Melbourne, July 19, 2006 AEST (ABN Newswire) - The Directors of Alliance Resources Limited (ASX: AGS) are pleased to announce an exploration update of drilling results provided by joint venture partner and operator Quasar Resources Pty Ltd ("Quasar") at the Arkaroola Project in South Australia.
The M1 and M2 prospects are located 20km northwest and 30km west respectively of the Beverley Uranium Mine in South Australia. Quasar is targeting magnetic anomalies prospective for iron oxide copper-gold (IOCG) style mineralisation.
The first phase of drilling has been completed at M1 and M2 and collar data is available on the published document (see link below).
The best intercept is 5 metres @ 1.1% copper (including 2 metres @ 2.5% copper) from 386 metres in QM2008, associated with vein-style chalcopyrite mineralisation. The best gold intercept is 6 metres @ 0.31g/t from 80 metres in QM2003.
Reconnaissance induced polarisation (IP) traverses at MS have defined several chargeable bodies associated with magnetic depletion, including one up-dip from the best copper intercept in QM2008. Both IP anomalies are yet to be tested.
The full release is available at;
www.allianceresources.com.au
Contact
Steve Johnston,
General Manager
Tel +61 3 9697 9090
Ian Pamensky,
Manager Finance and Company Secretary
Tel +61 3 9697 9090
Kevin Kartun,
RADAR Investor Relations
Tel +61 2 8256 3310
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