Alkane is pleased to announce the completion of the purchase two new tenement packages in New South Wales, both highly prospective for world class Au-Cu porphyry deposits.
The Department of Regional NSW, Mining, Exploration and Geoscience (MEG) has approved the transfer of titles of two exploration tenement packages (the Projects) from Sandfire Resources Ltd (ASX:SFR) to Alkane. This completes the acquisition agreement announced on 9 March 2023. As per the agreement 2,781,438 Alkane Resources Limited (ASX:ALK) shares have been issued to SFR.
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 alkalic affinity in a similar geological setting as at the world class Northparkes copper-gold mine. Historic drill results include:
| CBD01 | 110m grading 0.64g/t Au, 0.01% Cu from 139m |
| CBD17 | 16m grading 1.71g/t Au, 0.04% Cu from 276m |
| CBD08 | 74m grading 0.15% Cu, 0.02g/t Au from 226m |
| CBD09 | 50m grading 0.15% Cu, 0.04g/t Au from 282m |
The “Comobella North” Project has been added to Alkane’s Northern Molong Porphyry Project (NMPP) and covers 64km2 of the volcanic and intrusive sequence that hosts the Boda and Kaiser Inferred Resources (total ~15Moz AuEq). This strategic acquisition means Alkane now owns tenure covering the entire 15km northwest trending structural corridor hosting the Boda District group of deposits.
Reconnaissance exploration will commence in 2024 comprising airborne gravity, detailed drone magnetics and air-core drilling. Targets generated will be further tested with detailed geophysics and drilling following ongoing work around the Boda District.
Alkane Managing Director, Nic Earner, said, “It is great that the transfer of titles for these two exploration packages has been approved. We will now be drawing on our decades of experience, particularly the extensive geological knowledge accumulated at Boda & Kaiser, to conduct cost-effective first-stage exploration evaluation of these new prospective areas. We expect that these tenement packages are another opportunity for us to continue to build on our track record of exploration success in New South Wales.”