 08 Nov 2018 19:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208882/alto-metals-chairman-resigns-from-board-terry-wheeler-elected-acting-chairman-208882.html
<![CDATA[News - Alto Metals managing director ups stake through on-market trades ]]> https://www.proactiveinvestors.com.au/companies/news/208375/alto-metals-managing-director-ups-stake-through-on-market-trades-208375.html Alto Metals Ltd (ASX:AME) managing director Dermot Ryan has purchased 329,613 shares through on-market trades for a total consideration of $16,151.

The purchases increase Ryan’s indirect holding in the company to 7,420,141 shares and 3,750,000 performance rights.

READ: Alto Metals intersects 40 metres at 3.5 g/t gold at Sandstone, confirms geological models

Alto recently intersected high-grade gold in a pair of reverse circulation holes at the Vanguard and Tiger Moth prospects within its wider Sandstone Gold Project in Western Australia.

The hole at Vanguard intersected 40 metres at 3.5 g/t gold from 60 metres, including 12 metres at 5 g/t from 60 metres, while Tiger Moth’s hole intersected 8 metres at 4.1 g/t from 52 metres.

A number of assay results from aircore drilling completed in May and June have also indicated additional mineralisation across three other Sandstone prospects.

READ: Alto Metals reveals maiden gold resource at Indomitable and Vanguard Camp deposits

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of Western Australia.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Fri, 02 Nov 2018 13:25:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208375/alto-metals-managing-director-ups-stake-through-on-market-trades-208375.html
<![CDATA[News - Alto Metals managing director increases shareholding to over 7 million shares ]]> https://www.proactiveinvestors.com.au/companies/news/207981/alto-metals-managing-director-increases-shareholding-to-over-7-million-shares-207981.html Alto Metals Ltd’s (ASX:AME) managing director Dermot Ryan has purchased 70,387 Alto shares in on-market trades, bringing his total holding to 7,020,141 fully paid ordinary shares.

Ryan’s holding now totals nearly $323,000 worth of shares and he also holds 3.75 million performance rights.

READ: Alto Metals intersects 40 metres at 3.5 g/t gold at Sandstone, confirms geological models

Alto recently intersected high-grade gold in a pair of reverse circulation holes at the Vanguard and Tiger Moth prospects within its wider Sandstone Gold Project in Western Australia.

The hole at Vanguard intersected 40 metres at 3.5 g/t gold from 60 metres, including 12 metres at 5 g/t from 60 metres, while Tiger Moth’s hole intersected 8 metres at 4.1 g/t from 52 metres.

A number of assay results from aircore drilling completed in May and June have also indicated additional mineralisation across three other Sandstone prospects.

READ: Alto Metals reveals maiden gold resource at Indomitable and Vanguard Camp deposits

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Sun, 28 Oct 2018 22:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207981/alto-metals-managing-director-increases-shareholding-to-over-7-million-shares-207981.html
<![CDATA[News - Alto Metals intersects 40 metres at 3.5 g/t gold at Sandstone, confirms geological models ]]> https://www.proactiveinvestors.com.au/companies/news/207028/alto-metals-intersects-40-metres-at-35-gt-gold-at-sandstone-confirms-geological-models-207028.html Alto Metals Ltd (ASX:AME) has confirmed the geological models for the Vanguard and Tiger Moth prospects within its wider Sandstone Gold Project in Western Australia.

A reverse circulation (RC) drilling program consisting of two holes recovered high-grade intercepts from each prospect, as well as providing samples for further metallurgical test work.

A number of assay results from aircore (AC) drilling completed in May and June were also received, indicating additional mineralisation across three other prospects.  

 

The drill hole at Vanguard intersected 40 metres at 3.5 g/t gold from 60 metres, including 12 metres at 5 g/t from 60 metres, while Tiger Moth hole intersected 8 metres at 4.1 g/t from 52 metres.

Preliminary test work conducted by Alto demonstrated recoveries of more than 92% gold from both oxide and primary gold zones.

READ: Alto Metals reveals maiden gold resource at Indomitable and Vanguard camp deposits

Alto managing director Dermot Ryan said: “Alto’s recently published [JORC 2012] mineral resource estimate for the Indomitable and Vanguard camps was the result of applying a systematic exploration approach.

“This process resulted in the selection and successful testing of a number of litho-structural gold targets.

