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- Alto Metals (AME) has increased the mineral resource estimate for its Sandstone gold project by 92 per cent
- The estimate update totals 12.4 million tonnes at 1.6 grams per tonne gold for a total 635,000 ounces of contained gold
- The average discovery cost is less than A$14 per ounce
- The next mineral resource update is anticipated for the second half of this year
- The company’s 60,000-metre drilling program planned for 2022 is underway, with an initial 18,000 metres of reverse circulation drilling, targeting resource growth and high-grade depth extensions
- Alto Metals shares are up one per cent at 9.7 cents
Alto Metals (AME) has increased the mineral resource estimate for its Sandstone gold project in Western Australia’s Murchison region by 92 per cent.
The update assesses the size of the prospect at 12.4 million tonnes at 1.6 grams per tonne gold for a total 635,000 ounces of contained gold.
It estimates an average discovery cost of less than A$14 per ounce.
Alto said Sandstone’s shallow, high-grade resources remain open along strike and at depth at all deposits, highlighting the strong potential to continue to grow the resource inventory with further drilling.
Its 60,000-metre drilling program planned for 2022 is currently underway, with an initial 18,000m of reverse circulation drilling targeting resource growth and high-grade depth extensions at the Lord Nelson, Indomitable and Vanguard targets.
“We are extremely pleased to be able to report this substantial increase in the gold resource, that has been independently estimated by Snowden Optiro, to 635,000 ounces at the Sandstone gold project,” Managing Director Matthew Bowles said.
“We view this very much as an interim resource upgrade, with significant scope to delineate additional shallow, high-grade gold ounces with the current and planned drilling at the Lords Corridor, Vanguard and Indomitable.
“The company remains focused on adding further ounces with extensional drilling and plans to mobilise additional rigs to fast-track this resource growth and also test a number of our high-priority regional targets.”
The next mineral resource update is anticipated for the second half of the year.
Alto Metals were up one per cent trading at 9.7 cents at 10:41am AEDT.
