Transcription of Finance News Network Interview with Alt Resources Limited (ASX:ARS) CEO, James Anderson
 
 
Clive Tompkins: Hello Clive Tompkins reporting for the Finance News Network. Joining me from soon to be listed copper gold explorer, Alt Resources Limited (ASX:ARS) is CEO, James Anderson. James welcome back.
 
James Anderson: Thanks for having me Clive; it’s nice to be back here.
 
Clive Tompkins: First up, where are your projects located and what do they contain?
 
James Anderson: Alt’s projects are located in southeast New South Wales, down around Cooma and Dalgety in the southeast province of the Lachlan Orogen. This particular project at Paupong contains copper gold silver and it appears to be porphyry related.
 
Clive Tompkins: Southeast New South Wales is not an exploration province; it’s a greenfield area. What’s its potential?
 
James Anderson: I think one of the things we’ve discovered in the last four years exploring here, is that it’s a large area of ore division sediments and it’s had very, very little previous exploration done on it. So in terms of its potential ongoing, I think it’s got a huge amount of potential. It’s part of the Monaro Volcanics, we’ve got some tertiary volcanic activity, we’ve got large batholiths either side of this particular sediment package.
 
You know, we’re in the right kind of rocks. We’ve got a hydrothermal system underneath us. We’ve got a very large quartz sulphide vein system extending, I think around at the moment, six/seven kilometres and quite extensive across the prospects.
 
Clive Tompkins: You’ve been drilling recently whilst you have an IPO in the market. Why drill during the IPO phase?
 
James Anderson: The Company’s a little unconventional, we’re in the middle of an IPO and ongoing exploration is happening. One of the things that came out of discussions with some of the larger brokers, were that we had a good project on the ground and lots of good surface information. But their comments were that we didn’t have any drill results, or any holes put in this project. So I think that one of the objectives of the drill program was to prove, to the broking community and investors that yeah, this is a fairly viable looking project.
 
And I think the secondary phase of our drilling was that we have support from the government, through their New Frontiers Drilling Initiative. And that drill grant was a couple of hundred thousand dollars. So we had to utilize those funds within a certain timeframe and that was due to expire in August. So I think the Board decided that even whilst in the middle of an IPO, it was fundamentally sound to actually go and drill this project. a) To provide some information, but also to make use of those funds.
 
Clive Tompkins:What do those drill results reveal?
 
James Anderson: The first phase drilling, first pass drilling we’ve done has been at the Kidman Paddock area, which contains like a Toms Vein and another area called Telfords. And this was like a fairly wide quartz sulphide vein system that was very visible at the surface. So we decided to drill this particular project. a) Because it was very accessible, but also because we clearly had a mineralised quartz sulphide vein system. And fundamentally, we had good quality assaying from our geochemistry across this particular area. We also had very, very strong IP response using the drill targeting, the significant chargeability response underneath the vein system.
 
So it was quite strong, the IP chargeability was 25 millivolts, which is probably four or five times the background response. And the idea was to give some scope and breadth to this particular part of the prospect. So we started at one end of the vein system and worked our way southwest, and at 300 metre intervals with our drill targeting. And virtually all the drill holes intercepted quartz sulphides, with some depth and width and grade.
 
Clive Tompkins: Now to your IPO James. How much are you looking to raise and what valuation does that put on the Company?
 
James Anderson: I think that at this point in time our IPO, we have a minimum capital raising of only 1.75. We’ve been in this process for about seven or eight months now and because of drilling and extending the IPO whilst we are exploring, we’ve raised around 1.1/1.2, which is already in the bank. So at the moment we have a very small amount of capital to actually reach the minimum requirement, from the ASX. So we’re pretty confident we’ll get to that position. At the end of the listing, if it’s fully subscribed, the market cap will be about $13 million.
 
Clive Tompkins: James Anderson thanks for the update and good luck with the listing.
 
James Anderson: Thanks for having me Clive; it’s a pleasure to be here again.
 
 
Ends