Alliance Resources Limited (ASX: AGS) is a mineral explorer with tenements in Victoria and South Australia. The company actively explores gold, uranium, and copper.
The company, today on 2 April 2019, updated the results of the latest round of RC drilling at the Weednanna Gold Deposit. As per the same, during February 2019, 23 RC holes were drilled at the Weednanna to verify for extensions of gold mineralisation in the southern area of the deposit at the shoots namely 4, 5E, and 11.
The results from this RC drilling program continue to expand the Weednanna Deposit outside of the Maiden Mineral Resource area.
The highlights of RC drilling include :
A high-grade gold intersected at Shoot 4 with intersections of 2m @ 46.8 g/t of gold from 101m in 19WDRC017 and 3m @ 9.7 g/t of gold in 19WDRC020. Also, Shoot 5E continues to be defined with intersections of 3m @ 6.9 g/t of gold from 106m in 19WDRC004, 10m @ 7.7 g/t of gold from 117m, including 7m @ 10.0 g/t of gold from 118m in 19WDRC007, and 2m @ 19.9 g/t of gold from 77m in 19WDRC010.
Moreover, the gold potential of Shoot 11 emerges with intersections of 3m @ 7.3 g/t of gold from 97m in 19WDRCC012 (hangingwall), 12m @ 2.5 g/t of gold from 108m including 8m @ 3.0 g/t of gold from 108m in 19WDRC012, 16m @ 3.7 g/t of gold from 134m, including 10m @ 4.3 g/t of gold from 134m in 19WDRC013, 1m @ 19.0 g/t of gold from 77m in 19WDRC022 (hangingwall), and 7m @ 4.5 g/t of gold from 90m in 19WDRC022.
These high-grade gold results have been validated by a fair comparison with 4m composite scoop samples collected before 1m sampling.
Alliance has involved a consulting firm “Mining One” to manage a scoping study level evaluation into the feasibility of establishing a standalone mining and processing operation at the Weednanna Gold Deposit, based on the 2018 MRE. The study is most probably expected to be completed by April 2019.
A further 68 holes for 9,995 mt. have been drilled at Weednanna since the 2018 MRE. Also, five HQ sized diamond holes were drilled and completed at shoots 1, 2, 4, and 5 during January and February 2019. These were drilled to provide core samples through ore zones for the metallurgical test work. These holes have been logged by an apt consultant and are currently being cut for gold analysis.
On the stock-performance front, the stock has posted the YTD return of -21.55%. The company also posted returns of -21.55% and -9.78% over the past three and one months, respectively. At the time of writing, i.e. on 2nd April 2019 AEST 2:00 P.M, the stock of the company is trading at a price of A$0.090, up 1.124% during the day’s trade with a market capitalisation of ~A$9.28 million. The stock opened the day at A$ 0.090, which was also the intraday high, with a daily volume of ~210,463. It had a 52-week high price of $0.148 and a 52 weeks low price of $0.085, with an average volume of 107,664 approximately.
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