Alto Metals buoyed by best drill results so far
Melbourne, Victoria
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July 31, 2023 05:40 PM Eastern Daylight Time
Alto Metals Ltd (ASX:AME) managing director Matt Bowles discusses with Proactive an “outstanding” June quarter for the company, during which it released an updated mineral resource for the Sandstone Gold Project in Western Australia as well as additional exploration results from ongoing follow up drilling.
The updated resource came in at 17.6 million tonnes at 1.5 g/t gold for 832,000 ounces, and Bowles says there is significant potential for both shallow and deeper high-grade gold resource expansion.
Post-quarter end, Alto announced an A$5.4 million cap raise to fund the next phase of gold exploration at Sandstone.
The A$5 million placement attracted strong support from existing major shareholders, as well as new leading resource-focused funds, including $1 million from Lion Selection Group.
Funds raised from the new share issue will be used for ongoing extensional and resource drilling at Sandstone's Indomitable and Vanguard targets.
“We are looking forward to receiving assays currently pending from over 4,500 metres of RC (reverse circulation) drilling at Indomitable, targeting potential high-grade structures in the primary rock at depth, and rigs are ready to be mobilised to follow up on these pending results,” Bowles told the market last week.
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Proactive Investors
Jonathan Jackson
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jonathan@proactiveinvestors.com
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