Alkane is pleased to announce that it has entered into an agreement to acquire two packages of exploration tenements (the Projects) in the Macquarie Arc, New South Wales from Sandfire Resources Ltd (ASX:SFR) for 2,781,438 ALK shares (being $1,900,000 worth of shares).
The Projects acquired will be 100% Alkane owned with no underlying royalties or liabilities. Both Projects are considered highly prospective for world-class Au-Cu porphyry deposits.
The “Comobella North” Project (EL8338) is now included in the Northern Molong Porphyry Project (NMPP) and is positioned adjacent and north of the NMPP tenement group. Comobella North covers 64km2 of the same volcanics and intrusives that host the Boda and Kaiser Inferred Resources (total ~15Moz AuEq). Comobella North represents a strategic acquisition by Alkane who now owns tenure covering the entire 15 km prospective northwest trending BodaKaiser corridor.
The Southern Junee Porphyry Project (SJPP) is a group of tenements covering 235km2 of the southern extension of the Junee-Narromine Volcanic Belt of the Macquarie Arc. The geology comprises of buried intrusive complexes of shoshonitic (alkalic) affinity in a similar geological setting as at the world-class Northparkes Cu-Au mine.
Alkane believes that the extensive geological knowledge accumulated by the discovery and evaluation of the Boda-Kaiser porphyry system will enable cost-effective evaluation of these new prospective areas.
Alkane Managing Director, Nic Earner, said, “The addition of these tenement packages will see us continue to build on our track record of exploration success in New South Wales. We will be drawing on our decades of experience, particularly the extensive geological knowledge accumulated at Boda and Kaiser, to conduct cost-effective evaluation of these new prospective areas.”