Extensive High-Grade Results Complete Current Boda Drilling. Mineral Resource Estimate Update Underway
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 five kilometres from Kaiser to Boda, through Boda 2-3 and south to Boda 4. 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’).
Drilling designed to infill the Inferred Boda Mineral Resource Estimation to a nominal 50m grid spacing is completed with final assay results now received. Results from the diamond core drilling include significant intercepts of:
BOD058W1
179m grading 0.63g/t AuEq* (0.37g/t Au, 0.19% Cu) from 447m
incl
50m grading 1.45g/t AuEq (0.85g/t Au, 0.43% Cu) from 575m
and
475m grading 1.08g/t AuEq (0.65g/t Au, 0.31% Cu) from 762m
incl
54m grading 5.24g/t AuEq (2.97g/t Au, 1.66% Cu) from 822m
incl
17m grading 10.8g/t AuEq (6.10g/t Au, 3.43% Cu) from 823m
BOD060W1
195m grading 0.77g/t AuEq (0.51g/t Au, 0.19% Cu) from 621m
incl
4m grading 12.9g/t AuEq (12.4g/t Au, 0.34% Cu) from 654m
and
199.2m grading 0.50g/t AuEq (0.28g/t Au, 0.16% Cu) from 1076.3m to end of hole
incl
18m grading 1.69g/t AuEq (1.21g/t Au, 0.34% Cu) from 1135m
BOD136
233m grading 0.51g/t AuEq (0.40g/t Au, 0.08% Cu) from 101m
and
2m grading 12.9g/t AuEq (10.1g/t Au, 2.03% Cu) from 453m
and
200m grading 0.72g/t AuEq (0.39g/t Au, 0.24% Cu) from 540m
incl
63m grading 1.55g/t AuEq (0.87g/t Au, 0.50% Cu) from 613m
incl
1.7m grading 14.1g/t AuEq (7.32g/t Au, 4.97% Cu) from 644.3m
BOD142
241.2m grading 0.44g/t AuEq (0.27g/t Au, 0.12% Cu) from 226m
and
29m grading 1.08g/t AuEq (0.52g/t Au, 0.40% Cu) from 539m
and
134.4m grading 1.05g/t AuEq (0.67g/t Au, 0.28% Cu) from 601.1m to end of hole
incl
41.9m grading 2.73g/t AuEq (1.80g/t Au, 0.67% Cu) from 601.1m
incl
9.9m grading 6.51g/t AuEq (4.43g/t Au, 1.52% Cu) from 619m
BOD145
318m grading 0.50g/t AuEq (0.33g/t Au, 0.12% Cu) from 158m
incl
54m grading 1.16g/t AuEq (0.70g/t Au, 0.33% Cu) from 317m
BOD147
147m grading 1.21g/t AuEq (0.90g/t Au, 0.23% Cu) from 160m
incl
34m grading 3.20g/t AuEq (2.97g/t Au, 0.17% Cu) from 216m
incl
2m grading 32.4g/t AuEq (32.1g/t Au, 0.21% Cu) from 216m
BOD152
218m grading 0.52g/t AuEq (0.30g/t Au, 0.16% Cu) from 127m
incl
44m grading 1.09g/t AuEq (0.73g/t Au, 0.26% Cu) from 263m
KSDD028W1
948.8m grading 0.42g/t AuEq (0.26g/t Au, 0.11% Cu) from 302.2m
and
0.4m grading 4.15g/t AuEq (1.30g/t Au, 2.08% Cu) from 1346m
Assay results received from RC drilling testing the upper levels of the Boda Deposit include significant intercepts of:
BOD151
322m grading 0.56g/t AuEq (0.28g/t Au, 0.16% Cu) from surface
incl
36m grading 1.17g/t AuEq (0.64g/t Au, 0.39% Cu) from 112m
also
23m grading 1.19g/t AuEq (0.90g/t Au, 0.21% Cu) from 226m
and
24m grading 0.57g/t AuEq (0.34g/t Au, 0.17% Cu) from 388m
BOD156
70m grading 1.03g/t AuEq (0.57g/t Au, 0.34% Cu) from 5m
incl
13m grading 2.79g/t AuEq (1.40g/t Au, 1.01% Cu) from 29m
incl
3m grading 5.68g/t AuEq (2.13g/t Au, 2.60% Cu) from 29m
and
37m grading 0.47g/t AuEq (0.38g/t Au, 0.06% Cu) from 136m
Drilling is currently focused on the Kaiser Deposit with the first round of results expected to be announced in October. An updated Mineral Resource Estimation for Boda, including Boda 2-3, is now underway and anticipated in Q4 2023.
Alkane Managing Director, Nic Earner, said, “Boda continues to evolve towards its potential as a large, tier one gold-copper resource. The current program of infill drilling is now complete, it is particularly pleasing to see not only further mineable grades over extensive intervals, but also new zones of higher-grade mineralisation and expansions of high-grade zones previously identified.
“Our exploration team is continuing infill drilling at Kaiser, as well as working on the updated resource estimate for Boda. This is building to a preliminary economic assessment that is currently underway and will be completed once the Kaiser resource is updated in Q1 2024.”
The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/100*31.1035*copper price($/t)/gold price($/oz). The prices used to calculate AuEq are based on 6-month averages of US$1,930/oz gold and US$8,500/t copper, and A$:US$0.66. Recoveries are assumed equal 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.
