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Alto Metals Limited (AME)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Alto Metals Limited
Alto Metals Limited is based in Western Australia and is focused on gold and uranium exploration in Australia. Their objective is to discover and develop one or more “Tier 1” world class gold and/or uranium resources.
The Company was incorporated by its former parent company Enterprise Metals Limited (ASX: “ENT”) in August 2012, following a strategic review by the ENT Board of its assets and a decision by the ENT Board to demerge its uranium assets into Enterprise Uranium Limited (ASX: “ENU”).
On 29 March 2016, ENU announced that acquisition of the Sandstone Gold Project in the Murchison of Western Australia, and on 20 May 2016 the Company’s shareholders voted to change the name of the Company to Alto Metals Limited. (ASX: “AME”)
The discovery of substantial gold resources and the establishment of a highly profitable gold mining operation at Sandstone is now the immediate objective, but the Company has also retained a number of quality sand hosted “in situ recovery” (ISR) style uranium targets in the expectation of a recovering uranium price.
The Company’s Board of Directors have extensive skills in exploration, mining, accounting, corporate governance and provision of corporate advice, and is committed to the Company’s objective of becoming a successful explorer and miner.
Alto Metals Limited is a Western Australian based company and is focused on gold and uranium exploration in Australia.
The Company’s primary objective is to create shareholder wealth through discovery and development of a plus 1 million ounce gold deposit and ISR style uranium deposits through:
- Identifying advanced exploration opportunities;
- Gaining first mover advantage by dynamic pegging of land;
- Implementing leading edge exploration practices;
- Discovering and developing large, high grade, low cost mines;
- Employing, empowering and developing highly skilled and motivated people; and
- Working constructively with all stakeholders and using world’s best practice.
The Byro Project is located approximately 250km northeast of Geraldton and 600km north of Perth in the Murchison Province of Western Australia. The Project covers a 160km length of the drainage channels of the Murchison River.
The Project comprises one granted Exploration Licence (EL) and four Exploration Licence applications for a combined area of 1,943km2. Approximately 65% of the project area is covered by the Murchison Radio Astronomy Quiet Zone to which special conditions apply governing the emission of radio frequency radiation. A Radio Quiet Management Plan (RQMP) is approved for granted E 59/1617 which allows Alto Metals Limited to conduct on ground exploration. This RQMP does not deliver certainty that any RQMP’s will be approved for the current tenement applications on the Byro Project.
Approximately 80-90% of the Project area is covered by Cainozoic alluvium, colluvium and river delta sediments. Hardpan, locally known as coffee rock, is extensively developed in the area. Calcrete also crops out sporadically along the drainage margins and also on the margins of Wooleen Lake.
Airborne radiometric survey data show an elevated uranium signature covering an area of 2.5 by 4.75km, on the interpreted palaeodelta and adjacent to mapped calcrete on the western margin of Wooleen Lake. An airborne electromagnetic (AEM) survey flown by the Alto Metals Limited in July 2012 over the Project suggests buried palaeochannels prospective for calcrete-hosted and sandstone-hosted uranium mineralisation are present in the Project area.
The Yalgoo Project is located around the township of Yalgoo in the Murchison region of Western Australia and is approximately 400km north of Perth. The Project comprises seven granted Exploration Licences, four EL applications, three granted Prospecting Licences and one Prospecting Licence (PL) application covering a total area of 1,254km2.
The Project area is located within the Salinaland physiographic division, which is characterised by wide valleys, comprised of colluvial material between areas of high ground with Archean granite-greenstone outcrop and Cainozoic sand plain. The Project area occurs within the Lake Mellenbye Basin with internal drainage to the south-southeast into the Salt River and the Burra Salt Lake.
Alto Metals Limited completed an airborne radiometric survey over the northern parts of the Yalgoo Project following up uranium anomalies identified in the government-flown data. The survey identified two major uranium anomalies for initial follow-up at Muggaburna Well and Salt Creek. The Muggaburna anomaly is directly related to a broad drainage channel 3.5km long and up to 700m wide. Eighteen of twenty four calcrete samples collected from within a drainage channel returned elevated uranium values ranging from 149 ppm to 418 ppm U. The remaining six samples ranged from 37ppm to 138ppm.
