Alloy Resources (ASX:AYR) is watching with more than a passing interest a new exploration campaign by Doray Minerals (ASX:DRM) at the Horse Well Gold Project in Western Australia which saw two gold discoveries in 2015.
The emerging project, which Doray has earned a 60% interest is located 50 kilometres north of Northern Star Resources' (ASX:NST) flagship Jundee Gold Mine, which produces 240,000 ounces of gold a year.
The partners had some very gold hits in 2015 with one of 65 metres at 2.6 g/t gold and 16 metres at 7.2g/t gold. These were not the only ones with another hole returning 22 metres at 1.4 g/t gold.
Alloy is paying its way to fund a 40% interest, so the $2 million of exploration that has kicked off the 2016 year bears worth close watching as the project is shaping up as one of the better funded emerging discoveries.
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