Alloy Resources provides exploration update
Alloy Resources (ASX:AYR) has released an update on its exploration activities at its Ophara Cobalt-Gold Project and Horse Well Gold Project.
Ophara Cobalt-Gold Project
AYR has indicated that field teams on-site are completing infill soil sampling of anomalies outlined in its ASX release on 10 April 2018 at the Ophara Cobalt-Gold Project.
So far, a total of 604 samples have been collected for multi-element analysis. With infill sampling finalising, grid extension sampling will be completed within the next two weeks.
It should be noted, however, that this is an early stage company and success is no guarantee. Investors should seek professional financial advice before making an investment.
Horse Well Gold Project
Celia Shear -
AYR has conducted two field reconnaissance trips over the last month with a view to reviewing the surface expression of potential extensions to the Coralie Jean high-grade quartz discovery of neighbouring Renegade Resources Limited.
The company is also reviewing regional data from historical soil sampling along the Celia Shear north of this prospect.
RC drill planning -
AYR plans to complete approximately 1,500 metres total of RC drilling at two key prospects, having secured a contractor to commence around May 20 this year.
The Warmblood prospect is a well-defined mineralisation structure that extends over 700 metres strike length and has only been drilled to less than 100 metres depth. AYR has completed its initial review of mineralisation at the prospect and plans to drill numerous holes to test for higher grade shoots within the structure.
The Dusk til Dawn prospect was last drilled in 2014-15, and has yielded some excellent gold intersections, including:
- DDRC014, 16 metres at 7.2 g/t gold from 109m,
including 6 metres at 16.3 g/t from 116m
- DDRC001, 65 metres at 2.6 g/t gold from 50m,
including 13 metres at 8.17 g/t from 50m
AYR believes that there could be higher grade core to the mineralisation at Dusk til Dawn, and has completed its review using Surpac and Leapfrog software.
Work to date strongly suggests that the high-grade mineralisation is an intersection shoot not previously recognised and a number of holes will be drilled to test this theory.