“The next stage is to step-out and drill test the down-dip/down-plunge extensions of these newly discovered mineralised structures and convert gold mineralisation into mineral resource.”

READ: Alto Metals extends laterite gold mineralisation at Indomitable North with high-grade assays

The RC program initially consisted of four holes but two that were drilled at the Indomitable prospect were abandoned prior to reaching the mineralised interval due to difficult drilling conditions.

Samples for preliminary metallurgical test work from Indomitable were thus obtained from RC cuttings from a hole drilled in February.

Results from test work to date indicate robust recovery processes, however, Alto has planned further work to optimise recoveries.

Sandstone geology plan showing Alto prospects and landholdings

  READ: Alto Metals defines shallow high-grade gold at Tiger Moth deposit

AC drill holes at Vanguard have identified gold mineralised drill intercepts away from the main Vanguard and Vanguard North deposits.

Known mineralisation at the Sandstone North prospect, which extends over 300 metres of strike, was confirmed to be open to both the north and south from 13 AC assays drilled along the flanks of the prospect.

Angled AC holes drilled adjacent to the northern edge of the Bulchina open pit in June confirmed that mineralisation exists outside of the pit.

Further drilling is planned at all three of the prospects in the coming year.

READ: Alto Metals extends large gold-in-soil anomaly at Hancocks prospect

Alto plans to conduct RC and diamond core drilling at Vanguard and Indomitable to define the extent of the mineralised structures, as well as AC drill testing of soil and laterite gold geochemical anomalies.

The company will also progress its resource evaluation work, which will include:

Maiden mineral resource estimation for Ladybird, Havilah and Sandstone North using existing available data;

Update to the company’s JORC 2012 mineral resource inventory; and

Geotechnical drilling, bulk density measurements and metallurgical test work where required to convert gold mineralisation into mineral resource.

READ: Alto Metals defines Valiant gold anomaly at Sandstone project

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison mineral field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Sun, 14 Oct 2018 21:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207028/alto-metals-intersects-40-metres-at-35-gt-gold-at-sandstone-confirms-geological-models-207028.html
<![CDATA[News - Alto Metals reveals maiden gold resource at Indomitable and Vanguard Camp deposits ]]> https://www.proactiveinvestors.com.au/companies/news/205593/alto-metals-reveals-maiden-gold-resource-at-indomitable-and-vanguard-camp-deposits-205593.html Alto Metals Ltd (ASX:AME) has revealed a maiden inferred resource of 124,000 ounces of gold for its Indomitable and Vanguard Camp deposits at the Sandstone Gold Project in Western Australia.

The resources consist of six individual deposits which have undergone extensive work and interpretation by Alto’s geologists and resource consultant Dr Spero Carras of Carras Mining Pty Ltd.

Inferred resource estimated by Carras Mining

Alto managing director Dermot Ryan said: “These shallow gold deposits in the Vanguard and Indomitable Camps all have a gold rich lateritic cap overlying the oxide gold mineralisation, most are “blind” in that they are buried under alluvium, and most importantly, the gold grades increase with depth into the transition and fresh rock zones.

“Now that we understand the structural controls on these deposits, the next stage is to RC drill test them (and their associated bodies) along strike and down plunge, where extra ounces of gold can be rapidly added.

“When Alto purchased the project in 2016, there were no JORC 2012 mineral resources. With carefully targeted drilling and adequate funding, there is potential to double the current JORC 2012 mineral resource base to +500,000 ounces over the next 12 months.”

 

The deposits in the Vanguard and Indomitable Camps share a number of attributes:

• All have a gold rich lateritic cap overlying the oxide (saprolite hosted) gold mineralisation;
• Most are “blind” in that there is 5-10 metres of alluvium overlying the laterite zones;
• The base of complete oxidation is deeper around the gold mineralised structures (between 40-100 metres deep);
• Most importantly, the gold grades increase with depth into the transition and fresh rock zones, and these plunging mineralised structures are open at depth.

Forward plan

The next stage at Sandstone is to RC drill test the mineralised bodies down plunge, where extra ounces of gold can be rapidly added.

With carefully targeted RC drilling there is potential to double the existing mineral resource base to 500,00 ounces.

At the same time, Alto will commence aircore drill testing of a number of other laterite/soil gold anomalies which were identified in Alto’s 2018 soil sampling program.

