THE DRILL SERGEANT: Alt Resources (ASX: ARS) is pleased to provide an update to the Bottle Creek Mineral Resource estimate for the Emu and Southwark deposits at the company’s Bottle Creek gold project in Western Australia.
Alt Resources carried out a second round of RC drilling testing extensions to the north and south of the Emu deposit, as well as laterite-hosted mineralisation at Southwark, which has provided an additional 50,000 ounces of gold and 246,000 ounces of silver.
This brings the total for the Bottle Creek gold project to 2.6 million tonnes at 1.9 grams per tonne gold, for 160,000 ounces of gold, including 2.5 million tonnes at 10.7g/t silver for 900,000 ounces of silver.
Alt Resources had previously published the Maiden JORC Resource estimate for Bottle Creek in August 2018.
The company explained the current upgrade constitutes an expansion of its initial Bottle Creek Resource, expanding the overall inventory for the larger Mt Ida gold project, which the company said was now rapidly evolving into a promising gold hub, with multiple exploration and mining targets throughout the landholding.
In combination with existing mineral resources within the Mt Ida gold project, at the Quinns and Mt Ida South projects, Alt’s combined mineral resource Inventory now stands at 3.9 million tonnes at 2.07g/t gold, for 257,000 ounces of gold.
“We have produced this small resource upgrade at Bottle Creek with the intent to demonstrate the cost-effectiveness of resource drilling at Bottle Creek,” Alt Resources CEO James Anderson said in the company’s announcement to the Australian Securities Exchange.
“This resource upgrade has been produced from an additional 29 drill holes at a cost under $5.00 per resource ounce, and with a greatly reduced overall average cost per resource ounce down to $7.80. Bottle creek is returning around 10,000 ounces gold and 56,000 ounces silver per 100 metres of strike drilled and we have only drilled 1,600 metres of the 11 kilometres of strike to date.
“We now have a project wide global resource of 257,000 ounces gold and 900,000 ounces silver at Mt Ida and what I see as a clear pathway to reaching a critical mass through continued drilling.
“We aim to continue to build the resource over the next 12 months to a level that will warrant development of a plant at Bottle Creek.”