leadf
logo-loader
viewAlloy Resources Limited

Alloy Resources shares rise on highest gold, cobalt results to date

Results received from the first 3 holes of a 12-hole drilling program.

NSW-757.jpg
Potential for widespread gold-cobalt mineralisation

Alloy Resources (ASX:AYR) has received the highest grade gold and cobalt results to date at the Ophara Project located 50 kilometres west of Broken Hill in New South Wales.

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.

Quick facts: Alloy Resources Limited

Price: - -

ASX:AYR
Market: ASX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Trump Vs Biden debate: Market reaction, corporate support and future predictions

Neil Wilson from Markets.com joins Proactive London's Katie Pilbeam following the U.S. President Donald Trump and Democratic rival Joe Biden debate on Thursday night. With 47 million Americans already voted - do the markets even care? Wilson says there was 'no killer blow' which would explain...

2 days, 8 hours ago

2 min read