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Alloy Resources Ltd.
Summary
| Project: | Horse Well | |
|---|---|---|
| Deposit: | Horse Well | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/26/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 26-11-2018: Alloy Resources Ltd. announces an Exploration/Drilling Update report for its Horse Well deposit at the Horse Well project. No significant assays returned from AC drilling. Australian Gold and Cobalt explorer Alloy Resources Limited (ASX:AYR) ( | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Andrew Viner (Internal) | |
| ABSTRACT: | Australian Gold and Cobalt explorer Alloy Resources Limited (ASX:AYR) (Alloy or the Company) provides the following update in regards to exploration activities at the Horse Well Gold Project Joint Venture (“Horse Well”) (Alloy 51%: Doray Minerals Limited 49%). Horse Well is located in the north-east goldfields region of Western Australia and is adjacent to Northern Star’s Limited’s Jundee Gold Mine. The Company is currently sole funding exploration to earn up to 60% in the Project. Recent Exploration The Company has completed initial air-core drill testing of multi-element soil anomalies on the Celia Shear (see Table 1 and Figure1). A total of 86 holes for 3,426 metres was completed testing two targets. Coralie Jean North Fifty nine holes were completed on five drill lines spaced 200 metres apart. Holes were drilled ‘top to tail’ to try to ensure any narrow mineralised structures were intersected. No significant gold intersections (>100ppb Au) were returned, however some weak ex-sulphide alteration and quartz veining was encountered that coincided with 100ppb Au) were returned, however large areas of ex-sulphide and quartz veining was intersected either side of the granite contact in this area with elevated multi-element results and is likely to explain the surface soil anomalies. It would appear that this is an early mineralising event pre-gold mineralisation. Further Exploration Drilling The Company will complete a further 800 metres of drilling testing the Big Daddy central and western air-core anomalies (Figure 2) and the Warmblood southern extension target (Figure 3) within the next two weeks. | |
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