Alt Resources confirms shallow grades up to 35g/t at Tim’s Find; shares soar
Link copied to
Special Report: Emerging gold play Alt Resources has underlined the multi-million ounce potential of its Mt Ida project by hitting gold grades up to 35g/t — essentially from surface.
It took Alt (ASX:ARS) just 11 months to grow Mt Ida resources from zero to 406,000oz gold and just under 4 million ounces of silver.
That’s phenomenally quick. Importantly, it was done cheaply due to a comprehensive historical database which included tens of thousands of metres of drilling.
Now, the plan is to upgrade and expand these existing resources across the wider Mt Ida project area, north of Kalgoorlie.
Overview of Alt Resources’ Bottle Creek, Mt Ida and Quinns projects (Source: Supplied)
For Alt, the ultimate aim is to establish a long-life gold production hub.
In May, a 5000m infill drill program kicked off to confirm grade/continuity of existing resources at Mt Ida, including Shepherds Bush and Tim’s Find.
Tim’s Find has an existing resource of 360,000 tonnes grading 2.6g/t for 30,900oz.
About 3000m of fresh drilling at Tim’s Find has already returned numerous significant intercepts, like 2m at 34.2g/t inside a larger 4m section grading 17.8g/t, just 5m from the surface.
A deposit grading above 5g/t is generally considered high-grade.
And these results come from the first ~20 holes only; assay results from the remaining 80 holes are expected over the coming weeks.
Importantly, drilling has actually extended known gold mineralisation 500m beyond the current Tim’s Find resource to the south, Alt says.
Once drilling is completed at Tim’s Find the rig will move north to the 45,300oz Quinn’s mining area, where drilling will test the interpreted Forrest Belle and Boudie Rat ore shoot extensions.
Alt executive director Andrew Sparke says the resource growth story is set to continue.
“We expect to upgrade the resource later in the year, but also we have our maiden reserve to come out in the coming months,” he told Stockhead.
“We have some nice catalysts on the horizon.”