]]>
Tue, 25 Sep 2018 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205593/alto-metals-reveals-maiden-gold-resource-at-indomitable-and-vanguard-camp-deposits-205593.html
<![CDATA[News - Alto Metals extends laterite gold mineralisation at Indomitable North with high-grade assays ]]> https://www.proactiveinvestors.com.au/companies/news/205080/alto-metals-extends-laterite-gold-mineralisation-at-indomitable-north-with-high-grade-assays-205080.html Alto Metals Ltd (ASX:AME) has defined persistent gold-in-laterite mineralisation in aircore drilling at the Indomitable North prospect within its wider Sandstone Gold Project.

Results from the shallow 44-hole drilling program, as well as reverse circulation (RC) assays from previous explorers, have extended the strike of the shallow flat-lying gold mineralisation to more than 180 metres.

Deeper drilling is now required to discover the extent of oxide and primary gold mineralisation below and around the laterite mineralisation.

Highlighted assay results include: 4 metres at 2.8 g/t gold from 6 metres; 4 metres at 2.5 g/t from 6 metres; 4 metres at 2.5 g/t from 6 metres; 3 metres at 2.5 g/t from 6 metres; and 2 metres at 2.7 g/t from 7 metres.

 

Alto managing director Dermot Ryan said: “Alto’s earlier aeromagnetic survey and litho-structural interpretation highlighted the north-northwest trending Indomitable Structural Corridor as being highly prospective for major gold deposits.

“The drilling of gold mineralised laterite horizons within this structural corridor increases the potential to discover numerous oxide and primary gold deposits.

“The major past gold producers at Sandstone, such as Hacks (206,000 ounces), Oroya (223,000 ounces), Bulchina (250,000 ounces) and Lord Nelson (207,000 ounces) were all defined at or near surface by either gold-in-laterite or gold-in-soil geochemical anomalies.”

READ: Alto Metals defines shallow high-grade gold at Tiger Moth deposit

Relatively shallow aircore and RC drilling at Indomitable North has identified a number of laterite and oxide gold occurrences which occur in highly oxidised, high-magnesium basalts and differentiated basaltic units.

The gold mineralisation is structurally controlled within plunging shoots or stockworks of quartz veins.

READ: Alto Metals extends large gold-in-soil anomaly at Hancocks prospect

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison Mineral Field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Tue, 18 Sep 2018 00:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205080/alto-metals-extends-laterite-gold-mineralisation-at-indomitable-north-with-high-grade-assays-205080.html
<![CDATA[News - Alto Metals defines shallow high-grade gold at Tiger Moth deposit ]]> https://www.proactiveinvestors.com.au/companies/news/204976/alto-metals-defines-shallow-high-grade-gold-at-tiger-moth-deposit-204976.html Alto Metals Ltd (ASX:AME) has defined shallow, high-grade gold mineralisation at the Tiger Moth deposit within its wider Sandstone Gold Project in Western Australia.

The grade, continuity and thickness of the mineralisation has been modelled using Alto’s recently completed aircore drilling program, as well as results from previous explorers.

Alto drilled 31 holes at the prospect – each 20 metres deep for a total of 620 metres – aiming to better define the shallow and flat-lying gold mineralisation that overlies the deeper Tiger Moth deposit.

The company is undertaking resource modelling and estimation based on all its available data.

 

Highlighted assays from Tiger Moth’s laterite mineralisation include: 4 metres at 8.3 g/t gold from 7 metres; 4 metres at 5.3 g/t from 8 metres; 5 metres at 2.9 g/t from 11 metres; 2 metres at 4.8 g/t from 18 metres; 8 metres at 2.2 g/t from 9 metres; and 2 metres at 4 g/t from 8 metres.

Previous exploration at the project demonstrated that extensive blankets of gold mineralisation in laterite are prime indicators of substantial gold mineralisation at depth.

An example of this is the shallow 8,373-ounce laterite gold resource which formed a cap over historical 223,000-ounce Oroya underground deposit, or the surficial high-grade 70,175-ounce laterite gold resource which formed a cap over the 250,000-ounce Bulchina open cut deposit.

READ: Alto Metals extends large gold-in-soil anomaly at Hancocks prospect

Tiger Moth is about 20 kilometres southeast of the Sandstone township and was aircore and reverse circulation drilled by Troy Resources Nl in 2006.

Troy reported that the deposit is hosted in highly oxidised, high-magnesium basalts and differentiated basaltic units.

