Why Is Altura Mining Trading Lower Today On ASX?

  • Apr 26, 2019 AEST
  • Team Kalkine
Why Is Altura Mining Trading Lower Today On ASX?

Altura Mining Limited (ASX: AJM), an Australian based lithium explorer, has presented an exploration update for its Cleopatra Gold Prospect and Hazelby Copper-Gold-Silver Prospect on 26th April 2019.

As per the report provided by the company, followed upon a geophysical survey, Altura utilised the Induced Polarisation (IP) method at its Cleopatra Prospect. The company has completed an initial round of exploratory drilling at the prospect.

Independent service providers conducted the initial geophysical survey and analysis of the result. Vortex Geophysics undertook the geophysical survey of the prospect, while Core Geophysics analysed the results. As per the company, Altura’s Exploration Geologists supervised the drilling conducted by another independent group- Egan Drilling.

Results of Exploration:

Cleopatra Prospect

The Cleopatra Prospect is approx. 3.5Km south-east from the Altura Lithium Mine, which recently commenced commercial production, and is in the company’s E45/2363 tenement. Altura mentioned that to detect and delineate any potential responses associated with known gold anomalies, which the company discovered from surface sampling banded quartz veins and breccias, it conducted a Dipole-Dipole Induced Polarisation (DDIP) based survey in September 2018 at the prospect.

The surface sampling revealed that the area was dominated by conductive weathered overburden and the company interpreted nine near surface anomalies that required further investigation.

Altura proceeded further in February 2019 and drilled 12 Reverse Circulation (RC) holes, which accounted for 684m at the prospect. As a result, the company sampled and analysed quartz vein intersections.

Details of drill holes:

As per the company, the assay results received from drill mentioned above did not indicate the presence of significant gold mineralisation, despite the presence of substantial epidotic, carbonate and chloritic alteration within the mafic volcanic host rock.

After receiving the disappointing results from the exploration activity, Altura now plans to complete a broader soil sampling program, which will target the IP anomalies and mapped horizons, which initially revealed the gold mineralisation zones. A drilling program will follow the results from the soil sampling.

Hazelby Prospect:

The Hazelby Prospect or Melted Caravan Prospect is approx. 4km east of the Altura Lithium mine, and 3.5km NNE of the Cleopatra, within the E45/2363 tenement of the company. Altura previously identified mineralisation within pyritic quartzite and cherts. Hazelby is dated 3.5 billion years old and is among the oldest known prospects in the Pilbara region.

Altura collected and analysed a copper carbonate mineral from the prospect, and the assay resulted in considerable grades. The sample identified as CA0001 resulted in 4.70% Cu, 0.83% Au, and 80.0g/t Ag. Likewise, the sample identified as CA0002 resulted in 5.37% Cu, 0.63% Au, and 80.5g/t Ag and the sample identified as CA0003 resulted in 9.86% Cu, 0.80% Au, and 84.6g/t Ag.

As per the company, the potential of the Hazelby Prospect provided an impetus to the company to complete further data research and field exploration work in the year 2019.

The company recently completed its security purchase plan (SPP).

The stock of the company is trading at A$0.115 (as on 26th April 2019, 01:58 PM AEST), down by 4.17% as compared to its previous close.


This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.


All pictures are copyright to their respective owner(s).Kalkinemedia.com does not claim ownership of any of the pictures displayed on this website unless stated otherwise. Some of the images used on this website are taken from the web and are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it below the image.


There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.

Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.

As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK