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Altan Rio (TSXV: AMO) recommenced its RC drilling program to test targets immediately below the existing pilot mine in the prolific Southern Cross Greenstone Belt, Western Australia. According to Altan Rio CEO Paul Stephen, they are drilling underneath a known body with strong evidence that it continues at depth similar to a very large mine on the same trend that goes down up to 800 meters.
Altan Rio is looking to raise $2 million spread across a combination of Canadian and Australian investors, and about half a million dollars will be spent immediately on a drill program to deliver first results before Christmas.
The project sits on an existing haul road that goes directly to an operating mine and operating mill, which is an opportunity to replicate what they do in Brazil with iron ore, quickly get a project into production, and deliver.
“We’re actually self-funded and we can tackle some of the bigger projects, and that’s where we see the ability to deliver a plus million-ounce type discovery. No one has put together this whole leasehold for over 20 years. We’ve got to a position where we’ve got an arrangement with a mill, so we don’t have to go build a processing plant. I think this next round of drilling will deliver very good business cycles,” Stephen said.
He said further, “We’re working very hard to deliver. The bigger picture of finding the plus million-ounce deposit and building our own mill is sort of a much larger success over a two to three-year period.”
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