Alto wraps up Sandstone acquisition, strengthens board
JOHANNESBURG (miningweekly.com) – Gold and uranium explorer Alto Metals on Thursday reported that it had completed the acquisition of the Sandstone gold project, in the East Murchison region of Western Australia.
The acquisition was brought forward following the successful negotiation of a heritage agreement with the holders of the Native Title in the Sandstone area, and after the company waived the condition of a tenement grant.
Bringing forward the acquisition of the Sandstone project would enable Alto to accelerate exploration.
“Based on our thorough and detailed due diligence, we believe that Sandstone has the potential to be a multimillion-ounce goldfield,” commented Alto chairperson Anna Mao.
She also announced that Alto had appointed geologist and mining executive Stephen Stone to the Alto board.
Stone had worked for several years at the large openpit and underground mines of the Zambian Copperbelt and had since been involved in the formation and management of several junior ASX-listed exploration companies.
In 2007, Stone was appointed MD of West African explorer Azumah Resources and had overseen the discovery of over two-million ounces of gold resources, the completion of a feasibility study and substantial funding from international sources. In January this year, Stone joined the board of ASX-listed and fellow Ghana gold explorer Castle Minerals.
“Stone’s considerable experience in Australia and Africa will be an asset to Alto at both the exploration and mining stages,” commented Mao.
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