Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Alliance Resources (AGS) is up 122 per cent after releasing assay results for the latest phase of drilling completed at the Weednanna Gold Deposit
  • In February, 32 reverse circulation holes were drilled at Weednanna to infill gold mineralisation at various shoots
  • Significant high-grade gold intersection, associated with shoot 10, have been found in the East Pit area
  • As a result, the findings confirm the potential for a small open pit at shoot 10
  • Further drilling will be completed this month to better define gold continuity for a measured resource estimation
  • Additionally, Alliance announced an auger soil sampling program at the Nepean project has more than doubled the size of the gold in soil anomaly, which now covers 4.5 square kilometres
  • Alliance’s shares have skyrocketed 122 per cent this morning and are trading for 20 cents each

Alliance Resources (AGS) is up 144 per cent after releasing assay results for the latest phase of drilling completed at the Weednanna Gold Deposit.

In February, 32 reverse circulation (RC) holes, for 3737 metres, were drilled at Weednanna to infill gold mineralisation at shoots five, 5E, six, nine and 10. This followed an infill drilling program completed at shoot one in November 2019 to collect data for a Measured resource estimate in the West Pit area.

The aim of the 2020 drilling program was to increase geological confidence in the distribution of gold in the southern area of the deposit. This would hopefully provide data to upgrade the gold resources from the Inferred to the Indicated and Measured classifications.

Latest results have identified significant intersections of high-grade gold associated with shoot 10 in the East Pit area.

Unlike shoots five, 5E, six and nine, near-surface drilling at shoot 10 was completed to define a Measured resource.

Weednanna results

Drill holes in Shoot 10 confirmed the west-dipping orientation of the high-grade gold shoot and returned; four metres at 6.0 g/t gold from three metres including one metre at 20.2 g/t gold from five metres; six metres at 4.8 g/t gold from six metres including two metres at 10.7 g/t gold from 10 metres; five metres at 63.8 g/t gold from 14 metres including two metres at 154.0 g/t gold from 15 metres;

Holes 20WDRC005 to 008 that were drilled in the northern area of the East Pit also returned significant gold mineralisation including; seven metres at 8.8 g/t gold from eight metres including four metres at 13.9 g/t gold from nine metres; seven metres at 9.1 g/t gold from nine metres including three metres at 14.5 g/t gold from nine metres, and one metre at 14.1 g/t gold from 15 metres.

These assay results confirm the potential for a small open pit being developed at shoot 10. Further drilling will be completed this month to better define the extent of this gold for estimation of a measured resource.

Outlook

Earlier this month, Alliance re-commenced RC drilling at the Weednanna Deposit. The company is undertaking a 41 hole drilling program, for roughly 5100 metres, at shoots two to 10.

Metallurgical studies on gold ore from the Weednanna Deposit is ongoing to optimise the ore processing flowsheet for the deposit.

Nepean auger soil results

Additionally, Alliance has announced auger soil sampling results from the Nepean nickel-gold project in Western Australia’s Eastern Goldfields.

The results from this auger soil sampling program have more than doubled the size of the gold in soil anomaly (over 7.5 parts per billion gold threshold), which now covers a 4.5 square kilometre area.

The 250 sample auger soil program was completed in March this year to extend the
previously defined gold in soil anomalism.

The next phase of exploration planned at the Project is aircore drilling to test for gold in regolith anomalism, which can be used as a vector towards a primary gold deposit.

Alliance’s shares have skyrocketed 122 per cent this morning and are trading for 20 cents each at 11:25 am AEST.

AGS by the numbers
More From The Market Herald
Tempus Resources (ASX:TMR) - Non Executive Chairman, Alexander Molyneux

" Tempus Resources (ASX:TMR) hits 33.7g/t gold at Blue Vein

Tempus Resources (TMR) has intersected up to 33.7 grams of gold per tonne (g/t) from the newly discovered Blue Vein.
West African Resources (ASX:WAF) - Executive Chairman, Richard Hyde

" West African Resources (ASX:WAF) to acquire 90pc interest in Kiaka

West African Resources (WAF) has entered into definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and their

" Moho Resources (ASX:MOH) eyes $1.51m & enters agreement with Whistlepipe

Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The Market Herald Video

" ASX debutant Eastern Metals (ASX:EMS) to develop former Kidman Resources’ projects

Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.