Alt Resources Upgraded Mineral Resource Estimations At Bottle Creek Project And Mt Ida Projects

Alt Resources Limited

Alt Resources Limited (ASX: ARS) notified the market, about an upgrade on Bottle Creek and Mt Ida projects’ mineral resource estimations. The company recently concluded estimations on its third phase of Reserve Circulation (RC) drilling at the Bottle Creek.

Project Geology and Update:

The Bottle Creek is situated 100km north-east of Menzies in the Mt Ida gold belt and is located on the northern extremity of the Mt Ida-Ularring greenstone belt. The project hosts gold and silver mineralisation in carbonaceous, sulphide shales, within a larger package of interbedded basaltic volcanic, sediments and ultramafic rocks. The mineralisation at the project spreads across a strike length of 11km, running north-west to south-east, and is estimated to be sub-vertical, to steeply west-dipping. 

The company commenced RC drilling at Bottle Creek in March 2018 and completed the first phase of the program with 11,692 metres drilling from 140 holes in May 2018. The second phase of the drilling completed with 1,772 metres from 29 drill holes in July 2018.

However, the company completed phase 3 of the drilling in subphases. Subphase 1, of the third drilling phase, was completed with 5,131 metres from 70 drill holes to the south of the Emu and Southwark deposit and to the north of the VB and Boags pits in December 2018. The company rolled the second subphase of the third drilling with inclusions from previous drilling database generated by Norgold Ltd and Electrolytic Zinc Company (EZ). Alt resources twinned multiples holes drilled by these companies, during the second subphase of the third drilling phase. Before completing all the phases of drilling the company cancelled the director’s share, which was issued under the placement.

Resource Estimation Upgrade:

The currently updated estimation of the mineral resources provided by the company was conducted by Geologist of Hyland Geological and Mining Consultants. The geologist considered the outcomes of all the phases of the drilling such as phase 1, phase 2, and phase 3. The subphase 1 and subphase 2 of phase three, with the result from the database accumulated by the drilling from Norgold Ltd and Electrolytic Zinc company. The total drilling from all the phases and subsequent phases accounted for 67,828 metres of drilling.

Phase 3 drilling added an additional 148,668 ounces of gold and 2.88 million ounces of silver to the previously estimated resources. The recent estimation now brings the total resources of the project to 5.6Mt @ 1.72g/t of gold for 309,000 ounces, including 5.5Mt @ 21.1g/t of silver from 3.78 million ounces.

The combined resource inventory of Mt Ida project and Bottle Creek after combining all the resource upgrade including Maiden JORC Resource estimate for Bottle Creek and Second resource upgrade for Bottle Creek, announced by the company till 18th October 2018, now stands at 6.8Mt @ 1.85g/t of gold for 406,000 ounces of gold and 3.78 million ounces of silver. The combined measured and indicated resources of both the projects now stand at 316k ounces of gold and 2.7 million ounces of silver.

The average project-wide cost per resource ounces of gold at present, is estimated to be $9.80.

The stock of the company last traded at A$0.022 (as on 7 March 2019), without any further changes.


Disclaimer

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.

Top 25 Dividend Stocks To Consider

People prefer a dividend stock in their portfolio as it possesses the feature of compounding. Compounding means that the earning which is generated through these dividend stock will get reinvested and will eventually create earnings from earning. More precisely, the dividend generated from these dividend stock will get reinvested to buy another set of a share of the dividend stock which results in giving a higher dividend.

Click here to download your top 25 dividend stocks report!

6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here