Alto Metals directors show confidence in company with on-market purchase

Alto Metals Ltd (ASX:AME) non-executive chairman Richard Monti and non-executive director Terence Wheeler have shown confidence in the company’s exploration strategy at the Sandstone Gold Project in WA. Monti purchased 666,667 shares for 7.5 cents per share, which was pursuant to shareholder approval at the 2020 AGM. Wheeler acquired 19 million shares, 10,666,667 at 7.5 cents per share and 8,333,333 at 7 cents, taking his total shares in the company to 77,297,063. EIS Grant The company was recently awarded a grant of up to $150,000 under Round 22 of the WA Government's Exploration Incentive Scheme (EIS) that will allow it to drill test the Chance Prospect at the Sandstone Gold Project. The EIS Grant will contribute up to 50% of direct drilling costs, which will assist in funding reverse circulation (RC) and diamond drilling to test the prospect, on the eastern side of Sandstone, within the Edale Shear. The company aims to complete the maiden drill program at Chance in the first half of next year.