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Alliance Resources drills high-grade gold at Wilcherry joint venture

Results include bonanza grade of 2 metres at 61.1 g/t gold.

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Further drilling planned to test for extensions

Alliance Resources (ASX:AGS) has received high-grade gold results from a drilling program at the Wilcherry Project Joint Venture, 100 kilometres northwest of Whyalla in South Australia.

The Wilcherry Project is a joint venture between Alliance (51%) and Tyranna Resources (ASX:TYX) (49%).

The drilling was designed to test the strike, dip and plunge continuity of three possible high-grade gold mineralised shoots referred to as Targets 1, 2 and 3 at the Weednanna gold prospect.

A total of 24 reverse circulation holes were completed for 3,920 metres at Targets 1, 2 and 3. The results include:

- 49 metres at 6.3 g/t gold from 45 metres;
- 14 metres at 36.1 g/t gold from 118 metres; and
- 2 metres at 61.1 g/t gold from 167 metres.

These results confirm high-grade gold mineralisation at Weednanna and support the joint venture’s initial exploration objectives.

The current exploration program led by Alliance includes re-logging all available reverse circulation chips and diamond core from Weednanna.

Alliance’s objectives include identifying structural controls on the distribution of gold, constructing a 3D geological model of the prospect, and planning further exploration with a view towards defining a mineral resource.

The company has planned a further program of drilling to test for extensions to, and infill, high grade gold intersections at Targets 1, 2 and 3 returned from the recent drilling program.

This drilling will follow the drilling to test electromagnetic conductors at the Zealous and Telephone Dam prospects (8 holes for 2,350 metres) scheduled in May 2017.

Alliance’s share price increased circa 22% during the past three months, last trading at $0.099.

Quick facts: Alliance Resources Ltd

Price: 0.125 AUD

ASX:AGS
Market: ASX
Market Cap: $19.25 m
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