Alloy Resources Limited

Alloy Resources shores up Horse Well Gold Project with multi-element drill-testing

The company is sole funding exploration to earn up to 60% in the project.

Horse Well is about 85 kilometres northeast of Wiluna

Alloy Resources Limited (ASX:AYR) has completed initial aircore drilling to test for multi-element anomalies at its 51%-owned Horse Well Gold Project in Western Australia.

The program targeted the Celia shear and drilled 86 holes for 3,426 metres, testing the Coralie Jean North and Warmblood East prospects.

Further drilling planned

Alloy plans to complete a further 800 metres of drilling to test the Big Daddy central and western aircore anomalies and the Warmblood southern extension target in the next two weeks.

Horse Well is adjacent to Northern Star Ltd (ASX:NST) Jundee Gold Mine and is held in a joint venture with Doray Minerals Ltd (ASX:DRM).

Potential mineralisation south along shear

Drilling at Coralie Jean North returned some weak ex-sulphide alteration and quartz veining was encountered that coincided with less-than-100 ppb gold and associated elevated pathfinder elements.

Holes were drilled “top-to-tail” to ensure any narrow, mineralised structures were intersected.

Alloy believes Coralie Jean’s target mineralisation does not extend through the area and more potential may exist to the south along the Celia shear.

Early mineralising event

Twenty-seven holes were completed at Warmblood East’s large multi-element anomaly, intersecting large areas of ex-sulphide and quartz veining on either side of the granite contact.

Along with elevated multi-element results that were also intersected, the ex-sulphide and quartz veining likely explains surface soil anomalies encountered.

Alloy believes the drilled area is an early mineralising event pre-gold mineralisation. 

Quick facts: Alloy Resources Limited

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Market: ASX
Market Cap: $4.23 m

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