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Alt Resources Ltd Intercepts High Grade Copper-Silver-Gold Near Jindabyne

Alt Resources Ltd (ASX:ARS) has intersected narrow high grade copper-silver gold from first pass drilling within the Paupong Project near Jindabyne in southern New South Wales.

Two diamond drill holes targeted the outcropping Windy Hill prospect intersected 0.3 metres at 3.8% copper, 83.6 g/t silver and 0.4 g/t gold.

The Windy Hill prospect is an intrusion-related gold (NASDAQ:IRG) target with rock chips grading 2.4 g/t gold, 128 g/t silver and 0.26% copper.

Two additional holes are currently underway at Windy Hill with results to be released upon receipt of assays.

Drilling details

Two diamond drill holes have been completed, PDD008 and PDD007.

Drill hole PDD008 intersected a narrow vein 90 metres downhole in massive sulphide.

Assay results from the vein were 0.3 metres at 3.8% copper, 83.6 g/t silver, 0.3% bismuth, 0.4 g/t gold and 0.17% lead.

PDD007 yielded no significant assays but intersected diatreme breccia supporting an IRG model.

The combination of polymetallic mineralisation, both at surface and in drill core, supports the company's IRG model.

Two additional holes are currently underway at Windy Hill.

Background

Alt is exploring for copper and gold deposits at its flagship Paupong project and the nearby Myalla project.

Alt listed on the ASX via IPO in December, 2015 and first-pass drilling completed pre-listing has suggested the presence of porphyry style gold, copper and silver mineralisation.

The Paupong project comprises 3 tenements, for an area of 173 square kilometres and the Myalla project, located 30 kilometres to the east, is a single tenement with an area of 58 square kilometres.

Alt holds a 70% interest in Paupong and Myalla through a joint venture agreement with GFM Exploration.

The company's two focus prospects within the Paupong project are Kidman and Windy Hill.

During March and April 2016, 1,300 soil samples were collected over an area of 3.2 square kilometres that have helped identify new intrusion related gold targets at Windy Hill.

Analysis

Assays from the first two drill holes show that the surface soil anomalies at Windy Hill can also be found at depth.

The downhole intercepted 3.77% copper at 89.7 metres depth, representing a four-fold enrichment in copper relative to the grade found in surface soil samples.

Alt will continue to drill at the Windy Hill prospect in the short term, with more assays expected.

Furthermore, drill targets at Windy Hill are subject to potential government funding with a decision on the awarding of grants expected over the coming months.

Already Alt's joint venture partner GFM Exploration has been recognised as one of only two recipients to be awarded the maximum grant of $200,000 in Cooperative Drilling funding by the New South Wales Government.

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