PERTH (miningweekly.com) – Takeover target Alto Metals has reported a 60% increase to the resource estimate of its Lord Nelson deposit, at the Sandstone gold project, in Western Australia.
A Joint Ore Reserves Committee-compliant mineral resource of 1.8-million tonnes, grading 1.9 g/t gold for 109 000 oz of gold has now been estimated for the Lord Nelson deposit, an increase of 41 000 oz on the previous resource estimate.
“The Alto board, management and exploration team are extremely pleased that this latest independent mineral resource estimate for Lord Nelson has increased contained ounces by 60%,” said nonexecutive director Matthew Bowles.
“Our latest drilling demonstrated the continuity of mineralisation at Lord Nelson and we expect additional resource growth from the numerous high-grade intersections still outside the resource that are awaiting closer spaced drilling.
“We see so much potential at Sandstone, not only through step-out drilling along the 3 km corridor south of Lord Nelson, but over our entire 800 km2 landholding which covers the vast majority of the Sandstone greenstone belt. All of which remains significantly under explored below 100 m depth.”
Alto is in the midst of a takeover tug-of-war between Goldsea Australia Mining and privately owned Habrok Mining.
Goldsea has offered 6.5c a share to Alto shareholders, while Habrok has made a 6.6c a share offer.