Alliance discovers new gold reef discovery at Maldon

A new gold lode has been discovered at Alliance Resources’ Maldon Gold Project....

  A new gold lode has been discovered at Alliance Resources’ Maldon Gold Project in central Victoria, some 140m west of the current decline.Alliance said Arecent diamond drill hole (DDH 136) was drilled west from the Union Hill Decline, targeting the Ladies and Day Dawn reefs. Gold assays have confirmed a significant mineralised zone in Ladies reef, associated with its east-bounding fault. The eastern mineralised zone comprises 2.75m @ 22.10 g/t gold, with a second zone of 1m @ 5.38g/t gold approximately five metres further west. Alliance said the high-grade intercept in DDH 136 is in an area away from known historical workings, as Ladies reef was mined mainly to shallow depths in an area 250m northwest of the drill section.The company said the newly identified mineralisation is around 30m lower than the decline at this northing, approximately 140m to its west and 100m below surface. The structural position of the mineralisation is very similar to that of historical ore shoots in Linscott’s and Eaglehawk reefs, which were found where the reef was in the anticlinal east limb, but close to the fold hinge. This lode is a new discovery in the Ladies reef. It has the potential to be readily developed from the existing decline 140m away and, if proved, to provide early mill feed for Alliance’s fully permitted Maldon treatment plant. Alliance said its plans included follow-up drilling of Ladies reef from the decline to enable the extent and geometry of the mineralisation to be assessed.