300% increase in mineral resources at Horse Well JV

Company News

by Katrina Bullock

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.
 

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.