Alto Metals : 2022 drilling program underway at Sandstone

ASX Announcement 2 March 2022

For personal use only

Sandstone Gold Project, Western Australia

Alto's 2022 drilling program underway at Sandstone

The first 18,000m of planned RC drilling has successfully commenced, initially

targeting extensions of mineralisation at Lord Nelson and Juno

Highlights

• Alto's major drilling program for 2022 is underway, with an initial 18,000m of RC drilling.
• The first 33 holes for approximately 6,300m of RC drilling planned at Lord Nelson and the new Juno Lode, targeting extensions of known mineralisation. 1,2
• Further resource and extensional drilling planned at both Indomitable and Vanguard Camps, following up on the high- grade gold intersections reported at the end of last year and February of this year. 3,4,5.
• Drilling is planned to be ongoing for 2022, with at least one RC rig secured for the majority of the year.
• Geophysical surveys over 3km of the Vanguard trend (IP) and 3km Lords Corridor (Gravity) have both been completed, results pending.
• The current JORC 2012 Mineral Resource Estimate at the Sandstone Gold Project is 6.2Mt @ 1.7 g/t gold for 331,000oz. These resources are shallow, defined to a depth of less than 200m and remain open.
• An updated independent Mineral Resource Estimate remains on track for release before the end of this quarter.

Figure 1: RC drilling underway at the Lord Nelson deposit, Sandstone Gold Project.

1. ASX Release: Lords scale continues to grow with new Juno discovery, 5 October 2021
2. ASX Release: Alto intercepts 19m @ 6.0 g/t gold at Lord Nelson, 9 September 2021
3. ASX Release: Broad zones of significant gold mineralisation - Indomitable, 14 February 2022
4. ASX Release: Multiple high-grade gold intercepts from Vanguard, 4 November 2021
5. ASX Release: Vanguard returns 24m @ 3.5 g/t gold, Sandstone Gold Project, 8 December 2021

Alto Metals Limited

Suite 9, 12-14 Thelma Street	[e-mail]	Issued Shares:	528m	@altometalsltd
West Perth, Western Australia 6005	www.altometals.com.au	Share Price:	$0.08
Altometalsltd
T: [phone]		Market Capitalisation:	$42m	Page | 1
	ASX: AME

Alto's Managing Director, Matthew Bowles said:

For personal use only

We are excited to be back drilling at Sandstone to follow up on the outstanding results from last years exploration program; including the thick high-grade gold intercepts at Lord Nelson, the new discovery at Juno and the extensive gold mineralisation defined at both Vanguard and Indomitable Camps.

Last year was a step-change in our approach to exploration that included over 60,000 metres of drilling and will see us deliver an updated global resource for the Sandstone Gold Project in the coming weeks.

This year we are looking to build on the exploration success of last year to drive further resource growth and new discoveries. An initial 18,000 metres of our planned major drill program for 2022 is already underway, we have one RC rig secured for the entire year and will look to add to this to accelerate our planned drilling activities.

Sandstone is a unique asset, covering over 900 square kilometres of an entire greenstone belt that has had limited drilling below 100 metres depth, and we are still only just scratching the surface of a small portion of this historic gold field. Our systematic approach to exploration is continuing to deliver and we are excited about what the year ahead holds for Alto shareholders.

2022 major drill program is successfully underway at Sandstone, with an initial 18,000m of RC drilling

Alto Metals Limited (ASX: AME) (Alto or Company) is pleased to announce that its major drilling program planned for the 2022 calendar year is underway, with an initial 18,000m of RC drilling at the Company's 100% owned Sandstone Gold Project, which covers +900km2 of the Sandstone Greenstone Belt in Western Australia.

2022 Drilling Program

RC drilling has commenced at the northern part of the Lords Corridor, with 33 holes for approximately 6,300 metres designed to target continuity and extensions of known primary mineralisation at Lord Nelson (Refer to Figure 2). Results from the 2021 drilling program being followed up include SRC423 which returned 48m @ 3.4 g/t gold from 214m, incl. 19m

• 6.0 g/t gold from 223m below the Lord Nelson pit and strike and dip extensions of the recently discovered Juno Lode, located 400m south of Lord Nelson, which appears to be an extension of the main mineralisation. RC drilling at the Lords is also planned for the Central Zone, located further to the south of Juno, where previous Alto reconnaissance drilling SRC321 returned 12m @ 1.7 g/t gold from 110m, incl. 1m @ 7.8 g/t gold from 104m within the Lords granodiorite1.

Further drilling at the Lords Corridor will be planned once the results of the recently completed gravity survey are received and interpreted, along with the assay results of the current program. The Company has been working with its preferred assay laboratories to reduce the extended delays in assay turnaround that it faced last year, and is pleased to advise that it expects to receive the first assays in April and regularly thereafter.

Once the first phase of Lords drilling is completed the rig will be moved to Indomitable and then Vanguard for approximately 12,000m of planned resource and extensional drilling, to follow up on the exceptional results announced from both prospects, late last year and in February this year. An Induced polarisation (IP) survey on 3km of the Vanguard trend has been completed and the data is currently being interpreted, it is anticipated these results will assist in targeting extension of mineralisation at depth.

Alto has planned ongoing drilling at Sandstone, with at least one RC rig secured for the majority of 2022. The current planned program is expected to be completed in four months, with assay results announced as and when received. Once Alto has completed and released the current mineral resource update, it may consider accelerating planned drilling with the mobilisation of additional rigs, subject to availability.

