This is a substantial purchase from the chairman and is a strong vote of confidence for the company’s future.
() chairman Terry Wheeler has paid $600,000 to purchase 16.66 million company shares and receive 8.33 million attaching options.
The purchase was part of the $2.64 million placement that was completed in May 2019.
In order for Wheeler to participate, he required shareholder approval which was recently received allowing the share purchase to be confirmed.
Alto continues to focus on developing its assets with a focus on its Sandstone Gold Project in Western Australia, where 10,000 metres of drilling is underway.
Drilling is targeting extensions to Sandstone's 290,000 ounce gold JORC resource grading 1.7 g/t gold.
The most recent drilling update from earlier this month revealed grades of up to 10.8 g/t gold has been intersected.
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