Alkane is pleased to announce further results from its initial resource drilling program at the Company’s Kaiser Prospect in Central New South Wales.
Kaiser is approximately one kilometre northwest of Boda, a landmark porphyry gold-copper system within the Northern Molong Porphyry Project, which the Company believes has the potential to be a large, tier one gold-copper project. Alkane also operates the nearby Tomingley Gold Operations.
Resource drilling at the Kaiser prospect, centred 1km northwest of the Boda resource, has intersected significant copper-gold porphyry mineralisation including:
| KAI082 | 134m grading 0.85% Cu, 0.71g/t Au from 211m |
| incl | 68m grading 1.50% Cu, 1.17g/t Au from 249m |
| KAI075 | 104m grading 0.39% Cu, 0.18g/t Au from 150m |
| incl | 6m grading 0.70% Cu, 0.28g/t Au from 207m |
| and | 54m grading 0.36% Cu, 0.23g/t Au from 265m |
| incl | 4m grading 0.63% Cu, 0.38g/t Au from 291m |
| KAI081 | 38m grading 0.48% Cu, 0.20g/t Au from 45m |
| incl | 13m grading 1.05% Cu, 0.35g/t Au from 49m |
| and | 70m grading 0.26% Cu, 0.14g/t Au from 175m |
| incl | 11m grading 0.45% Cu, 0.29g/t Au from 196m |
The porphyry mineralisation intersected in the northwest area of Kaiser appears more copper enriched with bornite and chalcocite commonly observed. The KAI082 Cu-Au intercept is the best recorded at Kaiser to date.
At the Korridor (Boda Northwest Extension) prospect, approximately 500m southeast of Kaiser, results were received from deep diamond core drilling that is targeting the apparent northwest plunge to the Boda resource. This drilling intersected broad gold-copper mineralisation, with significant intercepts including:
| KSRC041D | 566m grading 0.26g/t Au, 0.14% Cu from 631m |
| incl | 113m grading 0.60g/t Au, 0.21% Cu from 1,059m |
| BOD089 | 427m grading 0.26g/t Au, 0.15% Cu from 684m |
| incl | 6m grading 1.07g/t Au, 0.25% Cu from 960m |
Results were received from four deep diamond core drill holes for the Boda Two/Three prospects. These holes were designed to test the north-south continuation of broad gold-copper mineralisation intersected in previously announced drillholes.
Significant intercepts include:
| BOD064 | 445m grading 0.25g/t Au, 0.13% Cu from 451m |
| and | 57m grading 0.26g/t Au, 0.10% Cu from 967m |
| and | 120m grading 0.33g/t Au, 0.15% Cu from 1,119m |
| and | 50m grading 0.41/t Au, 0.18% Cu from 1,298m |
| KSDD039 | 12m grading 1.47g/t Au, 0.73% Cu from 688m |
| and | 308m grading 0.35g/t Au, 0.17% Cu from 803m |
The 100m x 100m grid drilling at Kaiser to identify mineralisation amenable to open cut mining is nearing completion with two diamond core rigs mobilised to diamond tail selected RC holes to greater depths where necessary. Drilling operations are expected to be completed by the end of the month. The resource estimation is now expected in Q1 2023 due to an extension of the drilling program to the northwest and delays associated with persistent heavy rainfall.
Recently acquired Induced Polarisation (IP) with Magnetotelluric (MT) survey completed over the northwest structural corridor area extending 5km north-west of Kaiser, identified two high-priority targets. The first target has been RC drill tested with observations of pyrite and trace chalcopyrite mineralisation associated with inner propylitic alteration. Further drilling is planned in October 2022.
A major RC and diamond core infill drilling program designed at the Boda Two and Boda Three prospects will commence immediately after the Kaiser drilling is completed.
Alkane Managing Director, Nic Earner, said, “The initial shallow resource drilling program at Kaiser is revealing a copper enriched near-surface zone that appears to be increasing in grade to the northwest. We’re greatly encouraged by these recent results, both by their grade and their proximity to surface.
“With mineralisation over three kilometres from Boda Three to Kaiser, open along strike and at depth and further targets identified along trend to the northwest of Kaiser we clearly have a significant system. Drilling continues both at Kaiser, with Boda Two and Three to follow.”