Alloy Resources Limited announced that its low-cost project generation activities have defined a strong Cobalt-Gold target within the Ophara Project located about 50km west of Broken Hill in NSW.
Alloy Resources said historical exploration, particularly the one conducted by PlatSearch and Inco Limited between 2001 and 2004, has outlined a sizeable area of cobalt-gold mineralisation at the Great Goulburn Prospect which warrants a serious exploration effort at a time when both Cobalt and Gold are experiencing high levels of demand.
“We are fortunate to have timed the review and application for this area when markets are looking for new sources of Cobalt to meet Lithium Battery related demand. To also find that there is a significant gold association within the mineralisation makes this prospect quite compelling as we see some similarities to gold mineralisation in the Curnamona Craton, particularly in South Australia,” said Executive Chairman Andy Viner.
“Surface rock chip and soil sampling has defined a 1.5 kilometre long zone of Cobalt mineralisation at the Great Goulburn prospect which has been tested by only 6 widely spaced drill holes, 4 of which confirmed consistent subsurface mineralisation. These results warrant a closer look.”
Alloy said the most advanced prospect and the focus of its planned activities is the historic Great Goulburn prospect where two small shafts were excavated in the 1980s.
The PlatSearch/Inco in depth exploration program in the early 2000s included ground magentics, rock chip sampling, geological mapping, multi-element calcrete sampling and RC drilling.
“The PlatSearch/Inco work clearly showed that the quartz-magnetite host rock extend much further than the outcropping areas with Calcrete gold in particular (and Copper) indicting a synformal fold of the unit and about 1.5km strike. It remains uncertain how far the unit extends to the north-east under transported cover where calcrete sampling may have been ineffective,” the company told the ASX.
Alloy said its planned activities for the Great Goulburn prospect and the general Exploration Licence include: completing field checking of the geology of the prospect’s mineralised outcrop; field checking known regional quartz-magnetite goossans and other anomalous areas; an initial drilling program to help define the extent of shallower Great Goulburn mineralisation; submitting drill plans for approval by Landowners and Government; and completing data compilation.