Alto Metals Limited (ASX: AME) is into the exploration of gold in Australia. The company has two subsidiary companies, Sandstone Exploration Pty Ltd and Cue Metals Pty Limited. The company primarily focuses on the discovery and acquisition of projects which are highly profitable and provides high returns to its shareholders.
On 30 January 2019, the company has highlighted the drill results from Ladybird prospect as follows:
Drilling of 5-meter hole from a previous 8-meter depth which resulted in 29.4g/tonne of Gold from MSGC1162, drilling of 4-meter hole from a previous 42-meter depth which resulted in 7.3g/tonne of Gold from HKR006, drilling of 5-meter hole which resulted in 5.6g/tonne of Gold from TRC018, drilling of 3-meter hole from a previous 12-meter depth which resulted in 8.5g/tonne of Gold from TRC010, drilling of 5-meter hole from a previous 10-meter depth which resulted in 4.9g/tonne of Gold from MSGC1387, drilling of 5-meter hole from a previous 36-meter depth which resulted in 4.6g/tonne of Gold from MSGC1385, drilling of 5-meter hole from a previous 67-meter depth which resulted in 4.1g/tonne of Gold from MSGC1123, drilling of 4-meter hole from a previous 49-meter depth which resulted in 5.1g/tonne of Gold from HKR017 and drilling of 3-meter hole from a previous 21-meter depth which resulted in 6.5g/tonne of Gold from MSGC1122.
Further, the shallow high-grade gold mineralization exists at the Ladybird Prospect as per the compilation and review of previous explorer’s data. Although the mineralized zone is relatively narrow and steeply dipping, the grade and continuity of mineralization suggest that the deposit could be responsive to open-pit mining in its upper reaches.
The company has commissioned Dr. Spero Carras of Carras Mining Pty Ltd to prepare a JORC (2012) Mineral Resource Estimate for the Ladybird deposit, which would be completed in February 2019. Further reverse circulation drilling is planned to test for along strike and down-dip extensions to the mineralization which could potentially expand the mineralized zone.
Let us have a glance at the financials of the company for FY18. The company reduced its losses in FY18 to $624,026 compared to $1,482,442 in FY17. The total assets for the company stood at $9.98 million in FY18 compared to $8.23 million in FY17. The net cash outflows from the operating activities stood at $818,275 in FY18 compared to $761,465 in FY17. The cash outflow from investing activities is reported at $1.74 million in FY18 compared to $2.10 million in FY17.
Now let us quickly have a look at the Alto Metals Limited’s stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.045 with a significant increase of almost 15.385% during the day’s trade, with a market capitalization of ~$7.72 million. The stock has yielded a negative YTD return of 13.33% and posted negative returns of 20.41% and 18.75% over the last six months and one-month period respectively. It has a 52-week high price of $0.089 and a 52-week low of $0.037, with an average volume of 104,210 approximately.
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