THE DRILL SERGEANT: Alliance Resources (ASX: AGS) has completed a revised iron Mineral Resource Estimate for the company’s Weednanna gold-iron deposit in South Australia.
Alliance Resources first moved in to the Wilcherry project as a Joint Venture partner in in 2017, moving to 100 per cent-ownership by 2019.
In 2013 Ironclad Mining estimated an iron mineral resource for Weednanna of 11.2 million tonnes at 41.97 per cent iron.
Since 2017 Alliance has drilled 363 RC holes and 5 diamond holes to test for economic concentrations of gold.
As it turns out, the gold is located adjacent to, and on the margins of an ironstone and magnetite-rich skarn, thus the company also had drilling samples analysed for an extended iron ore suite of elements and compounds.
The new iron Mineral Resource complied by Alliance has come in at 1.15 million tonnes at a higher grade of 59.4 per cent iron.
Alliance declared the new MRE confirms the DSO iron potential of the Weednanna gold and iron project and supports the recently announced gold mineral resource of 1.106 million tonnes at 4.3 grams per tonne gold Au for 152,000 ounces of gold the company released earlier this month.
“The revised gold and iron mineral resource estimates will support feasibility study level commercial assessment of the deposit,” Alliance Resources said in its ASX announcement.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE