- Altan Rio Minerals enters binding option agreement to acquire 90% of “E” tenement (E77/2691) covering a strategic ~115.9km2 land position in the Southern Cross Greenstone Belt
- Acquisition will increase landholding to ~140km2, a 489% increase in tenure along the Frasers Corinthian Shear Zone (FCSZ)
Vancouver, British Columbia–(Newsfile Corp. – September 13, 2021) – Altan Rio Minerals Limited (TSXV: AMO) (“Altan Rio” or the “Company“) is pleased to announce it is seeking to strengthen the Company’s position by consolidating its foothold in the northern belt of the prolific Southern Cross Greenstone Belt, Western Australia.
Altan Rio has entered into a binding tenement option and sale agreement (the “Option Agreement“), via its wholly-owned subsidiary Altan Rio Minerals (Aust) Pty Ltd (“Altan Australia“), with Kym Anthony McClaren (“McClaren“) to acquire a 90% interest in “E” (E77/2691) and all mineral rights. E77/2691 covers ~115.9km2 of prospective ground primarily to the west of Altan Rio’s current land position in the Southern Cross Greenstone Belt (See Figure 1).
The FCSZ is a defined gold-rich bearing structure which is host to gold mineralisation along its entire length with multiple high-grade ore bodies including Copperhead (1.55 Moz), Frasers (748 Koz.), Golden Pig (502Koz), Hopes Hill (214 Koz), Corinthia (300 Koz) and Pilot (54 Koz) (see Figure 2).
Altan Rio’s Southern Cross North Project lies in the centre of the Yilgarn Gold Field which encompasses the entire Southern Cross Greenstone Belt, the tectonic unit which covers the project (See Figure 3). From 1900 to 2019, the Southern Cross Greenstone Belt recorded gold production of 12.3Moz (see Appendix 1).
The Company’s tenements have strong near surface gold mineralisation and remain essentially untested below 50 metres vertical depth. Altan Rio is earning up to an 80% interest in the Southern Cross North Project from joint venture partner Surveyor Resources Pty Ltd.
Altan Rio Chief Executive Officer Paul Stephen said:
“Our mission has always been to consolidate our position in the Fraser-Corinthian Shear Zone (FCSZ) of the Southern Cross Greenstone Belt. This option agreement gives Altan Rio the potential to have exposure to a significantly larger land position in this region and if exercised will represent a five-fold increase on our current position. While our focus remains on the high priority targets in our Southern Cross North project, I will provide an update to investors in the near future on our exploration strategy over this new tenement.”
Southern Cross Land Position
Should the option be exercised, Altan Rio will hold the largest tenure over the Frasers-Corinthian Shear Zone (FCSZ) with a landholding of 139.6km2, a 489% increase on its current position of 23.7km2 across 15 granted Prospecting Licences which makes up Altan Rio’s Southern Cross North Project.
Qualified Person
Mr. Neal Leggo, a member of the Australian Institute of Geoscientists (MAIG) and an independent Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of the technical content regarding the Southern Cross North Project contained in this document. Mr Leggo was an employee of CSA Global Pty Ltd from February 2018 to August 2021. Mr. Leggo has reviewed and approved the technical disclosure in this news release.
SOURCE: Altan Rio
DATE: September 13, 2021