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 current 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 have been received from a further 12,000m of the 45,000m drilling campaign, infilling the Inferred Mineral Resource Estimation (MRE) at the Kaiser Deposit. Intercept highlights include:
| KAI106 | 501m grading 0.45g/t AuEq* (0.19g/t Au, 0.19% Cu) from 228m |
| incl | 104m grading 0.89g/t AuEq (0.27g/t Au, 0.45% Cu) from 237m |
| KAI118 | 342m grading 0.56g/t AuEq (0.22g/t Au, 0.24% Cu) from 26m |
| incl | 4m grading 3.78g/t AuEq (3.06g/t Au, 0.53% Cu) from 77m |
| also | 2m grading 10.9g/t AuEq (9.42g/t Au, 1.06% Cu) from 327m |
| and | 8m grading 1.38g/t AuEq (0.96g/t Au, 0.31% Cu) from 438m |
| KAI126 | 66m grading 1.34g/t AuEq (0.57g/t Au, 0.56% Cu) from 247m |
| incl | 22m grading 2.99g/t AuEq (1.22g/t Au, 1.29% Cu) from 289m |
| and | 87.8m grading 0.43g/t AuEq (0.20g/t Au, 0.17% Cu) from 464m |
| KAI143 | 192.2m grading 0.72g/t AuEq (0.34g/t Au, 0.28% Cu) from 396m |
| incl | 21.9m grading 2.02g/t AuEq (0.93g/t Au, 0.79% Cu) from 552.1m |
| KAI146 | 49m grading 1.00g/t AuEq (0.98g/t Au, 0.02% Cu) from 109m |
| incl | 2m grading 11.1g/t AuEq (11.1g/t Au, 0.03% Cu) from 116m |
| also | 1m grading 10.9g/t AuEq (10.9g/t Au, 0.02% Cu) from 134m |
| and | 15m grading 2.96g/t AuEq (2.90g/t Au, 0.05% Cu) from 188m |
| incl | 1m grading 36.0g/t AuEq (35.8g/t Au, 0.14% Cu) from 190m |
| and | 154m grading 0.56g/t AuEq (0.21g/t Au, 0.26% Cu) from 594m |
| incl | 9m grading 3.26g/t AuEq (1.13g/t Au, 1.40% Cu) from 687m |
| and | 2.3m grading 2.38g/t AuEq (0.72g/t Au, 1.22% Cu) from 815m |
| KAI149 | 165m grading 0.86g/t AuEq (0.36g/t Au, 0.36% Cu) from 327m |
| incl | 6.4m grading 3.02g/t AuEq (1.49g/t Au, 1.11% Cu) from 399.6m |
| also | 1m grading 13.5g/t AuEq (13.2g/t Au, 0.24% Cu) from 455m |
| and | 15m grading 0.76g/t AuEq (0.40g/t Au, 0.26% Cu) from 555m |
| KAI151 | 48m grading 0.76g/t AuEq (0.69g/t Au, 0.05% Cu) from 18m |
| incl | 3m grading 6.44g/t AuEq (6.32g/t Au, 0.09% Cu) from 21m |
| and | 71m grading 1.15g/t AuEq (0.48g/t Au, 0.49% Cu) from 290m |
| incl | 13.9m grading 3.97g/t AuEq (1.97g/t Au, 1.46% Cu) from 295.1m |
The Kaiser Inferred Resource containing 2.1Moz Au and 0.5Mt Cu, is being infilled to a nominal 50m x 50m grid spacing. An updated MRE to include an Indicated category for Kaiser is anticipated for release in Q1 2024.
The updated Kaiser resource will add to the recently updated Boda MRE of 10.9Moz @ 0.58g/t AuEq and be used in a scoping study for potential development.
Two high-capacity drilling rigs are in operation at Kaiser and are estimated to complete drilling at the deposit by January 2024. Once completed, the drill rigs will be relocated to test regional targets generated by geochemistry, geophysics and previous drilling.
Alkane Managing Director Nic Earner said, “Infill drilling at Kaiser continues to deliver consistent, quality results. With this batch of results from some 12,000m of drilling we are well progressed through the planned 45,000m Kaiser infill program. We will be drilling at Kaiser until late January 2024 and will then upgrade our mineral resource estimation during Q1 2024.
“This Kaiser MRE update, combined with the recently released Boda resource update, is designed to demonstrate both the size and scale of these deposits as well as their potential economic value.”
*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 12-month averages of US$1,950/oz gold and US$8,600/t copper, and A$:US$0.67. Recoveries are estimated Cu at 81% and gold for 71% from metallurgical studies at Kaiser. Alkane considers the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold.