Altan Rio acquires Hakes Find project
- Altan Rio enters option agreement to acquire Hakes Find project, 10km from Southern Cross township in the central portion of the Southern Cross Greenstone Belt.
- An advanced gold prospect in the northwest has seen:
- Small historical mining operations.
- Significant previous exploration with multiple high-grade drill intersections that have previously been reported as non-JORC compliant mineral resource.
- Positive preliminary grab sampling at the advanced Hakes Find prospect including a 10 g/t result.
- Hakes Find within 30km of third-party processing facility.
- Upon execution of the agreement to acquire the project, Altan Rio will pay the vendor $A100,000 cash and $A175,000 in shares, plus a 1.5% royalty on the first 23,000 ounces of gold produced.
Altan Rio Minerals is pleased to announce the Company has entered into an option agreement to acquire the Hakes Find gold project, located 10km from the Southern Cross township within the Yilgarn Mineral Field, Western Australia.
The Hakes Find tenement area (P77/4607) covers ~1.7km2 and lies within the central portion of the Southern Cross Greenstone Belt, a prolific gold producing region responsible for well in excess of 12 million ounces.
The tenement area can be directly accessed by the well-graded Southern Cross Marvel Loch Road.
“The option agreement for Hakes Find is an exciting acquisition for Altan Rio and could be a potential near-term producing asset,” Altan Rio Chairman and Interim CEO, Graeme Sloan said.
“Drilling by previous explorers has intersected high grade gold mineralisation beneath historical mining operations at Hakes Find prospect and will be the target of follow up work. Results from a preliminary grab sampling program recently undertaken by the Company have been very promising and validates the potential of this project. Our next step is to undertake further desktop studies with the aim to define the mineralised envelope along strike and at depth and I look forward to updating the market as we progress this work.”