Alto Metals secures EIS co-funding grant to test depth extensions in Lords Corridor at Sandstone Gold Project

Alto Metals Ltd (ASX:AME) has secured a co-funded drilling grant of up to $150,000 under the Western Australian Government Exploration Incentive Scheme (EIS) and will target depth extensions of known mineralisation within the Lords Corridor of Sandstone Gold Project. The EIS grant is the maximum amount applied for by Alto and contributes towards 50% of direct drilling costs, which must be incurred within the 12 months from June 1, 2021. A co-funded drill program will comprise up to four deep diamond holes designed to test the triple point contact within the granodiorite intrusion, interpreted as the structural control of high-grade mineralisation, within the 100%-owned Lords Corridor. Maiden diamond drilling Alto’s managing director Matthew Bowles said: “This is a great outcome for Alto and gives recognition of the excellent exploration and targeting work of our technical team. “We wish to again thank the Western Australian Government and the Department of Mines, Industry Regulation and Safety for their continued support of the exploration industry and in our Sandstone Gold Project in particular. “We look forward to commencing our maiden diamond drilling program to follow up on some of our recent outstanding results and test the depth extension of the Lords Corridor. “With an aggressive drilling program ongoing and a significant number of assays still pending we are focused on revealing to shareholders the significant potential we see at Sandstone.” The triple point contact and IP anomaly within the intrusion is possibly where cross-cutting structures are interpreted and drilling will investigate the potential of the granodiorite to host an economic gold deposit. Drilling program ongoing The 2021 drilling program at the Sandstone Gold Project is progressing well with around 15,000 metres completed this year and around 10,000 metres of the current 30,000-metre program remaining to be drilled. This is focused on testing extensions of known mineralisation below Lord Nelson and Lord Henry open-pits, extensions of the new Orion Lode. Lord Nelson deposit is at the northern end of the intrusion while the Lord Henry deposit is at the southern end. Mineralisation at both deposits appears to continue at depth beyond the current limits of drilling and gold mineralisation has also been intersected in shallow drill holes between the two deposits. The EIS program may be undertaken following the completion of an initial 3,000 metres diamond drilling program, designed to test down plunge extension of primary mineralisation down plunge at Lord Nelson and the Orion Lode. Encouraging results Recently the company intersected mineralisation, and best results include: 16 metres at 5.2 g/t gold from 240 metres including 3 metres at 13.5 g/t from 240 metres; 134 metres at 1.9 g/t from 24 metres including 20 metres at 5.9 g/t from 80 metres; and 60 metres at 1.9 g/t from 44 metres including 12 metres at 6.3 g/t from 92 metres. The company is yet to receive assays for more than 70 holes from more than 12,000 metres of drilling, targeting extensions of known mineralisation at Lord Nelson, Orion Lode and Vanguard. Encouraging assay results to date see the company considering expanding the current reverse circulation drilling program.