THE BOURSE WHISPERER: Alliance Resources (ASX: AGS) has increased its interest in the Wilcherry Project Joint Venture (WPJV) Exploration Area in South Australia to 79.01 per cent.
Alliance Resources’ stakein the WPJV comes via its wholly-owned subsidiary Alliance Craton Explorer Pty Ltd (ACE).
Alliance’s JV partner Tyranna Resources (ASX: TYX) has diluted its interest in the WPJV Exploration Area to 20.99 per cent, having elected not to contribute to the WPJV approved Program and Budget for the period 1 July 2018 to 30 June 2019 totalling $3.2 million.
Alliance explained that ACE’s interest in the WPJV Exploration Area may increase to 83.64 per cent by 30 June 2019, should actual expenditure reach the approved FY2019 P&B expenditure.
Alliance released a maiden Mineral Resource estimate in September for the Weednanna gold deposit, part of the Wilcherry project, of 1.097 million tonnes at 5.1 grams per tonne gold for 181,000 ounces gold.
This was followed in October by an announcement of the discovery of graphite at the Yeltana prospect, 20 km west of the Weednanna gold deposit.
The discovery yielded drill results, including:
21.05 metres at 9.28 per cent total graphitic carbon (TGC) from 171.75m;
17.1m at 8.54 per cent TGC from 148m; and
17.2m at 5.05per cent TGC from 234.1m.
Alliance declared an Exploration Target for the Yeltana graphite prospect of between 24.5 million and 59 million tonnes grading between 5.5per cent and 10.2 per cent TGC.
“The potential quality and grade of this Exploration Target is conceptual in nature as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource,” the company said in its ASX announcement.