Alto Metals : Shallow high-grade gold from Lord Henry & Exploration update

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Sandstone Gold Project, Western Australia

Shallow, high-grade gold from Lord Henry & Exploration update

RC drilling at Lord Henry delivers shallow gold intercepts, including

35m @ 2.2 g/t gold from 43m

24m @ 2.3 g/t gold from 31m

Preparations for gravity and IP surveys underway, drilling to recommence in February

and an updated mineral resource estimate on track for delivery next quarter

Highlights

Lord Henry

• New assay results from RC drilling south of the Lord Henry open pit have been received, with new results returning further high-grade gold:

• 1. 24m @ 2.3 g/t gold from 31m, incl. 4m @ 10.9 g/t gold from 32m (SRC525)
  1. 15m @ 1.0 g/t gold from 63m (SCR524)
• Latest one-metre assay results from previously reported four-metre composites from extensional RC drilling north of the Lord Henry open pit, have confirmed high-grade gold mineralisation including:
• 1. 35m @ 2.2 g/t gold from 43m, incl 2m @ 24.5 g/t gold from 73m and 1m @ 14.5 g/t gold from 87m (SRC380)
  1. 15m @ 1.7 g/t gold from 14m, incl. 3m @ 5.2 g/t gold from 14m (SRC374)
  1. 8m @ 2.7 g/t gold from 60m, incl 1m @ 18.6 g/t gold from 65m (SRC381)
• The high-grade gold mineralisation at Lord Henry is within multiple stacked lodes, that remain open to the north.
  Exploration update
• Assays still pending for over 50 RC holes, mainly from Lord Henry, Vanguard and Indomitable.
• Preparations are underway to commence a gravity survey over the Lords Corridor in early January, to assist in targeting the 'damage zone' of the Lords granodiorite along the contact of the ultramafic footwall, at depth.
• Preparations are also underway to undertake an induced polarisation (IP) survey over an initial 3km of the Vanguard trend, to be incorporated into a three-dimensional (3D) inversion model to assist in targeting (3D-IP)
• Work on the updated Mineral Resource Estimate is progressing well and is on track for release by the end of the March quarter 2022, subject to further assays 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.
• Alto's Sandstone Gold Project (100%) covers +900km2 comprising the majority of the Sandstone Greenstone Belt

For personal use only

Alto Metals Limited (ASX: AME) (Alto or the Company) is pleased to report further significant gold results from its major drilling program recently completed at the Company's 100% owned, ~900km2 Sandstone Gold Project, in Western Australia.

The Sandstone Gold Project currently hosts a JORC 2012 Mineral Resource Estimate of 6.2Mt @ 1.7 g/t gold for 331,000oz. The 2021 drilling campaign focused on growing these resources and targeting further high-grade strike and depth extensions of existing mineralisation.

For personal use only

Further shallow, high-grade intercepts from Lord Henry

Drilling at Lord Henry, is designed to target extensions on a 40m x 40m spacing around previous high-grade intersections south of the pit and 40m x 80m spaced section stepping out to the north. New assay results in this release from Lord Henry relate to 12 RC holes for a total of 2,022m, drilled to an average depth of ~170m.

RC drilling south of the Lord Henry open pit has intersected further significant gold mineralisation, including a shallow, high-grade intercept of 24m @ 2.3 g/t gold from 31m, incl. 4m @ 10.9 g/t gold from 32m in SRC525.

Assay results relate to one-metre fire assay results and include:

1. 24m @ 2.3 g/t gold from 31m, incl. 4m @ 10.9 g/t gold from 32m; (SRC525) o 15m @ 1.0 g/t gold from 63m (SCR524)

Refer to Figures 1,2 and 4 and Table 2 for all significant assay results.

Latest one-metre resplits of previously reported four-metre composites from RC drilling designed to test extensions of gold mineralisation north of the Lord Henry pit continue to highlight the presence of multiple stacked lodes of high-grade gold, within broader zones of mineralisation, that remain open to the north of the pit.

Significant gold assays from one-metre resplits in this release include:

1. 35m @ 2.2 g/t gold from 43m, incl 2m @ 24.5 g/t gold from 73m and 1m @ 14.5 g/t gold from 87m (SRC380) o 15m @ 1.7 g/t gold from 14m, incl. 3m @ 5.2 g/t gold from 14m (SRC 374)
   o 8m @ 2.7 g/t gold from 60m, incl 1m @ 18.6 g/t gold from 65m (SRC381)

Refer to Figures 1, 3 and 4 and Table 2 for all significant assay results.

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Figure 4: Plan view of the Lords Corridor showing recent results and pending RC assays - Simplified geological

interpretation.