Alliance Resources Updates Gold Resource for Weednanna Gold-Iron Deposit

THE DRILL SERGEANT: Alliance Resources (ASX: AGS) revised the Gold Mineral Resource Estimate for the company’s Weednanna gold-iron deposit in South Australia.

Alliance Resources engaged Mining One Pty Ltd to update the Weednanna gold mineral resource that had previously been estimated in September 2018.

The update incorporated new drilling data acquired from five diamond holes and 270 RC holes, totalling 35,940 metres, drilled between September 2018 and May 2020 to increase geological confidence in the deposit.

The revised resource has been estimated to a maximum depth of 220 metres below surface and totals 1,106,000 tonnes at 4.3 grams per tonne gold for 152,000 ounces of gold.

This resource includes a maiden near-surface Measured resource of 19,000 at grading 3.2g/t gold.

“The net outcome of this Mineral Resource estimate is a 21,000 ounce gain in high geological confidence Measured and Indicated Resources and a 49,500 ounce reduction in low geological confidence Inferred Resources,” Alliance Resources said in its ASX announcement.

“24 gold shoots contribute to the Mineral Resource with many shoots interpreted to be open either along strike, down plunge, or at depth.

“Infill drilling is planned to upgrade the Inferred Mineral Resource to the Indicated category.”

Alliance currently has an updated iron mineral resource estimate for the Weednanna deposit being completed by Mining One.

The company indicated the new gold and iron Mineral Resources will support feasibility study level commercial assessment of the deposit.