Altan Rio Minerals Limited (TSXV: AMO) is seeking to strengthen the company’s position by consolidating its foothold in the northern belt of the prolific Southern Cross Greenstone Belt, Western Australia.
The Canadian listed company has entered into a binding tenement option and sale agreement, via its wholly-owned subsidiary Altan Rio Minerals (Aust) Pty Ltd, with Kym Anthony McClaren to acquire a 90% interest in permit E77/2691) and all mineral rights. E77/2691 covers ~115.9 sq. km of prospective ground primarily to the west of Altan Rio’s current land position in the Southern Cross Greenstone Belt.
The FCSZ is a defined gold-rich bearing structure which is host to gold mineralisation along its entire length with multiple high-grade ore bodies including Copperhead (1.55 Moz), Frasers (748 Koz.), Golden Pig (502Koz), Hopes Hill (214 Koz), Corinthia (300 Koz) and Pilot (54 Koz).
Altan Rio’s Southern Cross North Project lies in the centre of the Yilgarn Gold Field which encompasses the entire Southern Cross Greenstone Belt, the tectonic unit which covers the project. From 1900 to 2019, the Southern Cross Greenstone Belt recorded gold production of 12.3Moz.
The company’s tenements have strong near surface gold mineralisation and remain essentially untested below 50 metres vertical depth. Altan Rio is earning up to an 80% interest in the Southern Cross North Project from joint venture partner Surveyor Resources Pty Ltd.
Altan Rio CEO, Paul Stephen, said that should the option be exercised, the company will hold the largest tenure over the Frasers-Corinthian Shear Zone (FCSZ) with a landholding of 139.6 sq. km, a 489% increase on its current position of 23.7 sq. km across 15 granted Prospecting Licences which makes up Altan Rio’s Southern Cross North Project.
Our mission has always been to consolidate our position in the Fraser-Corinthian Shear Zone (FCSZ) of the Southern Cross Greenstone Belt,” Mr Stephen said.
“This option agreement gives Altan Rio the potential to have exposure to a significantly larger land position in this region and if exercised will represent a five-fold increase on our current position.
“While our focus remains on the high priority targets in our Southern Cross North project, I will provide an update to investors in the near future on our exploration strategy over this new tenement.”