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Alto Metals gains new substantial holder in Middle Island Resources

Alto’s recent preliminary test-work of Lord Nelson primary zone mineralisation within the Sandstone Gold Project returned significant average gold recoveries of 96%.

Middle Island Resources Ltd - Alto Metals gains new substantial holder in Middle Island Resources
Alto stock has surged 26% following the purchase of shares by Middle Island

Middle Island Resources Ltd (ASX:MDI) has acquired 10% of the issued capital of Alto Metals Ltd (ASX:AME) in an on-market transaction at a cost of 9.5 cents per Alto share.

Shares of both the companies rose following the acquisition, with Alto shares rising to 12 cents and Middle Island trading about 7% higher intra-day, at 1.6 cents.

Alto’s Sandstone Gold Project in the Murchison region of Western Australia is nearby Middle Island's project which has the same name.

Earlier this month, Alto’s preliminary test-work of Lord Nelson primary zone mineralisation within the Sandstone Gold Project returned significant average gold recoveries of 96%.

This adds to gold recoveries of greater than 93% in oxide and transitional zone mineralisation obtained in previous metallurgical test-work at Lord Nelson.

These results are in line with expectations based on historical performance at the Lord Nelson mine where Troy Resources Ltd (ASX:TRY) reported production plant gold recovery of between 93% to 96%.

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ASX:AME
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Market Cap: $40.01 m
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Alto Metals adding ounces and grade across multiple deposits at Sandstone...

Alto Metals Ltd (ASX:AME) managing director Dermot Ryan summarises for Proactive Investors the past 24 months of exploration and metallurgical test works at the approximately 800 square kilometre Sandstone Gold Project in Western Australia. There is currently a defined a gold resource of...

on 6/12/18

2 min read