Alto Metals Ltd’s (ASX:AME) chairman Terry Wheeler addressed shareholders at the annual general meeting today highlighting ongoing exploration achievements at the Sandstone Gold Project in Western Australia.
He said, "With the outlook for gold remaining strong, we believe an underexplored gold asset in Western Australian, a Tier 1 mining jurisdiction, is a compelling investment proposition – and we intend to unlock the value through focused exploration."
Wheeler said during 2019 the gold exploration company saw several Sandstone targets drill tested as part of a 10,000-metre drilling program including Lord Nelson, Indomitable, Vanguard, Havilah and Tiger Moth.
Assays returned high-grade gold, which confirmed continuation of mineralisation at some of these prospects.
Medium-term targets represent upside
The chairman said, “This program was paused in the third quarter of this year to allow us to receive and assess all the results before a follow-up program of the remaining metres is completed.
“While the regional upside at Sandstone is significant, with multiple exploration targets still to be drilled and the depth potential to be tested – these are medium-term targets, representing future upside for shareholders."
Focus on specific targets
“Our exploration strategy for Sandstone is now one of focus and we intend to focus on a few specific target areas and advance those targets," he said.
“The Lord’s is the first of these, where we believe there is significant potential to extend the mineralisation down plunge and discover repeat lodes along the Lord’s corridor.
“This exploration approach is supported by our ongoing reinterpretation and project-wide data compilation to assist in further refining and ranking our immediate targets.”
Continued shareholder support
Wheeler thanked Alto’s staff and fellow directors for their efforts during the year as well as shareholders for their continued support.
“I look forward to the next 12 months as we focus on making a significant discovery at Sandstone.”