Alloy Resources Ltd. said Aug. 26 that an updated resource estimate for the Horse Well gold joint venture in Western Australia with Silver Lake Resources Ltd. outlined a total inferred resource of 257,000 ounces of gold contained in 5.72 million tonnes grading 1.4 g/t gold.
Resources at the advanced Palomino and Filly South West were incorporated into the updated resource estimates. All mineralized structures are open in depth and strike dimensions, which support continued exploration work.
The gold cutoff grade for latest update is 0.50 g/t for all weathering classifications, except Palomino, which has a 2-g/t cutoff below 100 meters, according to the release.
Alloy Resources owns 51% of Horse Well, and Silver Lake owns the remainder. Alloy Resources is solely funding exploration at Horse Well to raise its stake to 60%.
