Assay Results Raised The Requirement Of Further Drill Test To Identify Gold Mineralization Depth

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Assay Results Raised The Requirement Of Further Drill Test To Identify Gold Mineralization Depth

 Assay Results Raised The Requirement Of Further Drill Test To Identify Gold Mineralization Depth

Alto Metals Limited (ASX: AME) is happy to summarize the activities during the quarter ending 30 September 2018. The activities include the exploration and evaluation done at its Sandstone gold project which is 100% owned by the company and it spreads in the area of 800km2. At the Indomitable and Vanguard Camps, modelling and resource estimation of 6 deposits were done. For the preliminary metallurgical test work, drilling of 4 reverse circular (RC) was done in order to provide an indication regarding potential recoveries in the process of metallurgy and circuits. From the aircore samples of Vanguard, Tiger Moth and Indomitable North, fire assaying evaluation was done.

The mineral resource estimation at the Indomitable and Vanguard Camp deposits was estimated to be around 2.6Mt @ 1.5 g/t Au for 124,000 ounces. The total deposits at Lord Henry and Lord Nelson, resulted in Alto’s total mineral resource inventory to be 4.9Mt @ 1.7g/t Au for 261,000oz.

In order to further increase the mineral resources followed by additional drilling, the company is lodged a mining lease application 57/646 over the indomitable camp. As a result of further aircore drilling at Vanguard, Tiger Moth, Indomitable North, Sandstone North, and Bulchina, the assay results received in Q3 from Q2 states that shallow gold mineralization is more widely spread that it was known previously.Â

The Managing director of the company, Dermot Ryan states that JORC 2012 compliant mineral resources at Indomitable and Vanguard Camp deposits to be an important milestone for the company. He also states that the methodologies, the systematic approaches taken to meet the target at Sandstone are working. In the soil sampling program, it was identified that there is a requirement of drill test to identify the presence of any gold mineralization at depth.

The company also shares the consolidated cash flow statement for the quarter ended 30 September 2018. The company has made payments for the exploration and the evaluation worth A$ 0.61 million. The cash used in operating activities is worth A$0.810 million. The net cash inflow from the financing activities is worth A$0.439 million. The cash and cash equivalent at the end of the period is A$ 0.486 million.

For the period ended FY2018, the company made a net loss of $624,026. The total current asset of the company is $1,126,052 and the total current liabilities worth $496,904. This indicates that the company has a potential to clear its short-term obligations. The total shareholder's equity is worth $9,491,047. The company has shown a negative performance since its inception. The overall performance of the company for the entire journey is -78.42%. The one-year and five-year performance of the company is -48.75% and 17.14%, respectively as on October 18, 2018.

The current market price of the share is A$0.041(AEST 4:00 pm) with the market capitalization worth A$8 million.

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