The gold mineralisation is related to stockwork quartz veining within saprolite.

A gold-bearing pisolitic, or lateritic, horizon is located above the saprolite-hosted deposits at depth of 10 metres below surface.

It is separated from the main mineralised bodies by a zone of gold depletion about 10 metres thick.

READ: Alto Metals defines Valiant gold anomaly at Sandstone project

Alto holds about 800 square kilometres of prospective ground in the Archaean Sandstone Goldfield in the East Murchison Mineral Field of WA.

Since acquiring the project in 2016, the company has compiled and reviewed a large legacy database ahead of a series of focused exploration and drilling campaigns.

Alto’s goal is the delineation of a plus-1 million-ounce JORC mineral resource that could become the basis for the re-establishment of standalone oxide and primary gold mining and milling operations.

]]>
Sun, 16 Sep 2018 21:07:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204976/alto-metals-defines-shallow-high-grade-gold-at-tiger-moth-deposit-204976.html
<![CDATA[Media files - Alto Metals drill holes at Sandstone show "very encouraging" results ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9880/alto-metals-drill-holes-at-sandstone-show-very-encouraging-results-9880.html Wed, 18 Jul 2018 09:12:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9880/alto-metals-drill-holes-at-sandstone-show-very-encouraging-results-9880.html <![CDATA[News - Alto Metals extends large gold-in-soil anomaly at Hancocks prospect ]]> https://www.proactiveinvestors.com.au/companies/news/200908/alto-metals-extends-large-gold-in-soil-anomaly-at-hancocks-prospect-200908.html Alto Metals Ltd’s (ASX:AME) sampling has extended a gold-in-soil anomaly at the Hancocks prospect within its Sandstone Gold Project in Western Australia to more than 8 square kilometres.

A total of 478 soil samples gathered across the anomaly assayed at over 15ppb, with 93 of the samples returning results greater than 30ppb.

Follow-up drone surveying and mapping will be conducted to delineate specific drill targets at the project in the East Murchison Mineral Field, about 600 kilometres north of Perth

READ: Alto Metals defines Valiant gold anomaly at Sandstone project

Alto’s managing director Dermot Ryan said: “The systematic approach being applied at Sandstone is potentially outlining new large gold systems.

“This includes detailed magnetic surveys to ‘look through’ lateritic cover, interpretation to identify favourable fractured iron-rich host rocks, and follow-up soil sampling.”

Hancocks sits south of the historic Bull Oak open pits, where the base of oxidation was at a depth of around 50 metres.

The Hancocks area’s most common style of mineralisation is vein quartz within dolerite, basalt, banded iron formations and granite.

Program to “fill in the gaps”

Alto began the soil sampling program in early April, targeting 17 prospective areas across the project licence to fill the gaps in knowledge regarding the area’s geology.

The company had earlier assessed a patchwork of soil sampling results from previous explorers.

Alto’s goal is the delineation of a plus-1 million ounce mineral resource to re-establish standalone oxide and primary gold mining and milling operations.

]]>
Tue, 17 Jul 2018 01:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200908/alto-metals-extends-large-gold-in-soil-anomaly-at-hancocks-prospect-200908.html
<![CDATA[News - Alto Metals defines Valiant gold anomaly at Sandstone project ]]> https://www.proactiveinvestors.com.au/companies/news/200638/alto-metals-defines-valiant-gold-anomaly-at-sandstone-project-200638.html Alto Metals Ltd (ASX:AME) has further defined a gold-in-soil anomaly at its Sandstone Gold Project in Western Australia, having collected 336 soil samples in the vicinity of four litho-structural targets.

Assays have defined a coherent 15ppb gold anomaly over 2.5 square kilometres with maximum and minimum values of 92ppb and 5ppb gold, respectively.

Prime site for gold mineralisation

Alto’s managing director Dermot Ryan said: “The systematic approach being applied at Sandstone is potentially outlining new large gold systems.

“This includes detailed magnetic surveys to ‘look through’ lateritic cover, interpretation to identify favourable fractured iron rich host rocks, and follow-up soil sampling.

“Drill testing of this latest soil anomaly is awaiting approval from the Department of Mines, Industry Regulation and Safety.”

READ: Alto Metals hits further high-grade gold at Sandstone project

The Valiant anomaly is around 7 kilometres from the town of Sandstone and the area was initially identified as a prime site for gold mineralisation by Terra Resources’ consultant Barry Bourne in 2017.

