Alto Metals Limited (ASX: AME) has entered into a binding agreement with ASX-listed Gateway Mining Limited to acquire granted exploration tenement E57/1108, which is contiguous with the company’s Sandstone Gold Project tenements in Western Australia.
Tenement E57/1108 (115 sq. km) is located immediately east of Alto’s 100% owned the Sandstone Gold Project and hosts over 15km of the regionally significant Edale Shear.
Exploration to date has been relatively limited, and the entire tenement is covered by recent alluvial/sheet wash sediments, masking mineralisation to historic prospecting activities and much surface geochemical sampling.
Alto’s Managing Director, Matthew Bowles, said the Tenement is considered prospective to host moderate to large scale gold mineralisation, particularly associated with the Edale Shear, which is a type of structure interpreted to be the deep feeder channels for orogenic gold deposits globally.
This acquisition further consolidates our considerable ground position, increasing our overall footprint to more than 900 sq. km which covers the highly prospective and under- explored Sandstone Greenstone Belt,” Mr Bowles said.
“We currently have an aggressive RC drilling programme underway along the Lords Corridor, with a second rig arriving mid-February to accelerate drilling at Lord Henry, Lord Nelson and a number of other targets.
“With recent results from a major step-out hole highlighting another new mineralised zone along the Lords Corridor, we are really excited about the potential that is starting to emerge at our Sandstone Gold Project.”