Alt Resources thinks its new gold hits at Mt Ida might lead to ‘multi-million’ ounce paydirt
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Special Report: Alt Resources has uncovered more gold at its rapidly developing Mt Ida projects, just a day after securing $4 million in an oversubscribed capital raise.
Alt Resources (ASX:ARS) has been progressing its Mt Ida projects at an impressive clip — it took just 11 months to grow its resources from zero to 406,000oz gold and just under 4 million ounces of silver.
And it today told investors a first stage RC drilling program had delivered a shallow 80-metre gold intercept, with broad zones of gold mineralisation intercepted at the Shepherds Bush and Spotted Dog prospects.
There were also intercepts of massive and semi-massive sulphides.
The news comes on the back of a busy start to August for the company, which on Monday raised $4 million to continue resource and exploration drilling at Mt Ida, as well as the development of a maiden ore reserve statement and a feasibility study.
Challenge Drilling at Shepherds Bush Mt Ida Gold Project. Pic: Alt Resources
The company believes Mt Ida could have multi-million-ounce potential, and CEO James Anderson said the latest drill results were exciting.
“We are very encouraged by the wide zones of mineralisation intersected at Shepherds Bush with the level of hematite alteration, brecciation and silicification along strike suggesting more significant gold mineralisation may be present in the area,” he said.
“Quite possibly we may be on the edge of larger gold system. Shepherds Bush will now be prioritised as a significant exploration target to fast track exploration and is considered by the company to have potential to add resource ounces quickly.”
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The results from Shepherds Bush and Spotted Dog follow excellent drilling results from the existing resources at Tim’s Find, which the company reported earlier this year.