Bourne described the target as “a break in sediment/mafic stratigraphy with interpreted felsic intrusives”.

READ: Alto Metals defines gold-in-soil anomaly at Sandstone Gold Project

Alto holds about 800 square kilometres of the prospective Archaean Sandstone Goldfield, 600 kilometres north of Perth in the East Murchison Mineral Field.

Since acquiring the project in June 2016, Alto has compiled and reviewed a large legacy database of a series of focused exploration and drilling campaigns which began in late 2016.

]]>
Thu, 12 Jul 2018 00:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200638/alto-metals-defines-valiant-gold-anomaly-at-sandstone-project-200638.html
<![CDATA[News - Alto Metals defines gold-in-soil anomaly at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/199635/alto-metals-defines-gold-in-soil-anomaly-at-sandstone-gold-project-199635.html Alto Metals Ltd (ASX:AME) has defined a strong gold-in-soil anomaly in the vicinity of its Sandstone Gold Project in Western Australia.

A sampling program has defined a 1.5 kilometre long, southeast striking anomaly of plus-7 parts per billion (ppb) gold.

The maximum value was 228 ppb gold and 13 samples returned over 15 ppb.

READ: Alto Metals hits further high-grade gold at Sandstone Project

The Superb Anomaly, around 12 kilometres south of Sandstone township, was defined by assays from 24 samples out of 74 collected.

Alto aims to delineate a resource of at least 1 million ounces that could become the basis for re-establishing a standalone oxide and primary gold mining and milling operation.

It is possible that in the short term some of the existing deposits may be amenable to toll treatment elsewhere.

The assayed linear anomaly is obscured by iron-rich duricrust.

Gold source to be determined

It is not yet known whether the samples represent a primary gold source at depth or are alluvial in nature.

Further soil sampling and drill testing are required to determine the extent of the anomaly, which is open to the southeast.

Work program lodged

Alto has lodged a program of work for aircore drilling with the Department of Mines, Industry and Safety but is yet to be granted approval.

Alto holds about 800 square kilometres of the prospective Archaean Sandstone Goldfield, 600 kilometres north of Perth in the East Murchison Mineral Field.

Since acquiring the project in June 2016, Alto has compiled and reviewed a large legacy database of a series of focused exploration and drilling campaigns which began in late 2016.

]]>
Wed, 27 Jun 2018 15:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199635/alto-metals-defines-gold-in-soil-anomaly-at-sandstone-gold-project-199635.html
<![CDATA[News - Alto Metals hits further high-grade gold at Sandstone Project ]]> https://www.proactiveinvestors.com.au/companies/news/174085/alto-metals-hits-further-high-grade-gold-at-sandstone-project-174085.html Alto Metals (ASX:AME) has received further high-grade gold intercepts from the recently completed drilling program at its Sandstone Gold Project, located in Western Australia.

The highlight results include:
- 9 metres at 4.1 g/t gold from 64 metres;
- 7 metres at 3 g/t gold from 47 metres; and
- 13 metres at 1.1 g/t gold from 39 metres.

The drilling has confirmed that the strike of the shear hosted gold mineralisation is over 200 metres, and remains open at depth and along strike.

Alto acquired the 723-square kilometre Sandstone Gold Project in June 2016, which contains the historical underground workings at Oroya, Sandstone North and Hack.

Since the discovery of gold in 1894, Sandstone has produced over 1.3 million ounces of gold from underground and open pit mining operations.

The project presently contains a total resource of 3.9 million tonnes at 1.9 g/t gold for 238,000 ounces of gold (JORC 2004).

Alto’s goal is to discover sufficient gold resources and reserves to support a profitable mining operation of at least 100,000 ounces of gold per annum over a minimum 7-10 years.

The company is planning a 20,000 metre drilling program, commencing in March, to further test the potential of the Sandstone Gold Project.

]]>
Thu, 02 Mar 2017 14:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174085/alto-metals-hits-further-high-grade-gold-at-sandstone-project-174085.html
<![CDATA[News - Alto Metals Ltd begins maiden drilling at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/169297/alto-metals-ltd-begins-maiden-drilling-at-sandstone-gold-project-169297.html The company is testing for extensions to shallow oxide mineralisation at the Indomitable and nearby prospects and for high-grade primary mineralisation at the Lord Henry and Lord Nelson open pits.

