Cobalt-gold explorer Alloy Resources commences infill sampling
Published 10-APR-2018 13:30 P.M.
|
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Alloy Resources (ASX:AYR) today announced that infill sampling has commenced on the strongly anomalous zones defined by the recent soil sampling program at the Ophara Cobalt-Gold Project in the Broken Hill region of far west NSW.
The Ophara Project is adjacent to, and has similar geology to, the Thackaringa Cobalt deposit which has been defined by Cobalt Blue Holdings (ASX:COB). Ten kilometres to the west is the Mutooroo copper-cobalt-gold project owned by Havilah Resources (ASX:HAV), which also has similar geology to the Ophara project.
The Australian gold and cobalt explorer today commenced a 750 sample infill sampling program on a 200m x 100 m grid designed to refine the peak of cobalt-gold soil anomalies in order to define areas for drill testing. This work is expected to take about 15 days and results a further two to three weeks. Whilst completing this work the field team will be mapping to locate outcrop of mineralised zones.
Any news is speculative at this stage therefore investors considering this stock for their portfolio, should seek professional financial advice.
Location of planned infill soil sampling over stage 1 anomalies on surface geology:
AYR has continued to carry out further interpretation and investigation of the initial soil sampling results.
Literature reviews for the adjacent Thackaringa cobalt deposits has yielded recently published analysis of cobalt in soils and outcrop at Pyrite Hill which confirms extensive weathering and leaching (removal) of cobalt in outcrop and the soil profile – giving 10 to 30 ppm level soil anomalies over and adjacent to the known Thackaringa Pyrite Hill mineral resource which averages 934 ppm.
This is very similar to AYR’s soil anomaly at Great Goulburn and also the new area anomalies at >12 ppm cobalt. Cobalt is extremely mobile in the acid weathering regime formed by weathering of sulphide (pyrite) in this region.
Unlike at Thackaringa where it is just cobalt in pyrite, the Great Goulburn mineralisation also has gold (averaging about 0.4 g/t from RC drilling at Great Goulburn) and copper (values about half of cobalt) which enables the use of these elements as well for locating soil anomalies over the cobalt mineralisation.
AYR Executive Chairman Mr Andy Viner said, “It is great to have the crew straight back out there and defining exactly where the mineralised trends are so we can get in and start drilling as soon as possible. We understand the significance of the anomalous cobalt-gold-copper in soils and look forward to using this technique to locate more mineralisation as we expand the survey in the future.”
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
