Alt adds Gold for Mining Ambitions
ALT Resources has further consolidated its efforts to become a gold miner, acquiring ground containing nearly 100,000 ounces from Latitude Resources near its recently acquired Bottle Creek tenure north west of Menzies in Western Australia.
The Mt Ida South and Quinns Mining Centre adds 300sq.km of ground to Bottle Creek, with just over 60,000oz of the total 97,300oz in the measured and indicated category.
Alt is acquiring the ground from Latitude Resources – which these days is targeting prospects in the Coolgardie and Nullagine/Pilbara region – for A$1 million cash and scrip valued at the same amount.
The Mount Ida South and Quinns Mining Centre are said to feature numerous historical workings and multiple shallow walk-up drill targets.
Alt acquired an option over Bottle Creek late last year, with two open pits producing 90,000oz over an 18-month period nearly 30 years ago.
Alt believes Bottle Creek has potential for mining, noting the project contains two granted mining leases and existing tailings dams, as well as a test heap leach pad to process the existing low-grade ore stockpile onsite from the previous mining.
Alt reported a $1.25 million equity raising in November, having started the December quarter with $300,000 cash.
Shares in Alt were up nearly 7% to 6.4c in afternoon trade, capitalising the company at $7.7 million.
Article from Mining News