Alloy-Doray JV drilling identifies new gold trends at Horse Well
THE DRILL SERGEANT: Alloy Resources (ASX: AYR) informed the market of results from work conducted on the Horse Well gold project, by its Joint Venture partner Doray Minerals (ASX: DRM).
Doray released results from regional air-core drilling completed at Horse Well in the December 2015 Quarter to test for geochemical gold anomalism beneath the sand covered Crack of Dawn regional target, located in the north of the project area.
The drilling highlighted a number of prospective areas, including the delineation of two coherent trends at a major T-06 magnetic anomaly which has been renamed the Django prospect.
One of these covers an area of 1.5km by 250m returning a best result of:
22m at 1.4 grams per tonne gold from 36 metres down hole (mdh), including 8m at4.2g/t from 48mdh.
A second parallel trend was identified covering an area of 3km x 200m with gold mineralisation occurring as a supergene blanket overlying probable bedrock hosted mineralisation.
A number of other emerging mineralised trends are present adjacent to Dusk til Dawn and south and west of the Crack of Dawn prospects.
Alloy indicated the JV is planning further exploration at the project with heritage surveys and other regulatory approvals in progress.
Infill air-core drilling of the Django anomalies is planned for the March quarter (approximately 5,300 metres) along with air-core drilling of prospective areas of the Celia Shear zone south of Warmblood prospect (approximately 9,000 metres).
RC drill testing of identified priority air-core anomalies are scheduled for the June Quarter (up to 4,500 metres).
“The Horse Well project is living up to the expectations of both Joint Venture partners, with the new Django discovery being a very exciting development,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.
“We always believed this area could host a large gold alteration system based on the ‘de-magnetised’ signature of the bedrock and confluence of structures here, and it looks like this is the case.
“I would not be surprised if further testing extends the anomalous trends further north and south.
“The tenor of air-core results in the range of 0.1 to 0.3 grams per tonne and mostly at a supergene level is exactly what we saw at the Dusk til Dawn discovery, so this augers very well for the potential to discover similar gold mineralisation within these Django trends.”
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