Wilcherry Project, South Australia (Alliance 100%)

The Wilcherry Project is located within the Gawler Craton, northern Eyre Peninsula, 120 km to the WNW of Whyalla and 40 km north of the township of Kimba, South Australia.

The Project area is predominantly overlain by a shallow veneer of transported cover that has prevented exploration by early prospectors. Drilling by modern explorers has identified significant mineralised systems hosted within Archaean granites and gneiss and Palaeoproterozoic calcareous and iron-rich metasediments which are intruded by Hiltaba Suite Granites that are responsible for widespread gold, silver, uranium and base metal mineralisation in the Gawler Craton.

Weednanna Gold-Iron Deposit

  • Weednanna is a high grade shallow gold and iron system with outstanding economic potential
  • 152,000 oz gold resources @ 4.3 g/t gold
  • 1.15 Mt iron resource @ 59.4 % Fe
  • Scoping Study positive and supports a new 250,000 tpa gold plant on site
  • DSO iron accessory to gold operation
  • Significant exploration upside to increase the size of the Mineral Resource
  • Regional potential for new gold discoveries (Wilcherry Gold Camp)

Weednanna is the most advanced gold prospect at the Wilcherry Project. High grade gold is associated with sulphide replacement of magnetite skarn hosted in calc-silicate altered metasediments and granite / gneiss.

The Mineral Resource Estimate at Weednanna is 1.106 Mt @ 4.3 g/t gold for 152,000 oz gold and 1.150 Mt @ 59.4 % iron (refer Alliance’s ASX announcements dated 9 November 2020 and 19 November 2020).

The dimensions of the Mineral Resource area are 1,300 m (north-south), 600 m (east-west) and from surface to a maximum depth of 220 m. 71% of the gold resource and 65% of the iron resource are classified in the Measured and Indicated resource categories.

Significant potential exists to increase the size of the Mineral Resource with many gold shoots open in at least one direction.

There is also potential for the discovery of new gold shoots outside of the Mineral Resource area.

The results from the Scoping Study for Weednanna confirm a positive and robust gold project, including the construction of a new 250,000 tpa gold processing plant and tailings storage facility for a total capital cost of approximately $44 million, including $8 million open pit pre-strip (refer Alliance's ASX announcement dated 18 April 2019).

Feasibility level metallurgical testwork has yielded average gold recoveries of >90% using conventional grinding and cyanide recovery techniques.

Alliance also owns an 80 person accommodation village on leasehold land located in the township of Kimba, which will house the plant construction workforce at the appropriate time.

Gold Mineral Resource Blocks below optimised gold-only Pit Shells, looking west

 

Iron Mineral Resource Blocks within gold and iron pit shell, oblique view

Regional Gold Potential – Wilcherry Gold Camp

Within a 10 km radius of Weednanna there is >25 km strike length of magnetic iron formations that are known to host gold, highlighting the potential of the district for further discoveries of gold.

Regional Gold Potential

Refer Alliance’s ASX announcements dated 7 May 2018, 30 July 2018 and 13 August 2018.