Alloy Resources ready to commence work at Great Goulburn
THE DRILL SERGEANT: Alloy Resources (ASX: AYR) has commenced field programs at the Great Goulburn cobalt-copper-gold prospect, part of the Ophara cobalt project located around 50 kilometres west of Broken Hill in New South Wales.
Alloy Resources has reviewed data and conducted field reconnaissance of cobalt-gold mineralisation at Great Goulburn from which it has designed an exploration program to test for extensions to this known mineralisation.
The company said its focus was on testing the extent of cobalt-gold mineralisation at Great Goulburn, adding that although its understanding of the exact nature of the mineralisation is poor, the correlation with ‘stratabound’ magnetite offers an excellent target, which it considers can be mapped below soil and thin cover by magnetic surveying.
Alloy said a second feature of the mineralisation is a strong soil and rock chip anomaly at the prospect which shows the extent of mineralisation by a combination of elements including gold, cobalt, copper and molybdenum.
A seventy-two line kilometre ground magnetic survey has been designed to define the trend of the host quartz magnetite unit within a 6km by 2km area where aeromagnetic data indicates the unit may continue. Data will be collected continuously along north-south lines spaced 100 metres apart.
At the same time Alloy will also carry out soil sampling along the same lines at a spacing of 80 metres.
The company is well advanced in planning for an RC drill program in late January 2017 at Great Goulburn, which will complement previous drilling and aim to better define the mineralisation over approximately a one kilometre strike.
“We are pleased to have recently received investor support for funding of exploration at this exciting cobalt project,” Alloy Resources executive chairman Andy Viner said in the company’s announcement to the Australian Securities Exchange.
“Given recent activity in the area we think Broken Hill is going to be in focus for cobalt investors over the coming years.
“Our initial exploration programs are designed to test for extensions to the known cobalt-gold mineralisation, and I believe we have the potential to prove up a much larger target than originally thought.”
Email: info@alloyres.com
Website: www.alloyres.com