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.
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