Alliance Discovers Priority Gold Exploration Target at Weednanna North Prospect

mining

Alliance Resources Limited (ASX: AGS) is a mineral explorer with tenements in Victoria and South Australia. The Company actively explores for gold, uranium, and copper.

On 25 January 2019, the company has announced that the Re-analysis of historic iron ore drill sample pulps identifies gold mineralization at the Weednanna North Prospect at the Weednanna Gold Deposit One hundred and fifty-eight (158) composite and split samples return gold (Au) results >0.1 g/t Au, including eleven holes (11) with >2.0 g/t-m (grade x thickness) Au intercepts: [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

  • 15 g/t of gold was extracted from the 60 meters hole at the 17 meters in the hole named as 08WNRC003.
  • 27 g/t of gold was extracted from the 54 meters hole at the 12 meters, which included extraction of 1m @ 1.37g/t of gold from 58 meters, in the hole named as 08WNRC005.
  • 15 g/t of gold was extracted from the 63 meters hole at the 22 meters in the hole named as 08WNRC033.
  • 21 g/t of gold was extracted from the 176 meters hole at the 16 meters in the hole named as 08WNRC063.
  • 34 g/t of gold was extracted from the 54 meters hole at the 10 meters in the hole named as 09WNRC005.
  • 06 g/t of gold was extracted from the 58 meters hole at the 8 meters, which included extraction of 2m @ 2.81g/t of gold from 58 meters in the hole named as 10WNRC005.
  • 67 g/t of gold was extracted from the 68 meters hole at the 2 meters in the hole named as 10WNRC007.
  • 50 g/t of gold was extracted from the 78 meters hole at the 14 meters, which included extraction of 2m @ 2.81g/t of gold from 58 meters, in the hole named as 10WNRC009.
  • 20 g/t of gold was extracted from the 102 meters hole at the 2 meters in the hole named as 10WNRC014.
  • 34 g/t of gold was extracted from the 42 meters hole at the 22 meters, which included extraction of 2m @ 1.12g/t of gold from 42 meters, in the hole named as 10WNRC027.
  • 43 g/t of gold was extracted from the 28 meters hole at the 8 meters in the hole named as 12WNGC012.

The company’s MD Steve Johnston said that the broad gold-anomalous intersections are similar to those observed adjacent to the high-grade gold shoots at the Weednanna Gold Deposit. Weednanna North Prospect presents a priority gold exploration target at the Wilcherry Project.

Now let us quickly look at the company’s stock performance over the last few months. The stock is currently trading at $ 0.115, with a market capitalization of circa $11.99 Mn as on 25 Jan. 2019. The stock has opened the trade at $0.115 and currently trading flat. The company has posted returns of 26.37%, and -20.69% over the last six months & three months period respectively, as on 23 January 2019. It has a 52-week high price of $0.160 and a 52-week low of 0.086, with an average volume of 57,212 approximately.


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