Preliminary shallow aircore drilling at Muggaburna in 2012 returned encouraging results from down hole natural gamma logging with nine holes yielding grade x thickness values over 200ppm eU308*metres. The mineralised intersections are shallow (0-4m depth) and are centred on the uraniferous calcrete exposure in the Muggaburna creek bed in a zone 200-450m wide and 900m long. Mineralisation appears open to the NW and SE. Laboratory analytical results correlate with gamma logging results.
The Project tenements include many large areas of calcrete, with no apparent exploration history for uranium. These areas are often associated with elevated U channel response from the airborne radiometric survey data and remain prospective for calcrete-hosted uranium deposits. Palaeochannel sand-hosted uranium mineralisation is also a potential target in the Project area.
The Peranbye Project is approximately 300km north of Perth close to the agricultural towns of Morawa and Perenjori and covers the drainage and tributaries that drain south and westwards through Lakes Moore, Monger and Weelhamby, terminating in the Yarra Yarra Lakes near Three Springs.
The Project comprises four granted Exploration Licences and three EL applications, covering an area of 1,442km2. The area is extensively covered by alluvial, colluvial, calcrete, and lacustrine deposits associated with the Moore, Monger and Weelhamby drainage systems. The depth of the cover sediments generally ranges from a few metres up to an estimated 80m.
Following public release of the airborne geophysical survey data covering the Murgoo, Yalgoo and Perenjori mapsheets in February 2012 by the Geological Survey of Western Australian, Alto Metals Limited identified uranium anomalies in the data which were related to the major drainage systems and were often associated with mapped calcrete.
The EL applications were lodged and selected airborne radiometric anomalies were prioritised for follow-up with ground radiometrics and bulk soil sampling. The highest and most consistent spectrometer results were found at anomaly YG1 and eight bulk soil samples returned laboratory assays of up to 504 ppm U. The anomalous samples were associated with either gypsiferous clay, clay with calcrete nodules, or calcrete rubble.
Significant anomalous U responses in spectrometer readings were also found at the PJ3 anomaly. The highest laboratory assay from bulk soil samples was 555 ppm U, with other strongly anomalous samples, including 406 ppm U. All the anomalous samples were associated with gypsiferous lacustrine clay.
The lowest assay result of the soil sampling of 2 ppm U was collected from the shoreline of Mongers Lake.
The extensive surface U anomalism confirms the movement of significant amounts of U through the palaeodrainage systems and suggests that with the appropriate trap site a significant deposit might be formed. An AEM survey completed in June 2012 confirmed the presence of extensive and deep palaeochannels below the present day lake and river systems. In several cases these directly correlate with uranium anomalies detected from the airborne radiometric survey data.
The Harris Lake Project is located 25km south of Zanthus and 200km east of Kalgoorlie. The Project is held as a single granted Exploration Licence covering 76.4km2. Harris Lake dominates the central and northwestern part of the tenement area and marks the confluence of several channels draining from the south, west and northwest. The remainder of the licence is covered by extensive alluvial and colluvial sand and silt with little topographic variation.
Exploration focused on the drainage systems associated with Harris Lake and Lake Rivers was completed by Uranerz (Australia) Pty Ltd (URL) during 1974-1978. Their drilling identified several palaeochannels and a maximum value of 138ppm U308 from 22-23m depth was intersected 7km to the north of the Project. Prospecting around the western and northern edges of Harris Lake revealed strong radioactivity over polygonal fractures in ferruginous cover where seepages were encountered.
Most of the seepages lie to the west, although some are associated with radiometric responses within the company’s tenement. Five samples were collected from an auger hole on one of the anomalies at the north end of the lake. All samples were strongly radioactive but they all assayed below detection limits for U308. URL concluded that at least part of the large surface anomaly tested by them was due to daughter products of uranium (radium and radon) which were emanating from a uranium source within a palaeochannel.
A detailed aeromagnetic and radiometric survey covering the Project was flown by Alto Metals Limited in March 2011 and identified four radiometric anomalies associated with the Harris Lake drainage system. An airborne EM survey flown in July 2012 has confirmed the presence of a concealed deep palaeochannel traversing the licence area. This represents an immediate target for initial reconnaissance drill testing.
Alto Metals Limited
91 Hay Street
+61 8 9381 2808
Fax: +61 8 9381 5545
The General Overview, Services, Products and Projects information for this profile was last edited on 06 Jun 2016.