Altitude Minerals Secures Option on Nevada Gold-Silver W-Project with Untested Depth Potential

Strategic Expansion in a Premier Mining Jurisdiction

Altitude Minerals Ltd (ASX:ATT) has taken a significant step in Nevada by securing an exclusive option to purchase the W-Project, a gold and silver epithermal vein system near Winnemucca. This acquisition complements Altitude’s wholly owned Firenze Silver & Gold Project and expands its footprint in one of the world’s top-ranked mining regions, the Northern Nevada Rift (NNR). The W-Project’s location offers excellent infrastructure, including year-round paved road access and proximity to a skilled local workforce, roughly 8km from the mining city of Winnemucca.

The deal terms are structured with staged option payments and work commitments extending through to 2034, culminating in potential 100% ownership. A 3% net smelter return royalty payable to vendor MinQuest Ltd includes a buy-down provision, reflecting a balanced risk-reward framework for Altitude’s shareholders.

Historical Drilling Highlights Untapped Potential

Historical exploration between 1985 and 1992 delivered 43 drill holes, with 40 intersecting gold mineralisation. Noteworthy intercepts include 37m at 1.30 g/t Au and 9.8 g/t Ag from 31m, including a higher-grade 15m zone at 2.19 g/t Au and 14.1 g/t Ag. Other significant results feature narrower but higher-grade intervals such as 3m at 3.75 g/t Au and 4.2 g/t Ag. However, none of the historical drilling effectively tested the potential high-grade boiling and feeder zones typical of low-sulphidation epithermal systems, which often host the richest gold mineralisation.

Altitude’s geological team interprets the project’s quartz-calcite veins to extend over a strike length of approximately 1,800m and up to 30m wide at surface, with untested structural intersections that could be critical for discovering high-grade shoots. The company plans to deploy modern geophysical techniques, including controlled source audio magnetotellurics (CSAMT), to refine these targets ahead of a proposed reverse circulation drilling campaign in autumn 2026.

Leveraging Nevada Expertise and Portfolio Synergies

Managing Director Duncan Chessell emphasised the strategic value of the W-Project, highlighting its near-surface mineralisation and the opportunity to test unproven high-grade zones. The project’s proximity to Altitude’s Firenze Project opens possibilities for combined field operations and cost efficiencies, a critical consideration in the capital-intensive Nevada mining environment.

This move follows recent advances at Firenze, where Altitude has validated high-priority drill targets and secured permits for a substantial RC drilling program, underlining the company’s growing momentum in Nevada’s silver-gold sector. The addition of the W-Project diversifies Altitude’s exploration pipeline with a complementary epithermal system that has seen limited modern exploration, positioning the company well for potential discoveries in 2026 and beyond.

Altitude’s acquisition strategy and exploration approach reflect a disciplined focus on large-scale, drill-ready targets within proven mining jurisdictions. The company’s US-based principal geologist Gabe Graf has been active onsite, ensuring technical rigor and continuity as Altitude advances its Nevada projects.

Financial and Operational Commitments Underpinning Exploration

The option agreement requires Altitude to make escalating annual payments and work commitments totaling US$1.2 million over eight years, with flexibility to carry forward overspend or pay underspend in cash. Share issuance components are subject to shareholder approval, introducing an element of governance oversight. The staged payments allow Altitude to manage exploration risk prudently while retaining the option to acquire the project outright for under US$1 million plus prior payments.

Importantly, the W-Project’s claims are fully granted unpatented mineral claims managed by the Bureau of Land Management, facilitating exploration and drilling activities without significant land access impediments. No native title or environmental constraints have been identified, smoothing the path for upcoming field programs.

Altitude’s move to secure the W-Project aligns with its broader strategy of advancing multiple projects across commodities and jurisdictions, as seen in recent developments at its NSW Byrock porphyry copper-gold targets and Nevada silver-gold systems. The company’s integrated approach to exploration and permitting aims to accelerate drill testing and resource definition, leveraging geological synergies and operational efficiencies across its portfolio.