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- WA Gold explorer Alto Metals (AME) has entered back-to-back trading halts ahead of a capital raise
- At the end of last month, Alto completed 5500 metres of drilling out of its planned 10,000-metre reverse circulation program
- Pleasingly, drilling over the Orion Lode discovery and the Lord Nelson Pit have consistently highlighted high-grade mineralisation
- The next phase of drilling will cover 2000 metres of ground within the Lord Nelson’s corridor and is expected to begin shortly
- Whether or not the capital raise will support drilling efforts is not yet certain
- Company shares last traded for 8.5 cents on Tuesday, September 15
Alto Metals (AME) has entered back-to-back trading halts ahead of a capital raise announcement.
The company will remain in a trading halt until the earlier commencement of trading on Tuesday, September 22, unless the capital raise is announced earlier.
The WA-based gold explorer has been focused on drilling and exploration at its Sandstone Gold Project in Western Australia.
At the end of last month, Alto completed 5500 metres of reverse circulation drilling in of its planned 10,000-metre program.
Drilling over the Orion Lode discovery and the Lord Nelson Pit have highlighted high-grade mineralisation.
Best results across the deposits include 12 metres at 4.8g/t gold from 84 metres, 16 metres at 3.7g/t gold from 108 metres, including four metres at 8.2g/t gold from 116 metres, and 16 metres at 5.2g/t gold from 240 metres, including three metres at 13.5g/t gold from 240 metres.
In its August update, the company shed light on the rest of its drilling program, with the next 2000-metre drilling phase expected to begin shortly.
This drilling will test for repeat lode targets along the three-kilometre Lord Nelson’s corridor.
Whether or not the capital raise will support drilling efforts is not yet certain.
Company shares last traded for 8.5 cents on Tuesday, September 15.
