Alloy Resources confirms new cobalt targets at Broken Hill
Australian gold and cobalt explorer Alloy Resources Limited (ASX:AYR) has announced that it has received assays from a large soil sampling program at the Ophara cobalt-gold project, and they show extensive new cobalt mineralization trends over a 60 square kilometre area.
Further, the assays indicate that the Great Goulburn anomaly extends from 700 metres to over 3 kilometres, as well as indicate new anomalies between 2-3 kilometres long.
The Ophara Project is located in the Broken Hill region of far west NSW, and is adjacent to, and has the same geology as, the Thackaringa Cobalt deposit defined by Cobalt Blue Holdings.
According to AYR, the area is “generally covered in thin transported cover which has precluded geological mapping of mineralised trends which are inferred from aeromagnetics”.
This latest programme covered a 60 square kilometre area surrounding the known Great Goulburn cobalt-gold prospect, with the intention of defining extensions and repetitions of the mineralisation. Infill and extension sampling is set to recommence in the near-term.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
Executive Chairman Andy Viner commented on the results: “We are very happy to say that it looks like the cobalt-gold mineralisation that outcropped at Great Goulburn is continuing under the soil cover over an extensive area. We believe there are extensions and repetitions of the mineralisation and infill sampling will quickly define new drill targets.
“Just as importantly the anomalies are not closed off and we have large areas of the project that now justify first pass soil sampling and there is a good chance we will locate more areas of mineralisation,” he said.
AYR plans to get a team back on site within a fortnight to commence the next stage of exploration, infill sampling of the anomalies and inspection of any surface exposures of mineralization.
Last month, the company announced it had reached an agreement with Jindalee Resources (ASX:JRL) to acquire an Option to purchase an exploration licence application (within the highly prospective Millrose Greenstone Belt) adjacent to AYR’s Horse Well Gold Project.