The trading halt will be in place until the beginning of trade on Friday, March 13, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 5.5 cents, up from 3.1 cents on February 13.
Shallow, high-grade gold results
The company hit shallow, broad high-grade gold in drilling around the historic Lord Nelson pit within the wider Sandstone Gold Project in WA’s Midwest region in February.
First assay results from an initial 1,500 metre reverse circulation (RC) program have come from an area about 200 metres to the south of the pit, which previously produced 207,000 ounces.
Results from the first nine drill holes of this program have confirmed shallow, high-grade gold mineralisation and include 24 metres at 3.7 g/t from 104 metres, 12 metres at 3.0 g/t from 32 metres and 4 metres at 2.2 g/t from 52 metres.
Alto said: “These latest step-out drilling results have confirmed a new, wide gold lode, that is shallow and remains open along strike and at depth, 200 metres to the south of the Lord Nelson open pit."