Company Update
Key Points:
ABN 20 109 361 195
ASX Release
17 June 2014
Alloy Resources Ltd Suite 6, 7 The Esplanade Mount Pleasant WA 6153
Tel: +61 8 9316 9100
Fax: +61 8 9315 5475
Email:
[email protected]
Website:
www.alloyres.com
Directors
Non-Exec Chairman:
Peter Harold
Managing Director:
Andy Viner
Non-Exec Director
Andre Marschke
Non-Exec Director/Co Sec:
Kevin Hart
Issued Capital
Shares:
440,005,338
Unlisted Options:
14,500,000
Performance Rights:
1,166,666
ASX Symbol: AYR
The Company is pleased to update the market on recent developments and planned activities:
HORSE WELL GOLD PROJECT
• Farmin partner Doray Minerals confirms plans to commence gold exploration in the next month:
Site clearance work to begin early July.
Initial Diamond Drill hole at Dusk til Dawn to be drilled in July to assist in planning for larger RC and AC drill programs to follow.
Approximately 7,000 metre air-core drill program over large Crack of Dawn magnetic target to commence in early August.
• W.A Government EIS grant for $150,000 of drilling over the Crack of Dawn regional target received for 2014-2015 period. This expands the Doray exploration budget available for the initial commitment.
BARRYTOWN HEAVY MINERAL SANDS PROJECT
• Sale Agreement settlement date extended for 45 days to mid-July.
PROJECT GENERATION
• With exploration activities for the next twelve months being fully funded and managed by Doray the Company has been actively seeking new Project opportunities.
CORPORATE
• Chairman Peter Harold to step down from his position on
30 June 2014.
SUMMARY
Alloy Resources Limited (ASX:AYR, Alloy or the Company) is pleased to update the market on the Companies activities as outlined below.
The Horse Well Gold Project
Alloy controls 950 km2 of exploration tenements in the northern part of the Millrose Greenstone belt (Figure
1), located in the north-eastern goldfields of Western Australia. The Company owns the majority (~94%) of leases 100% and covers 50 strike kilometres of the belt. Attention has returned to this region with the recent acquisition by Northern Star Resources of the Jundee gold mine located 40km to the south which has produced over 5m ounces of gold.
Figure 1 Horse Well project geology and prospect locations
Alloy's recently announced Farmin partner, Doray Minerals Limited, has indicated that it expects to commence exploration on the Project in early July.Initial work will involve completion of a single Diamond Drill Hole into the Dusk til Dawn prospect mineralisation to help understand the style of gold mineralisation, which will assist with planning more regional exploration. The planned drill hole will be sited adjacent to hole CDR 003 which intersected 30m @ 2.00 g/t Au, as shown on Figure 2 below.( refer ASX announcements on 14
October 2013 and 17 November 2013).
This diamond drill hole was anticipated in an Exploration Incentive Scheme (EIS) application made to the
Western Australian Department of Mines and Petroleum, for which the Company was recently selected for a
$150,000, 50% direct drilling cost grant. Other drilling available for 50% funding under the EIS includes a
6,480 metre broad coverage air-core drill program over the Crack of Dawn regional target (shown in Figure 3)
and 960 metres of RC drilling into the Dusk til Dawn prospect.
AYR - Company Update 17 June 2014 Page 2 of 4
Figure 2 Dusk til Dawn Prospect - Planned Diamond Drill hole - cross section
Figure 3 Crack of Dawn regional target - current planned air-core drilling
AYR - Company Update 17 June 2014 Page 3 of 4
Barrytown Project
Further to the ASX announcement on 28 March 2014, the Company wishes to advise that Settlement and final payment for the Sale Agreement with Joint Venture partner Pacific Mineral Resources Limited has been extended until 15 July 2014.
Project Generation
The Company has been reviewing new project opportunities across a range of commodities.
Corporate
The Company's Chairman, Mr Peter Harold has advised the company that he wishes to step down from his position as Chairman and Director on 30 June 2014 due to time constraints. Mr Harold is the Managing Director of Panoramic Resources Limited which is undergoing a strong growth phase limiting Mr Harold's time availability for Alloy.
The company would like to thank Mr Harold for his excellent contribution to the board and the company over the past number of years.
From 1 July 2014 the board of Alloy resources will comprise: Mr Andrew Viner
Mr Kevin Hart
Mr Andre Marschke
For further information contact: Andy Viner Managing Director Phone: +61 8 9316 9100 www.alloyres.com
Exploration Results
The information in this report which relates to Exploration Results is based on information compiled by Andrew Viner, a Director of Alloy Resources Limited and a Member of the Australasian Institute of Mining and Metallurgy, Mr Viner has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Mr Viner consents to the inclusion in the report of the matters based on this information in the form and context in which it appears..
Mr Viner is a shareholder and option holder of Alloy Resources Limited.
AYR - Company Update 17 June 2014 Page 4 of 4