Alto Metals announces JORC-compliant Exploration Target for Bull Oak Gold Deposit

Alto Metals Limited (ASX: $AME) has calculated an initial JORC-compliant Exploration Target for the Bull Oak Gold Deposit, part of its Sandstone Gold Project in Western Australia. The Exploration Target highlights the near-term resource growth potential and comprises a conceptual quantity and grade, with insufficient exploration drilling conducted to estimate a Mineral Resource at this stage.

Executive Commentary

Given the success of the extensional drill program at Bull Oak in 2023, defining repeat lodes along strike and both up and down dip, Alto Metals is in the fortunate position of being able to calculate a considerable Exploration Target. The company believes the Exploration Target of 250-360koz at 1.0 - 1.3 g/t Au has been calculated on a conservative, but justifiable, basis and is well supported by both drill intercepts and the continuity of mineralisation observed throughout the deposit. The purpose of the Exploration Target is to highlight where the company sees near-term growth, which can be achieved through the success of the planned drilling campaign, providing an excellent outcome for shareholders. Alto Metals also sees additional tonnage and grade potential outside of the Exploration Target, where drilling is currently limited, illustrating the scalable potential of the Bull Oak Camp.

Summary

Alto Metals has announced the calculation of an initial JORC-compliant Exploration Target for the Bull Oak Gold Deposit, part of its Sandstone Gold Project in Western Australia. The Exploration Target highlights the near-term resource growth potential and comprises a conceptual quantity and grade, with insufficient exploration drilling conducted to estimate a Mineral Resource at this stage. The company is preparing to commence a ~5,000 metre RC drill program in the coming weeks to test the interpreted extensions of mineralisation at Bull Oak and the validity of the Exploration Target. Based on the successful outcome of the planned drilling program, Alto Metals intends to update the mineral resource estimate in the second half of the CY2024. The company also expects this program may enable a portion of the current Inferred Minerals Resource to be upgraded to the Indicated category. Alto Metals believes there is a reasonable prospect that the mineralisation, if converted to a mineral resource, could be economically mined within a reasonable time frame, and further exploration is likely to demonstrate significant potential for further discovery ounces.