Alt Resources has secured a highly prospective gold project located within the Agnew-Wiluna Greenstone belt, host to several major gold deposits including the Agnew Gold Mine, Lawlers and Vivien.
The company announced that it has reached an agreement with Mount Roberts Mining (MRM) to farm into the Mount Roberts-Cottee Project near Leinster, Western Australia, which includes the mining leases M36/341 and M36/279.
Under the agreement, Alt can earn up to 80% interest in the project in stages by funding drilling and exploration activities, and making a cash payment.
Stage 1 (51% interest) requires Alt to complete no less than 3,000 metres of RC or diamond drilling within the next 12 months and to fund all exploration, development and related expenditure on or relating to the project.
Additionally, Alt is to make a A$25,000 cash payment to MRM for the acquisition of a 51% legal and beneficial interest in the Mining leases, free from all encumbrances.
Under Stage 2 (29% interest), Alt can earn a total of 80% interest in the project by making payment to MRM of A$50,000 in cash and the equivalent of A$100,000 in fully paid ordinary shares in Alt Resources.
If it acquires the second farm-in interest, Alt will continue to fund all expenditure commitments on or relating to the project until both parties reach a decision to mine a deposit located within the area comprising the Mount Roberts-Cottee project.