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Alloy Resources Ltd finishes drilling with farm-in partner Doray Minerals

Alloy Resources Ltd finishes drilling with farm-in partner Doray Minerals

Alloy Resources Ltd (ASX:AYR) has completed a drilling program at the Horse Well Gold Project in the North Eastern Goldfields of Western Australia, along with JV partner Doray Minerals Ltd (ASX:DRM).

The project is located on the northern limb of the Yandal Greenstone Belt about 50 kilometres from Northern Star Resources Ltd’s (ASX:NST) 220,000 ounces per annum Jundee Gold Mine.

A total of 25 holes for 4,738 metres drilled at the Django prospect within the Horse Well Project.

Alloy Resources’ 60:40 JV partner Doray Minerals has earned 60% in the project by spending $2 million over the last 2 years.

The partners had some encouraging gold hits in 2015 including 65 metres at 2.6 g/t gold and 16 metres at 7.2g/t gold.

The JV will now see over $2 million exploration expenditure in the 2016 calendar year, with Alloy Resources contributing its 40% share.

The JV is targeting to delineate a 1 million ounce gold reserve to support a 100,000 ounces per annum stand-alone operation.

Results will be released from the drill hole sample analysis once received and interpreted.

 

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Alloy Resources Ltd Timeline

Newswire
November 04 2016
Newswire
October 26 2015

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