STRICKLAND METALS LIMITED ASX Release 23 October 2017 Alloy Resources Limited ABN 20 109 361 195 ASX Code AYR Executive Chairman Mr Andy Viner Non-Exec Director Mr Allan Kelly Non-Exec Director/Co Sec Mr Kevin Hart Issued Shares 1,116,993,360 Unlisted Options 29,000,000 | Ophara Cobalt-Gold Project - Exploration Update
Summary Alloy Resources Limited (ASX: AYR, Alloy or the Company) is pleased to advise that interpretation of conductors from its recent VTEM survey at the Ophara Project located 50 kilometres west of Broken Hill in New South Wales has been completed and a drill program designed to test these targets. Independent Consulting Geophysicists - Southern Geoscience Consultants (SGC), have completed modelling of ten (10) discrete bedrock EM anomalies of moderate to strong conductance. The larger conductors are between 1,000 and 1,500 metres in strike length and extend to similar down-dip lengths. The Conductors are all moderate to shallowly dipping which suggests they are most likely 'stratabound' which is similar to the geometry and geology of mineralisation observed by drilling at the Great Goulburn prospect and also at the very large Thackaringa cobalt deposits which contain 50,000 tonnes of Cobalt in a 54.9 million tonne Mineral Resource (refer COB ASX release 5 June 2017). The conductance of the targets is much greater than the Thackaringa deposits and the Great Gouburn prospect and drilling is required to explain the source of the targets. Five priority conductor targets have been selected for initial drill testing by nine RC drill holes. As depth of weathering in the area is generally 20 to 60 metres, drilling will generally aim to intersect the conductive body at approximately 100 metres depth. Drill planning is well advanced with all requisite contracts and approvals being finalised to enable commencement of drilling in approximately two to three weeks. |
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Drill Targetting
SGC have completed modelling of conductors and designed effective drill holes to test each anomaly in fresh rock as shown in Figure 1 below and listed in Tables 1 and 2.
Figure 1 Ophara VTEM bedrock conductor targets with recommended RC drill holes.Conductor models
SGC have been able to successfully model all conductors as the 200 metre flight line spacing and relatively thin resistive cover sequence has given good quality data for interpretation (Table 1).
The targets of interest are seen in the late-time data and are generally shallow dipping conductive units. In targets A1 and A6 there is a strong suggestion from the models that there is an 'antiformal' structure where two limbs of a fold are present. This model is unsurprising given the known shallow folding present in the Thackaringa hills to the east and similar magnetic signature of the rocks within the Ophara project
As an example, the VTEM profile over the A6 target, Line 1380, is shown below in Figure 2. The anomaly is observed between lines 1360 and 1400 and it is interpreted to define a fold closure with an E-W-trending fold axis. Modelling of this anomaly has been completed, the results are shown in Figure 3 (3D model view) and Figure 4 (profile model-fit).
Three holes have been planned to test the conductive unit; one on line 1370 to test the fold nose and two holes on line 1380 to test the southern and northern limbs.
The conductive response correlates with a non-magnetic unit that "wraps" around a discrete magnetic anomaly
Figure 2 A6 VTEM response, Z component db/dt Figure 3 3D model view for A6 target.. Figure 4 EM modelling for A6 target. Observed data (black) and modelled data (red) in top panel. Cross section through model shown in lower panel..Alloy Resources Limited published this content on 23 October 2017 and is solely responsible for the information contained herein.
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