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’).
Results have been received for three diamond drill holes at Boda 2-3 including BOD094 that had identified a ‘causative’ intrusion associated with chalcopyrite cemented breccia mineralisation*. Significant intercepts include:
| BOD094 | 591.8m grading 0.62g/t AuEq** (0.35g/t Au, 0.19% Cu) from 1215m |
| incl | 58m grading 2.30g/t AuEq (1.28g/t Au, 0.74% Cu) from 1223m |
| incl | 12m grading 4.78g/t AuEq (3.37g/t Au, 0.98% Cu) from 1265m |
| also | 21m grading 1.02g/t AuEq (0.58g/t Au, 0.31% Cu) from 1285m |
| BOD105 | 147m grading 0.43g/t AuEq (0.20g/t Au, 0.16% Cu) from 294m |
| and | 28m grading 0.51g/t AuEq (0.31g/t Au, 0.14% Cu) from 611m |
| and | 162m grading 0.30g/t AuEq (0.14g/t Au, 0.10% Cu) from 718m |
| and | 122.4m grading 0.38g/t AuEq (0.15g/t Au, 0.17% Cu) from 921.6m |
Drilling designed to infill the Inferred Boda Mineral Resource Estimation to a nominal 50m grid spacing is now completed with final assay results pending. Recent results received from RC drilling testing the upper levels of the Boda Deposit include significant RC drilling intercepts of:
| BOD149 | 128m grading 0.59g/t AuEq (0.37g/t Au, 0.16% Cu) from 155m |
| incl | 5m grading 2.43g/t AuEq (2.36g/t Au, 0.05% Cu) from 191m |
| and | 4m grading 2.10g/t AuEq (2.06g/t Au, 0.04% Cu) from 300m |
| and | 6m grading 1.02g/t AuEq (0.39g/t Au, 0.46% Cu) from 317m |
| and | 20m grading 0.47g/t AuEq (0.31g/t Au, 0.11% Cu) from 392m |
| BOD150 | 31m grading 0.48g/t AuEq (0.31g/t Au, 0.12% Cu) from 1m |
| and | 266m grading 0.70g/t AuEq (0.48g/t Au, 0.16% Cu) from 79m |
| incl | 42m grading 2.23g/t AuEq (1.78g/t Au, 0.33% Cu) from 186m; |
| incl | 3m grading 12.0g/t AuEq (11.1g/t Au, 0.67% Cu) from 210m |
| BOD154 | 153m grading 0.50g/t AuEq (0.22g/t Au, 0.20% Cu) from 2m |
| incl | 16m grading 1.11g/t AuEq (0.39g/t Au, 0.52% Cu) from 65m |
| also | 2m grading 2.65g/t AuEq (0.84g/t Au, 1.33% Cu) from 122m |
Recent assay results received by deeper diamond core drilling within the Boda Mineral Resource include significant drilling intercepts of:
| BOD059W1 | 958m grading 0.55g/t AuEq (0.31g/t Au, 0.17% Cu) from 345m |
| incl | 127m grading 1.44g/t AuEq (0.68g/t Au, 0.56% Cu) from 648m |
| BOD122 | 16m grading 1.46g/t AuEq (1.45g/t Au, 0.01% Cu) from 45m |
| and | 542m grading 0.53g/t AuEq (0.24g/t Au, 0.21% Cu) from 514m |
| incl | 106m grading 0.94g/t AuEq (0.31g/t Au, 0.46% Cu) from 747m |
| also | 20m grading 1.09g/t AuEq (0.54g/t Au, 0.40% Cu) from 1026m |
RC drill hole BOD084 was extended with a diamond core tail from 334m to 1,830m to further define significant mineralisation down plunge to the northwest of the Boda Mineral Resource Estimation. Significant intercepts include:
| BOD084 | 110m grading 0.36g/t AuEq (0.20g/t Au, 0.11% Cu) from 367m |
| and | 876.7m grading 0.42g/t AuEq (0.21g/t Au, 0.15% Cu) from 954m to end of hole |
Drilling in the current program at Boda and Boda 2-3 is complete and final assay results are anticipated in September. Diamond and RC drilling is now solely focused on the Kaiser Deposit. An updated Mineral Resource Estimation for Boda, including Boda 2-3, is anticipated in Q4 2023 and for Kaiser in Q1 2024.
Alkane Managing Director, Nic Earner, said, “Our drilling at Boda has focussed on increasing drill density to lift resource grade, expanding the mineralised volume, and identifying further high-grade zones. These latest results meet all those objectives for us. The high-grade intercepts deep and to the west of Boda 2-3 are very interesting and add further to our knowledge of the expanding system.
“We remain on track to release an updated Mineral Resource Estimation for Boda in Q4 2023 and for Kaiser in Q1 2024.”
*ASX Announcement 20 June 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 to calculate AuEq are based on 6-month averages of US$1,930/oz gold and US$8,500/t copper, and A$:US$0.67. 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.