Gold and cobalt exporter, Alloy Resources (ASX:AYR), has increased the inferred mineral resource estimate at its Horse Well Gold Project in Western Australia by 300 per cent.
Alloy Resources hold a 51 per cent stake in the project, with Silver Lake Resources holding the remainder.
Alloy Resources have been sole funding the exploration to earn up to 60 per cent in the Project.
The company says that this high-grade near surface gold mineralisation of substantial tonnages combined with the current high gold prices have caused it to review the mineralised areas with a view to increasing the amount and quality of Mineral Resources.
Shares in Alloy Resources (ASX:AYR) are trading 50 per cent higher at 0.3 cents.