Alliance Resources Limited (ASX: AGS) – $0.091
02 Feb 2017
Alliance Resources Limited (ASX: AGS) has received results from assayed reverse circulation samples drilled in 2012 (originally tested for magnetite only) at the Wilcherry Project in South Australia (Figure 1).
Figure 1. Location of the Wilcherry Project (Source: Tyranna Resources)
Approximately 77,000 metres of reverse circulation and diamond drilling was completed during 2007 and 2013 to define iron mineralization. At that time, tenement holder Tyranna Resources Limited (ASX: TYX) did not have rights to gold or base metals and therefore did not analyse for these minerals.
The company has commenced assaying these historic sample pulps for gold and XRF analyses for other metals.
- 2.0 metres at 30.03g/t gold from 17.0 metres
- 3.0 metres at 8.30g/t gold from 53.0 metres
- 5.0 metres at 6.34g/t gold from 13.0 metres including 3.0 metres at 10.10g/t gold from 13.0 metres
The company is planning a reverse circulation drilling program to commence in early February to test three possible high grade gold shoots.
The Wilcherry Project is a joint venture between the company (51%) and Tyranna Resources.
For further information, visit allianceresources.com.au
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