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 (‘Tomingley’).
Results from one diamond core drill hole in the Korridor Prospect confirm extensive gold-copper porphyry mineralisation northwest of the Boda resource. Drill hole BOD091 intercepted over one kilometre of continuous mineralisation, with highlights including:
| BOD091 | 1,041m grading 0.57g/t AuEq* (0.32g/t Au, 0.17% Cu) from 698m |
| incl | 326m grading 0.76g/t AuEq* (0.43g/t Au, 0.23% Cu) from 1,165m |
| also | 55m grading 0.82g/t AuEq* (0.46g/t Au, 0.25% Cu) from 1,516m |
The Korridor Prospect is structurally complex and is dislocated from the Boda mineralisation by a west dipping thrust implying an apparent northwest plunge to the Boda Resource. Drilling is planned to further delineate the Korridor/Boda northwest extension of the mineralisation to add to the Boda Mineral Resource estimate.
Results from the recently completed drilling at the Kaiser Prospect, centred 1km northwest of the Boda Resource, show significant copper-gold porphyry mineralisation in the northwest section of the Kaiser drill-out including:
| KAI073 | 320m grading 0.56g/t AuEq* (0.26g/t Au, 0.21% Cu) from 505m |
| incl | 12m grading 2.30g/t AuEq* (1.10g/t Au, 0.83% Cu,) from 509m |
| KAI087 | 157m grading 0.61g/t AuEq* (0.36g/t Au, 0.17% Cu) from 952m |
| KAI090 | 122.4m grading 1.00g/t AuEq* (0.42g/t Au, 0.40% Cu) from 576.6m |
| incl | 28m grading 2.14g/t AuEq* (0.92g/t Au, 0.84% Cu) from 646m |
Final assays from the recently completed 100m x 100m grid drilling at Kaiser are expected next month. A maiden JORC resource estimation is anticipated to be completed in Q1 2023.
Assay results were received from one RC drill hole (KON001) testing the co-incident IP and MT geophysical anomaly named the Konigin prospect, centred approximately 2km northwest of Kaiser. The drill hole intersected Au-mineralised pyrite associated with inner propylitic hydrothermal alteration. One RC pre-collared drill hole is ready for a diamond tail to test the deeper conductivity (MT) feature below KON001, when drill rig access is possible.
Two high-capacity drill rigs are currently operating at Boda Two/Three testing the 1,000m x 500m area of extensive Au-Cu mineralisation to improve the geological understanding and assess its potential to host a mineral resource.
Alkane Managing Director, Nic Earner, said: “The drill results at Korridor confirm that extensive gold-copper porphyry mineralisation continues northwest of the Boda resource. The initial shallow resource drilling program at Kaiser is now complete, we expect to receive results over the next two months and complete our initial JORC resource estimation for Kaiser in Q1 2023.
“Whilst we wait for better weather to allow access to some areas we have our drills working at Boda Two and Three to both improve our geological understanding and continue to assess its potential for an economic resource.”