Alt Resources (ASX: ARS) has re-excited investors with news of more bonanza gold intercepts grading up to 140 grams per tonne gold found at Southwark deposit, part of the Bottle Creek project in Western Australia.
The junior gold explorer travelled upwards toward the share-price levels seen a week ago, 23.5% higher at A$0.063 by mid-afternoon after it reported another batch of what it has called “bonanza gold grades”.
Alt’s highlight intersection featured 10.8g/t gold extended over 21m, with 4m assaying at 49g/t gold including 1m at 140g/t gold.
A 16m intersection at the deposit, which is found 100 kilometres north-east of Menzies, returned 6.4g/t gold, including 7m at 10.9g/t gold.
Thirty-four metres had 3.4g/t gold, including 3m at 7.2g/t gold, 2m at 13.1g/t gold and another 2m at 16g/t gold.
The company highlighted 18 holes with significant gold prospectivity to market this morning, with the New South Wales-based company confirming it had completed the initial stage of its Bottle Creek reverse circulation drilling campaign. The explorer drilled 11,700m in 140 holes across Southwark and its neighbouring deposit, Emu.
Alt had previously tipped a current phase of reverse circulation (RC) drilling at Bottle Creek was due to be completed last Monday, 7 May 2018.
In a 1 May 2018 update from the company, it said 3,200m of RC drilling had been undertaken, revealing 1,300m of analysed assays at Southwark featured a bonanza grading of 65.6g/t gold.
Resource modelling is now underway for Bottle Creek, while the first diamond drill hole had begun at Emu.
The company’s chief executive officer James Anderson said the Bottle Creek results spoke for themselves.
“The results we are getting at Bottle Creek exceed all our initial expectations for grade and continuity,” he said.
“Our people have done an outstanding job delivering nearly 12,000 metres of RC drilling to ALS in seven weeks. We now have (diamond-drilling contractor) DDH1 onsite getting some core to have a good look at the rocks. There is enough data currently in hand from the RC drilling to suggest Bottle Creek is not simply a supergene gold deposit as previously thought.”
More RC drill-hole results will be reported to market as analysis is completed in Kalgoorlie.
DDH1 Drilling is conducting the first diamond drilling program at Bottle Creek since 1987.
The company said additional drilling was planned for later this year to explore potential beneath the known mineralisation at Southwark.
Alt securities were up 23.5% to A$0.063 in late afternoon trade.