- Alto Metals (AME) enters a trading halt to consider, plan and execute a capital raising
- The company will remain in the halt until November 11 or when more details are released, whichever occurs first
- On November 4, Alto received further results from two prospects within its Sandstone gold project in WA
- While the company is still waiting on results from around 80 holes, grades have so far peaked at 27.3g/t
- Shares in Alto last traded at 10.5 cents on November 8
Alto Metals (AME) has entered a trading halt to consider, plan and execute a capital raising.
The company will remain in the halt until November 11 or when more details are released, whichever occurs first.
Alto is yet to disclose how much it intends to raise or what it will use the funds for once received.
On November 4, Alto received further results from two prospects within its Sandstone gold project in Western Australia.
Both reverse circulation and diamond drilling were undertaken to evaluate the nature of the gold mineralisation and orientation of the mineralised structures.
Best results include five metres at 6.5 grams of gold per tonne (g/t) from 67 metres including one metre at 27.3g/t gold from 69 metres, and three metres at 8.5g/t gold from 143 metres including one metre at 22.2g/t gold from 143 metres.
Assays are pending for over 80 reverse circulation holes and are expected to be received in the coming weeks.
Shares in Alto last traded at 10.5 cents on November 8. The company has a $47.27 million market cap.