The company’s shares were last trading 9% higher intra-day, at $0.012.
The 12-hole drill program for a total of 1,208 metres was designed to define the strike and depth potential of the known cobalt-gold mineralisation at the Great Goulburn prospect.
Significant results received from the first three holes include:
- 12 metres at 0.15 % cobalt and 0.29 g/t gold from 57 metres;
- 5 metres at 0.1 % cobalt and 0.31 g/t gold from 60 metres; and
- 19 metres at 0.1 % cobalt and 0.27 g/t gold from 92 metres.
The results indicate the potential for widespread gold-cobalt mineralisation within the Great Goulbourn Project area.
Alloy now has nearly one kilometre strike of potential quartz-magnetite hosted mineralisation.
All remaining drill sample results, along with a number of rock chip samples, are expected to be received before the end of February
Early indications suggest that detailed aerial electromagnetic surveying may offer an opportunity to define new areas of cobalt-gold-copper mineralisation.
Alloy had a cash balance of circa $1.5 million at the end of the December 2016 quarter.