Alto Metals Secures Option Over Lightning Mining Lease

THE DRILL SERGEANT: Alto Metals (ASX: AME) is set to acquire granted mining lease M57/659 that sits within the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Alto Metals has signed an option agreement to acquire gold prospect, known as ‘Lightning’, which is located only three kilometres from the 2.3 million tonnes at 2 grams per tonne gold for 150,000 ounces Vanguard Camp.

The mining lease has seen no RC drilling carried out and remains untested at depth, however shallow high-grade gold mineralisation was intercepted in limited historical RAB drilling.

“We are pleased to have secured an option to acquire the Lightning prospect, situated within a granted mining lease and immediately west of our Vanguard deposit,” Alto Metals managing director and CEO, Matthew Bowles said in the company’s ASX announcement.

“Limited shallow RAB drilling in the area has returned some significant gold intercepts of up to 147 grams per tonne gold, yet the area has not been tested with deeper RC drilling.

“There are extensive shallow alluvial gold workings throughout the Lightning area, however the primary source of mineralisation has not yet been identified.

“With a growing, open-pit gold resource of 832,000 ounces of gold at 1.5 grams per tonne, constrained within $2,500 per ounce pit shells, at our Sandstone gold project, we consider Lightning to be a great addition to our asset base and has the potential to deliver further resource growth in the Vanguard/Lightning area.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE