Alt Resources identifies historical gold intercepts at Mt Ida

Alt Resources ASX ARS historical gold intercepts Mt Ida Shepherds Bush
Alt Resources has started field reconnaissance work at the Mt Ida project after identifying positive historical gold intercepts.

Alt Resources’ (ASX: ARS) aim of transitioning into a junior gold producer has been given a boost after the company identified consistent wide gold intercepts at its Mt Ida project in Western Australia.

The intercepts were uncovered at the project’s Shepherds Bush prospect through ongoing collation and review of historical data.

Some of the significant historic drill intercepts from the prospect include 12m at 1.65 grams per tonne gold from 72m, 20m at 1.37g/t gold from 28m, 12m at 0.99g/t gold from 52m, 32m at 0.91g/t gold from 48m, 32m at 0.82g/t gold from 72m and 16m at 0.79g/t gold from 60m.

The desktop review of historical data and field reconnaissance work are aimed at assisting Alt prioritise ground work going forward in 2019.

Exploration upside

The company believes there is potential to undertake follow up drilling along strike at Shepherds Bush to expand the mineralised footprint, and has already lodged a work program to expand exploration with reverse circulation drilling.

Pending approvals, RC drilling is scheduled to kick off later this year.

The Shepherds Bush prospect is located just 2km south of the company’s Spotted Dog South and Tim’s Find existing gold resources.

The prospect was identified as a gold in soil anomaly by La Mancha Resources back in 2006, with the company undertaking an initial eight-hole aircore and RAB program.

Despite reasonably significant gold results during the drill program, La Mancha failed to undertake follow up work.

However, Alt is confident of further blue sky, with the company noting that RC drilling results to-date suggest a “broad zone of low-level supergene anomalism associated with hematite alteration and silicification”.

Gold mining hub aspirations

Alt completed a RC drilling program at its Bottle Creek and Mt Ida gold projects during the end of 2018 as it seeks to gain a greater understanding of the geological controls on mineralisation.

With the Mt Ida gold project rapidly evolving into a promising gold asset, the company has also expressed ambitions of establishing a central gold mining hub at the Bottle Creek mine site in WA.

Bottle Creek’s resource estimate stands at 2.6 million tonnes at 1.9g/t gold for 160,000 ounces of gold, while the Greater Mt Ida project has a combined resource inventory of 3.9Mt at 2.07g/t gold for 257,000oz of gold and 900,000oz of silver.

Alt’s entire tenement package encompasses around 360 square kilometres of ground across six mining leases.

Alt’s shares were sitting unchanged at $0.027 in early afternoon trade.

Lauren has more than seven years’ experience as a business journalist and editor in Australia and Southeast Asia. With specialist knowledge of the resources sector, including oil and gas, she has covered publicly listed companies of all sizes. Lauren has reported across a range of industries including mining and property.