Alt Resources Ltd (ASX: ARS) has shown its faith in its Mt Ida Project in Western Australia with the acquisition of a lightly explored, adjacent exploration permit.
The company has executed a Binding Terms Sheet to acquire 100% interest in tenement E29/991, known as White Eagle, from well-known Goldfields region prospector Bruce Legendre.
Chief Executive Officer, James Anderson, said the new tenement’s location adjacent to Alt’s tenement E29/969 consolidates the company’s holdings in the southern end of the Mt Ida project area.
Mr Anderson said the E29/991 tenement is also strategically located on the Ballard and Zuleika Shear’s and in the vicinity of the Kurrajong Anticline.
He said the tenement is considered prospective for shear hosted gold. Elsewhere in the belt there is evidence of nickel sulphide mineralisation occurring within the ultramafic stratigraphy.
Past exploration in the area has been limited to isolated programmes of surface geochemistry and rock chip sampling with very limited drill testing of targets.
“The purchase of the tenement from well-known prospector Bruce Legendre strengthens the company’s landholding in the Mt Ida region of the northern Goldfields,” Mr Anderson said.
“The tenement is strategically located geologically, covering the Ballard and Zuileka shear’s and is in the vicinity of the Kurrajong Anticline.
“The company has acquired all historical data from the WAMEX portal for review and will provide an update on planned exploration activities in the coming year.
“The tenement has had minimal modern exploration and very little exploration drilling.”
Under the Binding Terms Sheet the company has paid Mr Legendre:
- One million ARS Shares at a deemed price of 2.0 cents per share
- One million ARS Options with an exercise price of 2.6 cents per option
- Options are exercisable for a period of two years from date of issue
- One percent gross royalty on any mineral production from the tenement
The White Eagle tenement covers the area between the Mt Ida shear and the Ballard/Zuleika shear sitting between the Barlee Domain of the Youanmi Terrane and the Coolgardie and Ora Banda Domains of the Eastern Goldfields Superterrane.
The area is a structurally complex portion of the Ularring Greenstone Belt.