Aspiring gold miner Alt Resources appoints experienced mining veteran Grant Harding to its board
Following last week’s positive drill results from Shepherd’s Bush, gold explorer Alt Resources (ASX: ARS) has shored up its board with the appointment of Grant Harding as non-executive director.
According to Alt, Mr Harding brings with him more than 30 years’ experience in mining and resources including project development, operations management and mineral processing design.
Alt chairman Bill Ellis said the company was “pleased” to have Mr Harding join its board.
“His extensive experience will be invaluable as Alt moves toward the maiden ore reserve statement and feasibility study required to develop the Mt Ida project into a long life, low cost mining operation,” he added.
Mr Harding’s previous roles include manager process technical services for PT AMNT’s Batu Hijau copper mine, general manager for Finders Resources’ Wetar copper project and president director/business development manager and chief metallurgist for Como Engineers.
Mt Ida gold project
Alt’s flagship asset is the Mt Ida gold project near Leonora in Western Australia.
The company’s strategy is to bring the Tim’s Find deposit within the project online as fast as possible as a small scale operation.
Under the plan, Alt has secured a non-binding term-sheet with Blue Cap Mining, which will put up a $3 million working capital facility.
Blue Cap will also assist with developing the initial operation by providing mining, transport, processing, drill and blast and other associated services.
Alt will repay these services out of its first gold sales.
“In the current high gold price environment, developing Tim’s Find into a small-scale mining operation with the potential to generate free cash is a logical step for Alt and in line with the corporate strategy to become a gold producer and provide non-dilutive working capital for the company,” Alt chief executive officer James Anderson said.
He added the planned operation was “reasonably uncomplicated” with Tim’s Find already on a granted mining lease and hosting shallow mineralisation at a “reasonable grade”.
The resource for Tim’s Find currently totals 360,000 tonnes at 2.6 grams per tonne gold for 30,100 ounces.
This forms part of the wider Mt Ida project which hosts global resources of 6.8Mt at 1.9g/t gold for 406,000oz gold and 3.78Moz silver.
An updated resource is scheduled for release in the current quarter.
In early morning trade, Alt’s shares were steady at $0.019.
Article by Lorna Nicholas at Smallcaps.com.au (22 Jan, 2020)