The company has carried out detailed mapping and sampling of seven main veins at Punta Corna that contained cobalt, nickel, copper and silver.
Mineralisation has so far been discovered over a strike length of at least 2,500 metres and down to a vertical depth of 340 metres.
The additional discovery of closely spaced mineralised vein ‘splays’, lying between several main veins, has increased the potential vein widths, Alta told investors.
Managing director Geraint Harris said it was “very exciting” to discover this system of mineralised sub-veins as they had the potential to “significantly add to the mineral endowment of the area”.
“We, therefore, look forward to the further results of our 2020 field campaign and to planning the next steps of our exploration at Punta Corna,” he added.
The latest work builds on a 2018 sampling program, which returned up to 3.4% cobalt, 2.5% nickel, 6.1% copper and more than 900 grams per tonne of silver.
Located in the Italian Alps, Punta Corna sits at an elevation of 2,800 metres. It is a short distance from the town of Usseglio and is less than four hours from Alta’s Gorno project.
Punta Corna deposit was extensively mined in a period of three years from around 1756 as an important source of cobalt for use as a natural vibrant blue pigment in European industry.
The short mine life was as a result of these natural cobalt oxide pigments being replaced by synthetic substitutes.
Subsequent exploration carried out in the early 20th century demonstrated that mineralisation remained in-situ after mine closure and no further mining has taken place since.