THE BOURSE WHISPERER: Alliance Resources (ASX: AGS), through its wholly-owned subsidiary Alliance Craton Explorer Pty Ltd (ACE), has increased its interest in the Wilcherry project Joint Venture (WPJV) in South Australia.
Through the ACE transaction, Alliance’s interest in the Exploration Area now stands at 67.35 per cent.
Trafford Resources Pty Ltd, a wholly owned subsidiary of Tyranna Resources (ASX: TYX) has diluted its interest in the WPJV Exploration Area to 32.65 per cent.
Alliance previously announced that Trafford had elected not to contribute to the WPJV approved Programme and Budget for the period 1 July 2017 to 30 June 2018.
“The current change in interests is a result of ACE sole funding expenditure for the quarter ended 31 December 2017,” Alliance Resources explained in its AXS announcement.
“ACE’s interest in the WPJV Exploration Area is expected to increase to 77.5 per cent by 30 June 2018, from sole funding the FY2018 P&B expenditure.
“Further RC drilling is planned at Weednanna in the second half of February to test the limits of the high-grade gold zone at Target 4 and to test a new gold target area using the geological model and knowledge gained to date.”