Alt Resources has reached an agreement with Minotaur Exploration’s majority owned subsidiary, Minotaur Gold Solutions, to acquire a 100% interest in the Chameleon gold deposit and associated tenements in the WA’s Eastern Goldfields.
Alt said the Chameleon deposit contains 77,000oz JORC 2012 Inferred Resource and has substantial exploration upside, including numerous drill-ready targets.
According to the company, the tenement package (E29/661 and M24/336) also includes several other prospects that will add to its growing portfolio of exploration assets in WA and NSW. These include the Mount Roberts-Cottee Gold Project north of Leinster in WA, the Paupong and Myalla gold and base metals projects and the Fiery Creek gold project in NSW.
“Chameleon represents a significant acquisition in line with the Company’s strategy to develop small WA-based open pit toll treating projects, moving forward, this toll treating strategy is aimed at generating future cash flow for the Company as these WA projects progress,” said Alt CEO James Anderson.
“Chameleon is an underdeveloped asset with oxide open pit potential and exploration upside. The company intends to fast track resource drilling at Chameleon with the aim of bringing the resource to Indicated status. Other gold prospects within the leases also show promising historical results with limited modern exploration.”