Alto Metals Ltd (ASX:AME) has described results from a shallow gold lode south of the Lord Nelson Pit as "outstanding", saying that they strengthen the growing scale of the Sandstone Gold Project in Western Australia.
Results have been received from a further 1,974 metres of reverse circulation (RC) infill and step-out drilling with a highlight being 28 metres at 2.8 g/t from 48 metres, including 4 metres at 7.4 g/t from 56 metres.
These results highlight the emerging scale and continuity of a new repeat gold lode and mineralisation remains open along strike and down dip.
Investors have responded positively with shares as much as 28% higher to 11.5 cents intra-day.
High-grade gold intersections in oxide, transitional and primary zones have extended the mineralised footprint at Lord Nelson to around 1,000 metres.
A total of 3,500 metres of RC drilling, of a planned 10,000-metre program has now been completed since early July 2020.
“Continuity of new mineralised lode”
Managing director Matthew Bowles said: “This new lode is emerging as a repeat of Lord Nelson and these latest outstanding results continue to support our view of the likelihood of a much larger mineralised gold system.
“Drilling has now demonstrated the continuity of the new mineralised lode, which is already known to extend over 100 metres down dip and over 300 metres strike and remains open.
“RC drilling is ongoing at Lord Nelson, targeting high-grade gold mineralisation beneath the pit and further extensional drilling of this new lode.
“We remain focused on continuing exploration, despite the current corporate distractions and look forward to updating shareholders on further drilling results”.
Shallow infill drilling (on 40-metre spacing) targeting the new lode south of Lord Nelson has also returned:
- 28 metres at 2.8 g/t gold from 48 metres, including 4 metres at 7.4 g/t from 56 metres;
- 16 metres at 3.7 g/t from 108 metres, including 4 metres at 8.2 g/t from 116 metres; and
- 16 metres at 1.6 g/t from 24 metres, including 4 metres at 3.8 g/t from 36 metres.
Wide-spaced drilling has also extended the strike of the new lode more than 300 metres returning:
- 8 metres at 2.4 g/t gold from 156 metres.
Alto’s immediate focus is on Lord Nelson, the new lode and the southern extension corridor.
The next phase planned for 2,000 metres of RC drilling is underway targeting depth extensions beneath the Lord Nelson pit and strike extensions of mineralisation of the new lode.
Remaining drilling of around 4,500 metres of the proposed 10,000-metre program is planned to include:
- Additional infill and extension drilling both along strike and at depth at Lord Nelson;
- Begin testing of additional repeat lode targets in the Lord’s Camp area; and
- Regional targets along the Edale Shear, including Chance prospect.