Alloy Resources Limited surveyed a 300 percent increase of Gold minerals today. The estimation comes from the company’s Horse Well project in Western Australia.
Total post-process resource estimation is now at 237,800 ounces. The gold grade estimations are also extremely high and project for large tonnage. The company’s ‘Dusk til Dawn’ prospect shows over 3.5 million tonnes at 1.0 g/t Au.
The ‘Warmblood’ prospect shows 788,100 tonnes at 2.1 g/t Au. Alloy Resources Executive Chairman Andy Viner says the shallow high-grade gold is very positive news for the company.
“Our goal now is to continue growing these Resources at depth and along strike, and also go back to the historical Resource areas and improve our understanding with a view to increasing these as well,” he said.
The company is self-funding the project to earn up to 60 percent profit.
Alloy Resources holds a 51 percent stake in the project. The remainder of the venture’s stake is held by Silver Lake Resources. Shares in Alloy Resources (ASX: AYR) rose 50 percent today. AYR opened and closed today at $0.30.