Alliance Resources discloses High Grade Gold Results at Weednanna

AGS

Alliance Resources Limited (ASX: AGS) is a mining & mineral exploration major which has recently released its spectacular drilling results of the December round of RC drilling at their Weednanna gold project, which consists of Wilcherry Project Joint Venture between Alliance and Tyranna Resources Ltd, with Alliance gaining complete ownership in mid-March.

The company has recently released its spectacular drilling results of the December round of RC drilling at their Weednanna gold project, which consists of Wilcherry Project Joint Venture between Alliance and Tyranna Resources Ltd, with Alliance gaining complete ownership in mid-March.

During December 2018, 17 RC holes, for 2,615 metres, were drilled at the Weednanna Deposit for testing the extensions of the gold mineralisation in the southern regions of the deposit.

The results from this drilling program have resulted in the growth of the Weednanna Deposit with highlights including:

  • Intersections of 8m @ 5.3 g/t of gold extracted from a 75m hole in the hole named 18WDRC053, this included 2m @ 16.2 g/t of gold from 76m (Shoot 5E)
  • Intersection of 3m @ 12.1 g/t of gold from 133m in the hole named 18WDRC054.
  • Hole 18WDRC066 returned first high-grade gold intersection of 2m @ 16.1 g/t of gold from 126metres; along with
  • A drill intersection of 6 metres @ 12.7 g/t of gold extracted from a depth of 1m in the hole named 18WDRC051 may present a novel near-surface extension of Shoot 4 or a likely new gold shoot. The legitimacy of this intersection is however indeterminate as these were the first metres drilled in the program and might be contamination. A similar hole was drilled during February to determine the source of the gold.

Further sixty-eight Reverse Circulation holes for 9,995 metres have been completed at the Weednanna since estimation of the 2018 MRE. Results from this work are expected during March 2019.

Ongoing Reverse Circulation drilling programs are planned for late in the March, which will have an effect of growing the size of the Weednanna Deposit.

The company has engaged a consulting firm Mining One that will help it manage a scoping study level assessment into the commercial viability. This commercial viability is concerned with establishing a standalone mining and processing operation at the Weednanna Gold Deposit. The relevant study is anticipated to get completed during March 2019.

The company is acquiring 100% interest in the Wilcherry Project tenements that host the Weednanna Gold Deposit and an 80-person camp. This camp is situated at a proximity of 45 Km township of Kimba. The completion of this project is on target for mid-March 2019.

Now, let’s have a quick look at Alliance Resources Limited’s stock performance and the stock returns. The stock last traded at a price of $0.10, with a market capitalisation of ~$ 10.43 Mn. The stock has provided a year till date return of -13.04% & also posted returns of 4.17%, -23.08% & -4.76% over the past six months, three & one-months period respectively. It had a 52-week high price of $ 0.150 and touched a 52-week low price of $ 0.086 with an average volume of 61,624 approximately.


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