Alto looks forward to providing further updates to the market as the 2022 exploration program progresses.

1 ASX Release: High-grade gold results continue at the Lords Corridor, 28 October 2021.

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personal use only

SRC432
45m @ 3.2 g/t Au from 161m
Incl. 5m @ 17.5 g/t Au from 162m	Lord
SRC423
Nelson
48m @ 3.4 g/t Au from 214m
+ 3m @ 11.4 g/t Au from 191m

SRC176

16m @ 5.2 g/t Au from 240m

SDD001

36m @ 2.0 g/t Au from 203m

C2

SRC476

15m @ 3.1 g/t Au from 198m Incl. 6m @ 5.3 g/t Au from 205m

				SRC443
			13m @ 5.1 g/t Au from 162m
Planned drill holes	Incl. 3m @ 17.0 g/t Au from 168m
				SRC444
			23m @ 1.7 g/t Au from 141m
			Incl. 5m @ 5.4 g/t Au from 154m
Lord Nelson			SRC449
Mineral Resource
		22m @ 1.6 g/t Au from 135m
109koz gold (1.9g/t Au)
		Incl. 5m @ 5.5 g/t Au from 152m
Historical Production
207koz gold (4.6g/t Au)
				SRC240
6,882,800mN		20m @ 1.2 g/t Au from 116m
				Incl. 3m @ 6.0 g/t Au from 125m
RC/DD Drill Collar
DH_MaxAu (g/t)
≥5.0				SRC321
			12m @ 1.7 g/t Au from 100m
1.0~5.0				Incl. 1m @ 7.8 g/t Au from 104m
0.5~1.0
0.2~0.5			745,600mE	746,000mE
0.1-0.2
<0.1

			Lords Corridor Location Plan
			Lord
			Nelson	Orion
				Juno
						Central
						zone
HISTORICAL HOLES
6m @ 16.4 g/t Au from 167m
20m @	4.1 g/t Au from	77m
5m @ 13.0 g/t Au from	99m				Lord
17m @	3.2 g/t Au from	82m
			Henry
5m @ 10.4 g/t Au from	92m
		SRC257
	91m @ 2.8 g/t Au from 56m
	Incl. 27m @ 5.1 g/t Au from 72m		6,8883,600mN
Orion		SDD003
	20.5m @ 3.5 g/t Au from 76m
C1		SRC191
	29m @ 3.5 g/t Au from 49m
	Incl. 7m @ 7.9 g/t Au from 56m
		SRC254
		64m @ 1.7 g/t Au from 42m
Juno	Incl. 15m @ 5.1 g/t Au from 90m		6,883,200mN
			SRC241
		10m @ 2.1 g/t Au from 140m
		Incl. 3m @ 6.3 g/t Au from 147m

C3 North

6,882,800mN

	C3 Mid	Central
Granodiorite	Zone

intrusion

400m

746,400mE

For

Figure 2. Plan view of the northern part of the Lords Corridor highlighting the first 6,300m of planned RC drilling (blue circles).

Updated Mineral Resource

Work on the updated mineral resource estimate for the Sandstone Gold Project is continuing and remains on track to be released this quarter

A fly through of the Sandstone Gold Project, Alpha Domain and Inventum 3D model of the current mineral resources may be viewed at: https://inventum3d.com/c/altometals/sandstoneor by visiting the Company's website.

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For personal use only

		Sandstone North
	Hacks	Oroya		Edale 2
				Edale 1
Bulchina	Valiant	Bull Oak		ALPHA DOMAIN
	Phoenix		Indomitable	Bulle�n

Superb

	Vanguard		Lord Nelson
			Lords Corridor
Historic Mine - Open pit / Underground		Havilah	Lord Henry
Unmined deposit

Untested / Underexplored target

10km

Figure 3: Regional prospect map showing gold-in-soils over 1VD Magnetics highlighting the Alpha Domain and multiple

brown and greenfield regional prospects.

For further information regarding Alto and its Sandstone Gold Project please visit the ASX platform (ASX: AME) or the Company's website at www.altometals.com.au.

This announcement has been authorised by the Board of Alto Metals Limited.

Matthew Bowles Managing Director Alto Metals Limited [phone]

Competent Persons Statement

The information in this Report that relates to current and historical Exploration Results is based on information compiled by Dr Changshun Jia, who is an employee and shareholder of Alto Metals Ltd, and he is also entitled to participate in Alto's Employee Incentive Scheme. Dr Jia is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Jia consents to the inclusion in the report of the matters based on the information in the context in which it appears.

Forward-Looking Statements

This release may include forward-looking statements. Forward-looking statements may generally be identified by the use of forward-looking verbs such as expects, anticipates, believes, plans, projects, intends, estimates, envisages, potential, possible, strategy, goals, objectives, or variations thereof or stating that certain actions, events or results may, could, would, might or will be taken, occur or be achieved, or the negative of any of these terms and similar expressions. which are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Alto Metals Limited. Actual values, results or events may be materially different to those expressed or implied in this release. Given these uncertainties, recipients are cautioned not to place reliance on forward-looking statements. Any forward-looking statements in this release speak only at the date of issue. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Alto Metals Limited does not undertake any obligation to update or revise any information or any of the forward-looking statements in this release or any changes in events, conditions or circumstances on which any such forward- looking statement is based.

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For personal use only

Sandstone

Middle Island

Figure 4. Location of Sandstone Gold Project within the East Murchison Gold Field, WA.

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