Since the discovery of gold at the end of the 19th century, the Sandstone Greenstone Belt has produced 1.3 million ounces of gold from numerous underground and open pit mining operations.

Of these, circa 612,000 ounces were produced between 1994 and 2010 from the open-pit mining of shallow oxide ore by Herald Resources Ltd and Troy Resources Ltd (ASX:TRY).

The numerous former open pits, prospects and gold occurrences acquired by Alto include Lady Hamilton, Lord Nelson, Lord Henry, Havilah, Bull Oaks Reef, Vanguard, and Bulchina.

Alto’s current 3,500+ metres reverse circulation drilling program is the first in a series of drill programs focused on building a mineral resources within the extensive 723 square kilometres Sandstone Project.

Since its acquisition in June 2016, Alto has been collating and interpreting a vast body of historical and recently acquired geological and geophysical data.

The company’s share price has increased by more than 500% since the beginning of 2016, last trading at $0.135.

Alto had a cash balance of $2.1 million as at 30 September 2016.

]]>
Tue, 22 Nov 2016 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/169297/alto-metals-ltd-begins-maiden-drilling-at-sandstone-gold-project-169297.html
<![CDATA[News - Alto Metals Ltd to begin maiden drilling at Sandstone Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/166504/alto-metals-ltd-to-begin-maiden-drilling-at-sandstone-gold-project-71233.html Alto Metals Ltd (ASX:AME) has commenced fieldwork and is preparing for a 5,000 metre drilling campaign at the Sandstone Gold Project in Western Australia.

The recent grant of five exploration licences covering 720 kilometres encompassing the majority of the Sandstone Goldfield has allowed Alto to commence exploration.

Alto’s objective at Sandstone is to discover mineral resources containing at least one million ounces of gold and to establish a profitable mining operation.

Since the discovery of gold at the end of the 19th century, the Sandstone Greenstone Belt has produced 1.3 million ounces of gold from numerous underground and open pit mining operations.

Of these, circa 612,000 ounces were produced between 1994 and 2010 from the open-pit mining of shallow oxide ore by Herald Resources Ltd and Troy Resources Ltd (ASX:TRY).

The numerous former open pits, prospects and gold occurrences acquired by Alto include Lady Hamilton, Lord Nelson, Lord Henry, Havilah, Bull Oaks Reef, Vanguard, and Bulchina.

The company will commence an induced polarisation geophysical survey at the multi-target Lady Hamilton area this week.

The results of the Lady Hamilton survey will be used to define drill targets in the primary zone (fresh rock) and, by association, the overlying oxide zones.

Additionally, a 10,000 line kilometre high-resolution airborne magnetic survey is planned to provide complete coverage of the company’s Sandstone Project area.

Alto’s maiden 5,000 metres drilling program will commence in mid to late October to initially test a number of high-priority shallow oxide targets and deeper primary gold targets.

The company’s share price has increased by about 491% since the start of 2016, last trading at $0.13.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 27 Sep 2016 14:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/166504/alto-metals-ltd-to-begin-maiden-drilling-at-sandstone-gold-project-71233.html
<![CDATA[News - Enterprise Uranium Ltd switches gear with gold project acquisition in WA ]]> https://www.proactiveinvestors.com.au/companies/news/154138/enterprise-uranium-ltd-switches-gear-with-gold-project-acquisition-in-wa-67675.html Enterprise Uranium Ltd (ASX:ENU) is shifting focus from uranium to gold by entering into a milestone acquisition of gold tenements that were formerly part of Troy Resources Ltd’s (ASX:TRY) Sandstone Gold operations, which was highly profitable up until the cessation of mining in late 2007.

Historically, the Sandstone Greenstone Belt has produced 1 million ounces of gold from numerous underground and open pit mining operations.

Of this, around 612,000 ounces was produced between 1999 and 2010 from the open-pit mining of shallow oxide ore by Herald Resources Ltd and Troy Resources Ltd.

The Sandstone Gold Project covers 75% of the Archaean Sandstone Greenstone Belt, located 600 kilometres northeast of Perth in the East Murchison Mineral Field in Western Australia.

ENU will pay $500,000 in cash and 19 million ENU shares to two shareholders who fully own Sandstone. ENU will issue additional 25 million shares conditional on meeting performance standards and pay royalty of 2% gross revenue on all minerals produced.

The Sandstone Gold Project comprises 5 exploration licence applications and 2 prospecting licence applications for a total landholding of around 723 square kilometres.

