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Extensional drilling continues to highlight the continuity of thick gold mineralisation below the shallow Lord Nelson pit
Alto Metals Limited ( ASX: AME) (Alto or the Company) is pleased to report further high-grade gold assay results from RC drilling below the Lord Nelson pit, as part of the ongoing major RC drilling program at its 100% owned, ~900km2 Sandstone Gold Project, in Western Australia.
Highlights
- Latest assays from the ongoing major drilling program at the Company’s flagship Sandstone Gold Project highlight further thick, high-grade gold mineralisation at the Lord Nelson deposit, hosted within the +3km Lords granodiorite, including a stand-out intercept of 67m @ 2.3 g/t gold from 172m (SRC 576).
- Significant new results received from extensional RC drilling below the Lord Nelson pit include:
- 67m @ 2.3 g/t gold from 172m, incl. 6m @ 5.4 g/t gold from 179m (SRC 576)
- 19m @ 1.5 g/t gold from 185m, inc. 1m @ 17.8 g/t gold from 198m (SRC 582)
- 12m @ 1.4 g/t gold from 50m, incl. 1m @ 10.2 g/t gold from 59m; and 11m @ 1.0 g/t gold from 84m (SRC 580)
- 11m @ 1.3 g/t gold from 156m, and 6m @ 3.0 g/t gold from 215m (SRC 579)
- SRC576 followed up on the recently announced SRC432 which returned 45m @ 3.2 g/t gold from 161m and has extended thick high-grade mineralisation a further 20m down dip. Another RC hole, collared 20m west of SRC576 has been completed and results are pending.
- Assays are currently pending for a further 5,025m of RC drilling, including at the Juno Lode located 600m south of Lord Nelson, targeting dip and strike extensions of known gold mineralisation including SRC443, which recently returned 13m @ 5.1g/t gold from 162m.
- Interpretation of the recently completed gravity survey over the Lord Corridor is almost complete, which will assist in targeting the ‘damage zone’ of the Lords granodiorite and the high-grade mineralisation along the ultramafic footwall at depth.
- Drilling is now underway at the Indomitable Camp, within the +20km NW/SE Indomitable/Vanguard/Havilah Trend, as part of the updated mineral resource planned for the second half of this year.
- Alto’s major 60,000m drilling program planned for 2022, is targeting both resource growth and exploration, focusing on existing resources and a number of advanced regional prospects.
- The current JORC 2012 Mineral Resource Estimate at the Sandstone Gold Project is 12.4Mt @ 1.6 g/t gold for 635,000oz. These resources are shallow, defined to a depth of less than 200m and remain open.
Alto’s Managing Director, Matthew Bowles said:
These are excellent initial results from our ongoing major drilling campaign and, on the back of the recent update of our open pit gold resource to 635,000oz, once again demonstrates the significant growth potential we see at the Lords Corridor and our entire Sandstone Gold Project.
A particular stand-out from these latest results is SRC576 returning 67m @ 2.3 g/t gold, highlighting the continuity of thick high-grade mineralisation within the current pit-shell at Lord Nelson.
A number of assays are currently pending, including from follow up drilling at Juno which are eagerly anticipated, as they targeted the up and down dip extensions of the new lode. We will then be then looking to test deeper primary targets within the Lords Corridor. In the meantime, our next phase of drilling is underway at Indomitable Camp, the first of our many near-mine regional targets, as we continue to focus on resource growth and exploration.
We see this a great start to another exciting year ahead and look forward to updating shareholders on further results from our ongoing drill program, over the coming weeks and months ahead.
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This article includes content from European Lithium Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AME:AU
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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This article includes content from AusQuest limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Significant Silver and Base Metals in Rock Chips at Lennons Find
HIGHLIGHTS
- Significant gold, silver and base metal results from rock chips, validating historical work at Hammerhead and Tiger deposits.
- Highest values: Gold (5.45 g/t OLRS4), Silver (988 g/t OLRS4), Copper (4.96% OLRS4), Lead (12.07% OLRS2) and Zinc (4.44% OLRS6)
- Planning for further ground works in Q1 2025 underway, in-conjunction with application for Exploration Incentive Scheme (EIS) for co-funding of a deep diamond drill program
Figure 1 – OMX Rock Chip Sample Locations – M 45/368
Rock Chip Sampling
Five rock chip samples were collected during the recent Lennons Find IP survey to validate samples collected by Jabiru Metals Limited in 2005 (Figure 1). Four of the samples were taken on the Hammerhead gossan and one sample from the Tiger deposit. Twenty-four samples were collected by Jabiru Metals Limited in 2005, over a strike length of 4km along the Lennons Find main zone. The highest assay results from the Orange Minerals sample were gold (5.45 g/t OLRS4), silver (988 g/t OLRS4), copper (4.96% OLRS4), lead (12.07% OLRS2) and zinc (4.44% OLRS6). These results correlated well with high grade values in the Jabiru Metals samples. Jabiru Metals assays are reproduced in Appendix 1 and Orange Minerals samples in Table 1. For historical drillhole collars and results see Laconia Resources Limited ASX announcements (9 March 2011, 3 October 2011 and 12 October 2011).
Table 1 – Lennons Find Rock Chip assays
Figure 2: – Lennons Find Location Map
Background Lennon’s Find
In August 2023 a binding term sheet was entered into with Musketeer Mining Ltd, to acquire up to a 75% share in the Lennon’s Find Polymetallic Project 75km south-east of Marble Bar in the Pilbara region, WA. Lennon’s Find includes a Mining Lease with an Inferred Mineral Resource of 1.55 Mt at 5.9% zinc, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, and 84g/t Ag (Optiro 2019).
Orange can earn 51% of the Lennon’s Find Project (M45/368) by spending A$500,000 by 31 March 2026 (which included an upfront payment of A$200,000). Orange may earn up to 75% of the Lennon’s Find Project by spending an additional A$500,000 (A$1.0 million in total) by 31 March 2028.
Figure 3- Lennon’s Find Mining Lease M 45/368
Geological Setting
The Lennon’s Find project is located in the Archean Marble Bar greenstone belt on the SE boundary of the Mount Edgar Batholith. The greenstone rocks are comprised of felsic schists of the Duffer Formation overlain by the Apex Basalt, and both formations are part of the Warrawoona Group. The package dips to the SE beneath, or faulted against, rocks of the Fortescue Group. The Duffer Formation is comprised of three laterally persistent units: a basal quartzo – feldspathic schist (Unit 1), meta sedimentary rocks, mostly psammites and pelites (Unit 2) and an upper quartz – muscovite schist (Unit 3). All the known base metal sulphide deposits occur within the upper part of the Duffer Formation.
Base metal mineralisation at Lennon’s Find is considered to be VMS style and has been mapped over a strike of 4.5km as discontinuous gossans and disseminated sulphide zones (Figure 4). The base metal mineralisation is predominantly Zn – Pb – Cu – Ag – Au, with significant amounts of barite, and occurs as stratiform, lenticular bodies. Five deposits have been identified being Grey Nurse, Tiger, Hammerhead, Mako and Bronze Whaler (Figure 3).
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This article includes content from Orange Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.