Altan Rio Minerals Limited announced results have been finalised from the Phase 4 drill program completed in February 2022 at the Pilot Deposit ("Pilot") in the Southern Cross region of Western Australia. As previously noted, the company has been impacted by significant delays in assay turnaround time, as assay laboratories in both Perth and Kalgoorlie have been inundated with samples from the unprecedented and continuing surge in exploration activity that has occurred in Western Australia. The Phase 4 drill program targeted depth extensions to the Pilot mineralisation, immediately below the historical underground workings (4 Level – 120 mbs) to a vertical depth extent of 170 metres below surface (mbs).

The program comprised ten holes for 2,309 metres (PARC003, 042, 044 to 046, 048 to 052) which were designed to evaluate high grade gold mineralisation previously reported from drillholes PARC005 and PARC010. Onsite logging of the drill chips from the Phase 4 RC drill program, completed on the 24th February 2022, confirmed drilling had intersected the interpreted position of the mineralisation. One metre samples from these mineralised intervals were selected for immediate sampling and assaying with the remainder of each drillhole, composite sampled over a four metre interval.

Overall, drilling conditions were excellent with dry samples and good recoveries. However, drillhole PARC049 intersected a void/cavity at 155 metres with significant amounts of water, drilling continued until a depth of 210 metres when the hole was stopped and abandoned. Samples from 155 metres onwards in this hole were damp to wet with variable recoveries.

Caution should be applied to the significance of assays reported from this drillhole. The Phase 4 drill program also comprised two pre-collars (PARD041 and 042) totaling 460m completed in preparation for a diamond drill program to evaluate the PEM4 conductor immediately below the high grade mineralisation reported previously and in this announcement. A suitable diamond drill rig is currently being sourced to conduct this program.