Gold explorer Alt Resources (ASX: ARS) has uncovered high-grade gold mineralisation at the Pianto’s Find and Forest Belle targets, the last two areas tested during a recently-completed reverse circulation (RC) drilling campaign at the Mt Ida project in WA’s northern goldfields.
The company today announced exploration results of these final two areas, recording grades of up to 45 grams per tonne of gold from 11 holes drilled at Forest Belle and up to 28.9g/t gold from three holes drilled at Pianto’s Find.
These results add to the drilling campaign’s earlier success, which included encountering broad zones of gold mineralisation at the Shepherds Bush and Spotted Dog targets, as well as the discovery of base metal sulphides.
According to Alt, the Pianto’s Find prospect is of interest due to its similar magnetic response to Bottle Creek, which indicates the potential for a parallel mineralised corridor.
With Bottle Creek mineralisation drilled along an 8km strike and contributing strongly to the Mt Ida project’s gold and silver resource, the Pianto’s Find holes were designed as an initial test of this parallel magnetic lineament.
The most significant result from the drilling of this prospect was a 14m intercept grading at 2.6g/t gold including a peak grade of 1m at 28.9g/t gold from a depth of 26m.
Alt described this result as “very encouraging” and plans to expand exploration on this magnetic lineament during the next phase of RC drilling at Mt Ida.
Forest Belle forms part of the Quinn’s resource area and was historically operated as an underground mine from the 1899 to 1941.
The last RC holes of Alt’s recent RC drilling campaign were completed at the southern end of Forest Belle, which is now an open pit.
Highlights from drilling at the pit included the intersection of a broad 17m zone of gold mineralisation grading at 3.5g/t gold including 1m at 45g/t gold from a depth of 33m.
However, other holes targeting a plunging high-grade shoot intersected mineralisation but did not result in very high grades.
Further 3D analysis of these results is now required, Alt reported.
Gold price hits record high
Today’s news from Alt comes just as gold has reached an all-time record high in Australian dollar terms, piercing through the A$2,300 per ounce barrier.
Alt’s oversubscribed placement locked in $4 million for the company to put towards ongoing drilling and development of the Mt Ida project, including the development of a maiden ore reserve statement and the completion of a feasibility study.
The company is planning to commence its next round of RC drilling at the project in September.