Alt Resources Ltd (ASX:ARS) Massive Sulphides at Shepherds Bush and Bottle Creek.
- HTDEM Heli survey to commence August 2019 following positive copper assays
- Shepherds Bush follow up multi-element assaying shows gold associated base metals in massive sulphides
- Significant 19 metre massive sulphide intercept from SBRC 006 at Shepherds Bush includes;
- 19m @ 0.31g/t Au from 119 metres to EOH
- 19m @ 0.15% Cu from 119 metres to EOH with a peak of 0.72% Cu
- 19m @ 0.56% Mn from 119 metres to EOH with 2m @ 0.79g/t Au, 1.5g/t Ag and 0.67% Cu
- 2018 Bottle Creek diamond drill hole may indicate broader base metal potential, EMDD001 includes;
- 4.26m @ 2.06g/t Au, 26.6g/t Ag, 0.33% Zn, 0.15% Pb & 0.14% Mn from 193 metres
Alt's recent drilling confirmed broad zones of gold mineralisation in a package of ultramafic and mafic schists, sulphidic shales, and cherts including drillhole SBRC006, which returned 80 metres at 1.49g/t Au (Figure 2). With several drillholes intercepting gold in massive and semi-massive sulphides, and SBRC006 ending with gold in 19 metres of massive sulphides, the Company re-submitted SBRC006 pulps for a full ME-ICP61 four acid digest multi-element analysis.
The massive sulphide intercept in SBRC006, which continues to then end of hole, has returned 19 metres at 0.31g/t Au, 0.93g/t Ag, 0.15% Cu and 0.56% Mn (Figure 2). There is an elevated copper zone at the top of the massive sulphide including 2 metres at 0.79g/t Au, 1.5g/t Ag, 0.67% Cu.
The Company is currently considering the likely deposit style, with Besshi style VMS a possibility. The low lead (Pb) assays are expected in this style, however zinc (Zn) would typically be elevated in association with the copper (Cu). Zn increases to 216ppm in the 3m at the end of SBRC006. With zinc being a mobile element, and lithologies above the massive sulphides being deeply weathered, it is possible zinc has been depleted.
Diamond drilling undertaken by the Company at Bottle Creek and announced to the market in August 20182 revealed several zones of massive sulphide (up to 10m wide). The massive sulphide zones occur on the boundary between the felsic porphyry intrusive and the carbonaceous sediments of the Bottle Creek Formation with significant results from EMDD001 shown in Figure 3 Section AA below. The core from this hole was not comprehensively cut and assayed, with the focus being the down dip stratigraphic position of the previously drilled Emu deposit gold mineralisation.
To further understand the potential of these positive base metal results pulps from previous Shepherds Bush RC drillholes are being submitted for multi-element assay by ALS. The Company will also re-examine core from EMDD001, undertake additional core cutting and complete multi-element analysis.
The mineralogy from the base metal suite of SBRC006 and EMDD001 appears indicative of VMS style mineralisation as defined by the United States Geological Service (USGS - Taylor et al., 1995) below.
"Spatially and (or) genetically related deposit types VMS deposits are associated with a number of other mineral deposit types (Cox and Singer, 1986). Some VMS deposits, especially the Besshi-type deposits as broadly defined by Slack (1993), are transitional in depositional setting. VMS deposits are commonly associated with regionally developed iron- and (or) manganese-rich metalliferous sediment and chert developed at the same time-stratigraphic horizon as the massive sulfide deposits. Some Archean VMS deposits may be transitional to volcanic-associated iron formation. VMS deposits, especially in Archean terranes, tend to be spatially associated with shear-hosted mesothermal lode gold deposits (Model 36a) and Algoma-type banded iron formation (Model 28b)".
The above regional decription fits well with the geology in the Shepherds Bush area, where iron and manganiferous sediments and associated cherts extend for ~6 kilometres north through the Spotted Dog gold resource area. The shear hosted Tim's gold resource is located on the east side of these sediments.
Alt CEO James Anderson commented; "The district around Mt Ida is host to a number of massive sulphide system discoveries with private Company Toucan/Cobre recently drilling into a VMS system at neighbouring Perrinvale Station, and St George Mining Ltd's Mt Alexander Project ~40 kilometres north of Bottle Creek. The best assays from the Perrinvale project demonstrate the potential value of these VMS systems: with 5m at 9.8% copper, 3.2g/t gold, 34g/t silver and 3.1% zinc from 50m, including 3m at 12.6% copper, 4.7g/t gold, 43.7g/t silver and 3.6% zinc. VMS deposits typically occur in regional camps and we are quite interested in these base metal results from Shepherds Bush and Bottle Creek. The HDTEM survey is being flown in conjunction with another company so represents an excellent cost effective survey that will assist in diamond drillhole targeting".
The Company has acted quickly to take advantage of geophysical contractor NRG being in the area with their next generation HTDEM XciteTM helicopter bourne electromagnetic system and will complete an initial test survey before the end of this month. Figure 4 shows the HTDEM survey lines to be flown across Bottle Creek and Shepherds Bush, with Figures 5 and 6 showing magnetic RTP data and the geological interpretation covering Shepherds Bush and Bottle Creek project areas where HTDEM survey's are to be flown.
On completion and analysis on the HTDEM surveys the Company will commence diamond drilling under the WA governments Exploration Incentive Scheme (EIS) of which Alt was a recipient in 2019. Drill tartegting will be finalised for additional drillholes testing any significant conductors identified from the EM survey.
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About Alt Resources Ltd:
Alt Resources Limited (ASX:ARS) is an Australian based mineral exploration company that aims to become a gold producer by exploiting historical and new gold prospects across quality assets and to build value for shareholders. The Company's portfolio of assets includes the newly acquired Bottle Creek gold mine located in the Mt Ida gold belt in South Central WA 95km north west of Menzies, the Paupong IRG Au-Cu-Ag mineral system in the Lachlan Orogen NSW, Myalla polymetallic Au-Cu-Zn project east of Dalgety in NSW and the Mt Roberts gold project located near the town of Leinster in WA.
Alt Resources, having acquired historical and under-explored tenements in the Mt Ida Gold Belt, aims to consolidate the historical resources, mines and new gold targets identified within the region. Potential at Mt Ida exists for a centralised production facility to service multiple mines and to grow the Mt Ida Gold Belt project to be a sustainable and profitable mining operation.
Alt Resources Ltd
James Anderson CEO Alt Resources Ltd E: email@example.com Peter Nesveda Investor Relations & Corporate Affairs E: firstname.lastname@example.org M: +61-412-357-375
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|Date:||Aug 19, 2019|
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