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On 14 December 2018, Australian based mineral exploration company ALT Resources Limited (ASX:ARS) announced the high-grade gold results from the third stage of RC drilling undertaken at its Bottle Creek Gold Project, following which the share price of the company increased by 4.762%.
The company has reported significant intercepts from the North VB mineralized zones, Boags mineralized zone, South Emu extension mineralized zone and extended Southwark mineralized zone. The company has stated that the combined mineral resource Inventory is 3.9-metre tonnes @ 2.07 g/t Au, for 257k oz Au2.
The RC drilling program which was undertaken at the Bottle Creek Gold Project has completed 74 RC drill holes for a total 5,560 metres which are covering around 500 metres of additional strike length which is further supporting the continuity and scale of this project.
The company drilled 12 holes at the South of the existing modelled Emu ore body and all the holes intersected mineralization. The Company drilled 14 RC holes between the northern end of the Boags pit and the southern end of the VB pit, and it has confirmed the mineralization between these two historical pits. The companyâs new drilling results have confirmed the historical intercepts and proved the continuity and grade of mineralization in key parts of the unmined Emu, Southwark, VB and the Boags deposits. Ever since the company started drilling at the Bottle Creek Gold project, it is focusing on the RC drilling in the oxidized zones of the project to target the high-grade supergene gold.
Recently, under the Western Australia Government funded Exploration Incentive Scheme (EIS) ALT Resources Limited was selected as a drill funding recipient. Under this scheme, the company will perform deeper diamond drilling at the Bottle Creek Gold Project, and the Company will receive co-funding grant of $72k towards drilling costs. ALT Resources has finished around 1.2k meters of diamond drilling at the Emu and Southwark deposits.
As at 30 September 2018, the net cash used in operating activities was $669k, net cash used in investing activities was $2k and net cash from financing activities was $45k. Cash and cash equivalents at the September quarter was $83K. In FY 2018, the company earned a revenue of $8,990 and incurred a loss before tax of $3.37 million. At the end of FY 2018, the company was having total current assets of $941k and current liabilities of $2.01 million. During FY 2018, the company purchased plant and equipment worth of $245,424 and received $5,000 from the sale of assets.
In the last one year, the share price of ARS decreased by 69.57 percent as on 13 December 2018. ARSâs shares traded at $0.022 with a market capitalization of circa of $5.07 million as on 14 December 2018 (AEST 4:00 PM).
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