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To: Goose94 who wrote (128907)

7/15/2022 12:42:45 PM

From: Goose94

Read Replies (1) | Respond to of 202424

Altan Rio Minerals (AMO-V) Additional High Grade Mineralisation Reported From Pilot Deposit

July 15, '22 - NR

Results have been finalized from the phase 4 drill program completed in February, 2022, at Altan Rio Minerals Ltd.'s Pilot deposit 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.

Commentary

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 (refer to TSXV: AMO March 10, 2021).

Previous reported intercepts:

PARC005

13 metres grading 4.48 g/t Au from 160m, and

4 metres grading 7.51 g/t Au from 176m, including 1m @ 19.14 g/t, and

8 metres grading 9.65 g/t Au from 199m, including 5m @ 13.93 g/t

PARC010

10 metres grading 4.21 g/t Au from 182m, including 7m @ 5.69 g/t.

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. Results have now been received for all sampling completed, confirming the presence of high grade gold mineralisation with previously reported intercepts (refer to TSXV: AMO March 17, 2022) of:

PARC003

13 metres grading 7.30 g/t from 158m, including 2m @ 28.51 g/t, and

PARC048

12 metres grading 6.72 g/t from 132m, including 3m @ 17.83 g/t, and

PARC049

6 metres grading 4.64 g/t from 181m, and

17 metres grading 3.25 g/t from 193m (ation)

Supported with new intercepts of:

PARC044

15m @ 2.17 g/t Au, including 4m @ 6.22 g/t Au from 175m, and

PARC046

2m @ 4.09 g/t Au from 181m, and

16m @ 3.11 g/t Au, including 4m @ 6.21 g/t Au from 194m.

Pursuant to its exploration and mining agreement (the "Pilot Agreement" or "PEMA") with Barto Gold Mining Pty Ltd ("Barto").

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) totalling 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.

A complete summary of Phase 4 drill program one metre results are provided in Table 1 below, with location of drill intercepts shown in Figure 1 and Figure 2.

Post completion of the Phase 4 drill program, interrogation of the 3D model and drill results received was completed. As a result of hole deviation during drilling, two holes (PARC046 and PARC049) are now believed to have tested the upper/shallowest margin of the PEM4 conductor.

The PEM4 conductor has been modelled as a single plate with dimensions of an estimated 130 metres in strike with a depth extent of 200 metres, approximately 170 to 370 metres below surface (refer to TSXV: AMO March 16, 2021).

Drill intercepts of 16m @ 3.11 g/t Au from 194m in PARC046 and 17m @ 3.25 g/t Au from193m in PARC049 are both interpreted to be immediately above the modelled plate position (refer Figure 3). The position of these intercepts are thought to represent the PEM4 conductor.

These findings have significantly increased the confidence of the PEM4 conductor representing sulphide rich high grade gold mineralisation.

In addition, interrogation of the model suggests drillhole PARC049 was terminated while still in a mineralised zone and prior to intersecting the position of the main lode. Modelling suggests the high grade component of Pilot mineralisation remains to be tested below this hole. The company is now investigating completing this hole with a diamond tail to evaluate the high grade mineralisation.

Pilot Hanging Wall Mineralisation

In addition to the one metre results reported in Table 1, the Phase 4 drill program also recorded broad, near surface gold anomalism from four metre composite sampling. Near surface gold anomalism has been recorded in all drillholes from the Phase 4 drill program and are interpreted to represent a new zone of mineralisation ("Hanging Wall" mineralisation), located approximately 100 metres grid west and parallel to the Pilot Main Lode mineralisation. These anomalous results are summarised in Table 2 with the trend of the "Hanging Wall" mineralisation shown on plan in Figure 1.

Down-dip continuity of this "Hanging Wall" mineralisation has been confirmed with an intercept from drillhole PARD040, a pre-collar for the diamond drill program, which returned an intercept from 1 metre sampling (refer Table 1) of:

3m @ 2.22g/t Au from 176m within a broader mineralised zone of 11m @ 0.76g/t Au from 168m.

The near surface position of the "Hanging Wall" mineralisation and its down-dip projection is represented in Figure 4 below. Identification of this new mineralised trend in proximity to the mineralisation at Pilot has increased the overall prospectivity of the Pilot area as there is potential for high grade mineralisation to develop within this new mineralised trend.

Qualified Person

Mr. Neal Leggo, Principal Geologist and Director, Indeport Pty Ltd, a member of the Australian Institute of Geoscientists (MAIG) and an independent Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of the technical content regarding the Southern Cross North Project contained in this document. Mr. Leggo has reviewed and approved the technical disclosure in this news release.

On behalf of Altan Rio

For more information contact:

Brian Cole
Director & Corporate Secretary
Email: bc@altnev.com
Phone: +61 418 947 564