Alkane is pleased to announce an updated Boda mineral resource estimate following its extensive drilling program at the Company’s Boda Prospect in Central New South Wales. Boda is 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 (‘Tomingley’).
The revised Mineral Resource Estimate (Indicated + Inferred) for the Boda Deposit including Boda 2-3 now stands at:
- 583Mt at 0.58g/t AuEq for 10.9Moz (0.34g/t Au, 0.18% Cu 6.38Moz Au, 1.03Mt Cu).
The revised estimate lifts the Boda deposit’s gold grade by 30%, copper grade by 28% and increases metal endowment by 22% comprising 1.17 Moz of gold and 14% or 0.10 Mt of copper.
The Boda/Kaiser District includes the Kaiser Deposit located 500 metres northwest of Boda. The District now has global resources classified as Indicated and Inferred for a total of:
- Indicated: 343Mt at 0.35g/t Au, 0.18% Cu (3.9Moz Au, 0.6Mt Cu)
- Inferred: 510Mt at 0.28g/t Au, 0.18% Cu (4.6Moz Au, 0.9Mt Cu)
- Total: 853Mt at 0.57g/t AuEq for 15.7Moz AuEq (0.31g/t Au, 0.18% Cu 8.43Moz Au, 1.52Mt Cu)
The Kaiser Inferred Resource, containing 2.1Moz Au and 0.5Mt Cu, is being infilled to a nominal 50m x 50m drill grid spacing. A revised Kaiser MRE to include an Indicated category is anticipated for release in Q1 2024.
Drilling continues to define the overall system with extensions being tested south and at depth at Boda 2-3, and northwest of Boda towards Kaiser, in addition to infill drilling of the Kaiser Resource. The Boda deposit remains open at depth and along strike to the south.
Substantial metallurgical testwork established a viable and simple flowsheet with overall recoveries at Boda of 87.4% for copper and 80.9% for gold with a saleable concentrate.
Alkane Managing Director Nic Earner said, “This updated resource shows the significant potential of both Boda and the larger Northern Molong Porphyry Project.
“Not only has the definition increased from Inferred to Indicated but the entire resource has increased in both grade and metal endowment. We will be adding to the Indicated resource when Kaiser is updated in Q1 next year.
“We’re working on a scoping study that starts to outline the economics of the Boda & Kaiser system that we will be finalising after the Kaiser resource is updated. We’re looking forward to this time and further demonstrating the potential of the system.”
*The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/100*31.1035*copper price ($/t)/gold price($/oz). 12-month average metal prices were used of US$1,950/oz gold and US$8,600/t copper, and A$:US$0.67. Recoveries are estimated at 87% for Cu and 81% for Au from metallurgical studies. Alkane believes all the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.