Alt Resources fast-tracks exploration drilling at Mt Ida and Bottle Creek gold projects
Gold explorer Alt Resources (ASX: ARS) has announced plans to fast-track exploration drilling at the Tim’s Find and Shepherds Bush targets within the Mt Ida and Bottle Creek gold projects in WA’s eastern goldfields.
Alt Resources recently completed an electromagnetic survey at its Bottle Creek and Shepherds Bush project areas.
The company will commence a 2500 metre reverse circulation campaign later this month with a view to completing activities before the hottest part of the year.
The program of works will focus on expanding the gold resource at Tim’s Find and finalising infill drilling at Shepherds Bush with a view to delivering upgraded resource estimates in the coming months.
Perth-based deephole specialist DDH1 Drilling has been contracted to conduct the program at Mt Ida including four geotechnical holes at Tim’s Find relating to pit design and permitting approvals.
Two deep exploration holes will also be drilled at Bottle Creek, as part of a grant received in 2018 under the WA government’s Exploration Incentive Scheme, which offers a 50% rebate on costs per metre drilled.
Alt’s drilling at Bottle Creek last year ended in mineralisation at 307m, with re-analysis suggesting the hole may have ended in a potential feeder zone for the resource mineralisation, with up to 10% disseminated sulphides including pyrite, arsenopyrite, sphalerite, galena and chalcopyrite, abundant quartz stockwork and intense structural deformation.
The last 12m of the hole were mineralised with peak values of 0.63 grams per tonne gold and 17.3g/t silver.
As part of the EIS grant, Alt will extend the hole down to approximately 600m and drill an additional 600m diamond hole, testing ore shoot potential at Bottle Creek.
Alt recently completed a helicopter-borne time-domain electromagnetic (HTDEM) survey at Bottle Creek and Shepherds Bush using next-generation Xcite technology developed by South African-based New Resolution Geophysics (NRG).
NRG was contracted to survey 284 line kilometres across the two project areas with interim data indicating the presence of stratigraphic conductors and some positive structural corridors for future exploration drilling.
Alt is planning to combine the new information with existing magnetic data, soil geochemistry and recent drilling results to provide new drill targeting for Mt Ida and Bottle Creek.
In July, Alt announced the discovery of high-grade gold following a 5500m drilling program at Tim’s Find, extending the known mineralised zones beyond the existing resource area.
Second-round results produced equally-impressive results, with positive gold intercepts encountered in 63 of the 73 holes drilled.
In morning trade, shares in Alt Resources were 4.55% higher at $0.023.
Article from Smallcaps (Sept 9, 2019) – Imelda Cotton