Australia : Alt awarded $200,000 grant to drill Windy Hill gold prospect at Paupong Project in NSW.
Alt will apply the funds to a 2,500m diamond drilling program at Windy Hill, where the Company has previously identified multiple Intrusion-Related Gold targets from an airborne magnetic survey, extensive soil sampling and Induced Polarisation chargeability data (see Alt Resources announcement: Major New Intrusion-Related Gold Targets Identified at Paupong Project, NSW, May 2016 via the link; http://www.altresources.com.au/wp-content/uploads/2014/06/Major-New-Gold-Targets-24-May16.pdf). Drilling will commence in November 2016.
Alt CEO James Anderson said: This grant will help Alt unlock the potential of the Paupong Project for a significant new gold discovery. This project epitomises the spirit of the NSW Governments New Frontiers program. It is highly prospective for a major intrusion-related gold system but has received little or no exploration attention. The Company would like to thank the NSW Government for continuing to support the New Frontiers Co-operative Drill Funding program and selecting the Paupong Project as a beneficiary.
The Paupong Project was also a recipient of the full A$200,000 funding amount in Round 1 of the New Frontiers program and is the only project to secure the maximum funding amount on two occasions. The grant was awarded to Alts Joint Venture partner, GFM Exploration, in 2014. This funding assisted in the discovery of vein-hosted Au-Cu-Ag mineralisation over a 1.5 km strike length at the Kidman Prospect, 3.5 km south west of Windy Hill. Since the success of initial drilling at Kidman, the Company has undertaken extensive regional exploration and believes that IRGS targets at Windy Hill represent the source of mineralising fluids throughout the Paupong Valley.
Windy Hill lies within Alt Resources Paupong Project in the southern Lachlan Fold Belt, NSW. Prior to GFM Explorations initial activities in the area from 2012, little or no mineral exploration had occurred beyond first pass stream sediment sampling in the 1970s. This historical sampling did not include gold analyses. Alt flew a 5,000line km aerial magnetic survey over the Paupong Project in January 2016, identifying possible buried intrusions, particularly beneath Windy Hill.
These targets have not been drilled. As part of the New Frontiers funding application, Alt has planned 8 diamond drill holes for approximately 2,500m, to test the geochemical, IP and deeper magnetic targets at Windy Hill. Drilling approvals are already in place, with work scheduled to commence in November 2016.
The information in this report that relates to mineral exploration and exploration potential is based on work compiled under the supervision of Dr Helen Degeling, a Competent Person and member of the AusIMM. Dr Degeling is an employee of Alt Resources and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity that she is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Degeling consents to the inclusion in this report of the information in the form and context in which it appears.
Whilst it is provided in good faith, no representation or warranty is made by Alt or any of its advisers, agents or employees as to the accuracy, completeness, currency or reasonableness of the information in this announcement or provided in connection with it, including the accuracy or attainability of any Forward Looking Statements set out in this announcement. Alt does not accept any responsibility to inform you of any matter arising or coming to Alts notice after the date of this announcement which may affect any matter referred to in this announcement. Any liability of Alt, its advisers, agents and employees to you or to any other person or entity arising out of this announcement including pursuant to common law, the Corporations Act 2001 and the Trade Practices Act 1974 or any other applicable law is, to the maximum extent permitted by law, expressly disclaimed and excluded.
[c] 2016 Al Bawaba (Albawaba.com) Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Date:||Sep 29, 2016|
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