Alto’s recent preliminary test-work of Lord Nelson primary zone mineralisation within the Sandstone Gold Project returned significant average gold recoveries of 96%.
() has acquired 10% of the issued capital of () 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 () reported production plant gold recovery of between 93% to 96%.
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