Alkane is pleased to announce further results from its drilling program at the Company’s Northern Molong Porphyry Project in Central New South Wales. The program extends over three kilometres from Kaiser, through Korridor and Boda, down to Boda Two and Boda Three. The Company believes this system has the potential to be a large, tier one gold-copper project. Alkane also operates the nearby Tomingley Gold Operations.
Assay results were received from diamond core and RC drilling at Boda Two confirming zones of high grade gold pyrite cemented breccia mineralisation within extensive gold-copper porphyry mineralisation. Significant diamond core intercepts include:
| BOD093 | 438m grading 0.60g/t AuEq (0.38g/t Au, 0.15% Cu) from 842m |
| incl | 5m grading 2.22g/t AuEq (1.89g/t Au, 0.25% Cu) from 862m |
| also | 8.1m grading 2.38g/t AuEq (1.11g/t Au, 0.86% Cu) from 1,101.9m |
| also | 92m grading 0.72g/t AuEq (0.68g/t Au, 0.03% Cu) from 1,149m (gold-pyrite) |
| BOD108 | 45.7m grading 0.97g/t AuEq (0.73g/t Au, 0.16% Cu) from 599.8m |
| incl | 3.8m grading 3.74g/t AuEq (3.70g/t Au, 0.03% Cu) from 609m (gold-pyrite) |
| also | 3.4m grading 2.99g/t AuEq (2.04g/t Au, 0.64% Cu) from 633m |
| and | 226m grading 0.46g/t AuEq (0.25g/t Au, 0.15% Cu) from 881m |
| incl | 22m grading 0.85g/t AuEq (0.44g/t Au, 0.28% Cu) from 979m |
| BOD109 | 62m grading 0.46g/t AuEq (0.25g/t Au, 0.14% Cu) from 520m |
| incl | 8m grading 1.10g/t AuEq (0.62g/t Au, 0.33% Cu) from 522m |
| and | 25m grading 2.30g/t AuEq (2.22g/t Au, 0.05% Cu) from 633m (gold-pyrite) |
| incl | 8m grading 5.20g/t AuEq (5.13g/t Au, 0.04% Cu) from 683m (gold-pyrite) |
| and | 40.9m grading 0.53g/t AuEq (0.37g/t Au, 0.10% Cu) from 830m |
| incl | 1.9m grading 4.34g/t AuEq (4.25g/t Au, 0.06% Cu) from 869m (gold-pyrite) |
| BOD109W | 78m grading 0.47g/t AuEq (0.26g/t Au, 0.15% Cu) from 514m |
| and | 251m grading 0.47g/t AuEq (0.29g/t Au, 0.12% Cu) from 807m |
| incl | 7m grading 2.95g/t AuEq (2.48g/t Au, 0.32% Cu) from 911m |
Significant shallow RC intercepts include:
| BOD098 (PC) | 34m grading 0.50g/t AuEq (0.17g/t Au, 0.22% Cu) from 113m |
| and | 111m grading 1.01g/t AuEq (0.69g/t Au, 0.21% Cu) from 241m |
| incl | 21m grading 3.01g/t AuEq (2.36g/t Au, 0.44% Cu) from 286m |
| BOD101 | 2m grading 1.38g/t AuEq (0.60g/t Au, 0.53% Cu) from 85m |
| and | 34m grading 0.99g/t AuEq (0.73g/t Au, 0.18% Cu) from 98m |
| incl | 9m grading 2.62g/t AuEq (2.10g/t Au, 0.35% Cu) from 105m |
| BOD104 (PC) | 102m grading 0.90g/t AuEq (0.38g/t Au, 0.35% Cu) from 322m |
| incl | 5m grading 2.17g/t AuEq (0.88g/t Au, 0.88% Cu) from 383m |
East-directed drilling has defined the Boda Two geology as dislocated into four major blocks by a series of imbricated west-dipping reverse faults. The reverse movement on these faults has uplifted the western and deeper sections of the Boda Two porphyry system over the better-preserved shallower sections of the system in the east.
Two high-capacity diamond core drilling rigs are currently in operation in the Boda area. As ground access conditions have improved, an additional two high-capacity RC drill rigs are expected to mobilise over the following month. This will accelerate the updated resource estimations for Boda and Kaiser anticipated to be completed by Q4 2023 and facilitate initial drilling of other regional targets.
Alkane Managing Director Nic Earner said, “These early results from the most recent phase of drilling at Boda Two confirm that large-scale mineralisation continues to extend to the south of Boda. In addition, it appears that there are higher-grade areas within the Boda Two system.
“These results are especially encouraging when viewed in combination with the recent maiden Kaiser resource to the north-west of the existing Boda resource. As we look to update and grow the collective resource base in and around Boda through the rest of 2023, it is exciting to have both a growing resource in Kaiser and Boda Two building extensive mineralisation to the south.”
*The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/10031.1035*copper price($/t)/gold price($/oz). The prices used were US$1,900/oz gold and US$9,000/t copper, and A$:US$0.67. Recoveries are assumed the same for Au and Cu at 85% from preliminary metallurgical studies. Alkane considers the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.