The Pick News

Alloy happy with high-grade hits at Horse Well - The Pick Online Magazine

Written by Staff Writer | Dec 16, 2019 1:45:03 PM

Australian gold explorer Alloy Resources Limited (ASX:AYR) believes it is onto a strong high-grade gold opportunity at the Horse Well Gold Project Joint Venture north-east goldfields of Western Australia.

The JV with Silver Lake Resources Limited (40%) has returned a number of strong hits from a recent RC drilling campaign at the Palomino and Bronco Prospects at Horse Well, where 25 holes were drilled for 2,967m. A further six holes were drilled at the Warmblood Prospect with full results still pending.

Highlights included:

  • Palomino: 14m @ 5.22 g/t Au from 22mdh; 18m @ 5.76g/t Au from 28mdh; 8m @ 6.22g/t Au from 72mdh; and 11m @ 6.62 g/t Au from 81mdh
  • Bronco: 11m @ 2.06 g/t Au from 40md; 16 m @ 1.80 g/t Au from 102mdh;1m @ 28.60 g/t Au from 60mdh; and 1 m @ 9.91 g/t Au from 60mdh.

The results at Palomino in particular, confirm that the Horse Well JV area has potential for high grade gold mineralisation which is very close to surface,” Alloy Executive Chairman Andy Viner said.

“These results build on the data that will be used to advance our Mineral Resources towards Indicated status and then used for studies into economic development.”

The Horse Prospect area currently hosts Mineral Resources totalling 148,000 ounces. All Horse prospects apart from Warmblood were discovered in the 1990’s, with Warmblood first drilled in 2011 by the company.

Mr Viner said Alloy is aiming to define shallow high-grade Mineral Resources within the Project that at these gold prices will support trucking and toll milling, or as initial Resources for future stand-alone mining operations.