Alloy Resources (ASX: AYR) has received further gold assay results from a recent drilling program of 101 vertical air core holes at the Horse Well gold project, confirming strike extension to the initial line of discovery holes. Results are from five closely spaced vertical air core drill holes located 50 metres to the south of the three air core drill holes that discovered the Wamblood Prospect at Horse Well, located in the Yandal Greenstone Belt of Western Australia. These holes were sampled on four metre composite intervals, and the following significant results occur in two of the five holes: - 40 metres at 3.4 grams per tonne (g/t) gold from surface (including 16 metres at 7.1 g/t gold from 24 metres); and - 8 metres at 0.58 g/t gold from 20 metres. The company would be encouraged by these assay results as the gold intervals have good grades in the shallow oxide zone. Alloy said current results suggest "a sub-vertical mineralised structure with associated supergene spread of gold in the near surface weathered zone." The company said further drilling is required to map the extent and depth of gold mineralisation at the Warmblood Prospect. Future work will consist of follow up air core drilling to test the interpreted 500 metres strike trend of the gold mineralisation from the Warmblood Prospect northwards to the Filly South West Resource as well as extensions to the south. Once this is completed, Alloy said angled reverse circulating drilling will be carried out to test the geometry of gold mineralisation in the oxide zone and test the depth extent into the fresh bedrock.

Source