Alkane Resources 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’).
Final assay results were received for drilling at the Kaiser Prospect for the pending initial JORC resource estimate. Significant gold-copper porphyry mineralisation from the results include:
| KAI085 | 447m grading 0.46g/t AuEq* (0.30g/t Au, 0.11% Cu) from 78m |
| incl | 32m grading 1.28g/t AuEq* (1.02g/t Au, 0.18% Cu) from 309m |
| also | 4m grading 4.13g/t AuEq* (3.65g/t Au, 0.33% Cu) from 331m |
| KAI076 | 63m grading 0.56g/t AuEq* (0.39g/t Au, 0.12% Cu) from surface |
| and | 72m grading 0.47g/t AuEq* (0.24g/t Au, 0.16% Cu) from 150m |
| and | 83m grading 0.37g/t AuEq* (0.18g/t Au, 0.13% Cu) from 542m |
The results also confirm the northwest section of Kaiser as more copper-rich with intercepts of:
| KAI086 | 15m grading 1.02g/t AuEq* (0.48% Cu, 0.32g/t Au) from 409m |
| and | 126m grading 0.56g/t AuEq* (0.21% Cu, 0.26g/t Au) from 515m |
| incl | 20.3m grading 1.26g/t AuEq* (0.46% Cu, 0.59g/t Au) from 521.1m |
| KAI094 | 95m grading 0.76g/t AuEq* (0.31% Cu, 0.31g/t Au) from 92m |
| incl | 8m grading 2.32g/t AuEq* (0.71% Cu, 1.29g/t Au) from 102m |
| also | 18m grading 1.16g/t AuEq* (0.42% Cu, 0.55g/t Au) from 159m |
| and | 68m grading 0.37g/t AuEq* (0.16% Cu, 0.14g/t Au) from 349m |
| KAI097 | 27m grading 1.05g/t AuEq* (0.42% Cu, 0.44g/t Au) from 564m |
| incl | 3m grading 6.18g/t AuEq* (2.11% Cu, 3.12g/t Au) from 564.4m |
Kaiser is centred approximately 1km northwest of the Boda Inferred Resource (5.2Moz Au, 0.9Mt Cu)**. With final assay results received from the 100m x 100m grid drilling, the initial JORC resource estimate is anticipated to be completed in Q1 2023.
Two high-capacity diamond drill rigs are currently in operation in the Boda area. As ground access conditions improve, additional drill capacity is expected to be mobilised. This should allow simultaneous evaluation of regional targets generated by previous drilling, aeromagnetic and electrical geophysics results to occur during 2023.
Alkane Managing Director, Nic Earner, said, “We are pleased to see continued consistency in the final drill results from the initial shallow resource drilling program at Kaiser. We can now complete our initial JORC resource estimation in the coming quarter, Q1 2023.
“When ground conditions improve we are looking to mobilise additional drill capacity to allow evaluation of regional targets to occur in parallel to currently planned drilling through 2023.”
*The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/100*31.1035*copper price($/t)/gold price($/oz). The prices used were US$1,800/oz gold and US$8,400/t copper, and A$:US$0.68. 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.
**See ASX Announcement 30 May 2022.