ENU’s primary strategy at the Sandstone Gold Project is to execute infill drilling of near-surface oxide mineralisation near to former Troy Resources Ltd (ASX:TRY) open pits to establish new resources.

The company is also conducting reconnaissance drilling below large tracts of unexplored transported cover to find shallow open-pittable oxide mineralisation.

ENU will look for shallow oxide gold mineralisation that can be economically mined and trucked to one of several gold treatment facilities in the region.

The company will also upgrade the historic 2007 & 2011 Indicated & Inferred mineral resources to JORC 2012 standard and undertake drilling in 2016.

The acquisition should see a change in fortune for ENU.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 23 Mar 2016 16:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154138/enterprise-uranium-ltd-switches-gear-with-gold-project-acquisition-in-wa-67675.html
<![CDATA[News - Enterprise Uranium Ltd to reveal gold project acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/154137/enterprise-uranium-ltd-to-reveal-gold-project-acquisition-67618.html Enterprise Uranium Ltd (ASX:ENU) has some interesting news flow to come this week, in the form of a gold project acquisition in Western Australia.

The ASX has granted the company a trading halt to prepare details.

The halt will remain in place until the opening of trade on Wednesday 23rd March 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 21 Mar 2016 13:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154137/enterprise-uranium-ltd-to-reveal-gold-project-acquisition-67618.html
<![CDATA[News - Enterprise Uranium defines copper-nickel conductors in Fraser Range, Western Australia ]]> https://www.proactiveinvestors.com.au/companies/news/154135/enterprise-uranium-defines-copper-nickel-conductors-in-fraser-range-western-australia-54223.html Enterprise Uranium (ASX: ENU) has completed fixed loop electromagnetic surveys over two anomalies highlighted by re-processing of its Lake Harris Project airborne electromagnetic data in the Fraser Range of Western Australia.

The surveys have further defined the location and orientation of basement conductors with potential for nickel-copper sulphide mineralisation.

In March, Enterprise completed a ground electromagnetic survey over the two basement conductors located along strike of Classic Minerals' (ASX:CLZ) recent Mammoth nickel discovery.

Conductor H1 lies along strike to Classic's Alpha prospect, within a prominent magnetic unit, and on the flank of a “magnetic eye” like structure.

The modelled plate is 1.5 kilometre by 500 metres, and is at about 70 metres below surface.

Conductor H2 lies to the northeast of the Mammoth discovery. It is smaller, at 400 metres by 150 metres, but also closer to surface at 40 metres depth.

Lake Harris covers a substantial portion of the iron rich western units of the Proterozoic Albany-Fraser Orogen, and is located on the Trans-Australian rail line.

During 2013, plans were prepared for drill testing of various uranium targets. However, given the significance of the Classic's nickel-copper results, Enterprise is considering options for testing these base metal targets.

Enterprise is one of the more lightly capitalised Fraser Range explorers, at under $4 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 09 Apr 2014 13:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/154135/enterprise-uranium-defines-copper-nickel-conductors-in-fraser-range-western-australia-54223.html
<![CDATA[News - Enterprise Uranium snares 18.52% stake in Energia Minerals ]]> https://www.proactiveinvestors.com.au/companies/news/154133/enterprise-uranium-snares-1852-stake-in-energia-minerals-49657.html Enterprise Uranium (ASX: ENU) has reached an agreement to purchase a 18.52% interest in Energia Minerals (ASX: EMX) for $820,176.

This is an interesting "play" by Enterprise Uranium given Energia's 16.7 million pound uranium resource at Carley Bore, which is located in proximity to infrastructure.

ENU will acquire the 37,280,714 Energia shares from Uranium Equities (ASX: UEQ) with a $500,000 cash payment and the balance in shares, giving UEQ a 10.49% interest in the company.

“Energia’s main uranium asset, the Carley Bore uranium deposit in the Carnarvon Basin, is well located with respect to infrastructure, and has considerable upside potential,” ENU chairperson Anna Mao said.

“We see Western Australia as being geologically favourable for further uranium discoveries and the eventual development of a number of major uranium mining and processing businesses.

“We also see a bright future for uranium prices, as solid demand for uranium to fuel nuclear reactors in China and other south-east Asian countries materialises in the coming years.”

