Sydney, July 19, 2007 AEST (ABN Newswire) - The Directors of Alliance Resources Limited ("Alliance") (ASX Code: AGS) are pleased to announce an update for the Maldon Gold Project in Victoria.
Highlights
Significant intercepts from recent drilling at Maldon include:
- 0.65 metres grading 63.70 g/t gold
- 2.00 metres grading 12.89 g/t gold
- 5.25 metres grading 4.13 g/t gold
Details of Announcement
Drilling
Recent diamond drilling at Maldon tested Eaglehawk reef near historical stopes in the Alliance ore shoot (past production 71,000t for 39,000oz). The primary purpose of the drilling was to locate the stopes for a proposed dewatering bore. The drilling also tested for remnant gold mineralisation in this area, which could be accessed in the future from the Union Hill decline.
Two holes and two wedges were drilled and all confirmed the structural model of Eaglehawk reef in this area. DDH 130 deviated excessively to the west but intersected a strongly mineralised hangingwall splay structure, just west of the main reef. DDH 134 and its two wedges (134W1 and 134W2) intersected very highly mineralised laminated and breccia quartz veining 10 to 20 metres above the old workings. Assay results have been received for DDH's 130, 134 and 134W1. These include some very encouraging gold grades that indicate remnant ore may be present. Alliance plans to test this potential by drilling from the decline when it is closer to this area. Assays for DDH 134W2 are still awaited.
Union Hill Decline
The Union Hill decline heading was 750m from the portal at the end of June. In addition, a further 200m of crosscuts and waste cuddies had been developed since commencement.
The decline is designed to parallel the Eaglehawk Reef the main producing reef at Maldon in order to access the Alliance South mineralisation for trial processing through the Company's gold treatment plant. The decline is also being used as a platform for underground drilling of the Day Dawn target to the west as well as drilling for possible remnant mineralisation within the Eaglehawk Reef to the east.
Compliance Statement:
The information in this report that relates to Exploration Results is based on information compiled by Mr Stephen Johnston. Mr Johnston is employed full-time by Alliance Resources Ltd and is a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Johnston consents to the publication of this information in the form and context in which it appears.
Contact
Steve Johnston
Chief Executive Officer
Tel +61 3 9697 9090
Ian Pamensky
Manager Finance and Company Secretary
Tel +61 3 9697 9090
Nicholas Read
Read Corporate
Tel: +61 8 9388 1474
Website: www.allianceresources.com.au
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