The Carley Bore deposit has an Inferred Resource of 23 million tonnes grading 330ppm U3O8 for a contained resource of 16.7 million pounds of U3O8.

 


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 30 Oct 2013 18:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154133/enterprise-uranium-snares-1852-stake-in-energia-minerals-49657.html
<![CDATA[News - Enterprise Uranium well-funded for Tier 1 uranium hunt ]]> https://www.proactiveinvestors.com.au/companies/news/154132/enterprise-uranium-well-funded-for-tier-1-uranium-hunt-37514.html Enterprise Uranium (ASX: ENU) has been Admitted to the ASX following a successful IPO, with the prospectus offering 25.5 million shares at $0.20 to raise up to $5.1 million, with oversubscriptions allowed for a further $1 million.

The company was incorporated by its former parent Enterprise Metals (ASX: ENT), after the decision was made to demerge the uranium assets into Enterprise Uranium.

Enterprise Uranium will hit the ASX boards on Thursday 20th December 2012 at 12:00 pm EDST, and will have 64.4 million shares on issue and 12.8 million quoted options exercisable at $0.25 each on or before 31 March 2014.


Projects

Enterprise Uranium has five wholly owned exploration projects which combined cover almost 6000 square kilometres, with the company targeting a Tier 1 uranium discovery.

Immediate targets have been identified for drill testing, which is expected to commence around the time of listing.

Importantly for the prospectivity of the project area, they cover strong suficial uranium anomalies which have been identified from recent WA Government and company airborne radiometric surveys, which has indicated that some areas are highly prospective for uranium.

A positive for the Yalgoo project is that a survey identified two major uranium anomalies for follow-up at Muggaburna Well and Salt Creek.

The Muggaburna anomaly is directly related to a broad drainage channel which is 3.5 kilometres long and 700 metres wide, with 18 of 24 calcrete samples collected form the area returning values of between 149ppm and 418ppm uranium.


The Enterprise Uranium board

Enterprise Uranium has assembled an experienced board and management team, with includes; Ms Anna Mao as non-executive chairperson, Trevor Saul as managing director, along with Dermot Ryan, Zhen Huang and Michael Atkins as non-executive directors.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 19 Dec 2012 14:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154132/enterprise-uranium-well-funded-for-tier-1-uranium-hunt-37514.html
<![CDATA[News - Enterprise Uranium targets Tier 1 uranium discoveries in WA ]]> https://www.proactiveinvestors.com.au/companies/news/154130/enterprise-uranium-targets-tier-1-uranium-discoveries-in-wa-35667.html Enterprise Uranium (ASX: ENU) has an extensive land holding in Western Australia prospective for uranium, with the company currently in the IPO phase.

The company was incorporated by its former parent Enterprise Metals (ASX: ENT), after the decision was made to demerge the uranium assets into Enterprise Uranium.

The IPO is expected to close on Friday 16th November 2012, and is offering 25.5 million shares at $0.20 to raise up to $5.1 million, with oversubscriptions allowed for a further $1 million.

The company is forecast to hit the ASX boards on Wednesday 12th December.

Enterprise Uranium has five wholly owned exploration projects which combined cover almost 6000 square kilometres, with the company targeting a Tier 1 uranium discovery.

Immediate targets have been identified for drill testing, which is expected to commence around the time of listing.

Importantly for the prospectivity of the project area, they cover strong suficial uranium anomalies which have been identified from recent WA Government and company airborne radiometric surveys, which has indicated that some areas are highly prospective for uranium.

A positive for the Yalgoo project is that a survey identified two major uranium anomalies for follow-up at Muggaburna Well and Salt Creek.

The Muggaburna anomaly is directly related to a broad drainage channel which is 3.5 kilometres long and 700 metres wide, with 18 of 24 calcrete samples collected form the area returning values of between 149ppm and 418ppm uranium.


Chinese investors

Sinotech Minerals Exploration Co. Ltd currently has a 33% shareholding in Enterprise Uranium.


The Enterprise Uranium board

Enterprise Uranium has assembled an experienced board and management team, with includes; Ms Anna Mao as non-executive chairperson, Trevor Saul as managing director, along with Dermot Ryan, Zhen Huang and Michael Atkins as non-executive directors.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

]]>
Fri, 09 Nov 2012 12:10:00 +1100 https://www.proactiveinvestors.com.au/companies/news/154130/enterprise-uranium-targets-tier-1-uranium-discoveries-in-wa-35667.html