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.
- Assay results were received from an initial 11,000m of drilling, infilling the Inferred Mineral Resource Estimation (MRE) at the Kaiser Deposit. Gold-copper porphyry mineralisation intercept highlights include:
| KAI103 | 16m grading 0.91g/t AuEq* (0.91g/t Au, 0.04% Cu) from 97m |
| and | 161m grading 1.02g/t AuEq (0.38g/t Au, 0.47% Cu) from 135m |
| incl | 27m grading 2.92g/t AuEq (1.29g/t Au, 1.20% Cu) from 151m |
| and | 7m grading 1.50g/t AuEq (0.49g/t Au, 0.74% Cu) from 235m |
| and | 141m grading 0.65g/t AuEq (0.32g/t Au, 0.24% Cu) from 334m |
| KAI109 | 242m grading 0.55g/t AuEq (0.31g/t Au, 0.17% Cu) from 120m |
| incl | 5.1m grading 2.06g/t AuEq (1.53g/t Au, 0.39% Cu) from 322m |
| and | 66.9m grading 0.40g/t AuEq (0.21g/t Au, 0.14% Cu) from 539m |
| KAI115 | 110m grading 0.69g/t AuEq (0.53g/t Au, 0.11% Cu) from 101m |
| incl | 5m grading 7.65g/t AuEq (7.00g/t Au, 0.47% Cu) from 140m |
| incl | 2m grading 17.1g/t AuEq (16.0g/t Au, 0.85% Cu) from 141m |
| KAI119 | 190m grading 0.52g/t AuEq (0.28g/t Au, 0.17% Cu) from 295m |
| incl | 41m grading 1.03g/t AuEq (0.57g/t Au, 0.34% Cu) from 405m |
| and | 17m grading 1.26g/t AuEq (0.59g/t Au, 0.49% Cu) from 603m |
| incl | 4m grading 3.67g/t AuEq (2.04g/t Au, 1.19% Cu) from 612m |
| KAI125 | 71m grading 0.72g/t AuEq (0.21g/t Au, 0.37% Cu) from 206m |
| and | 81m grading 0.55g/t AuEq (0.27g/t Au, 0.21% Cu) from 297m |
| and | 106m grading 0.40g/t AuEq (0.17g/t Au, 0.17% Cu) from 411m |
| KAI135 | 203m grading 0.57g/t AuEq (0.28g/t Au, 0.21% Cu) from 33m |
| incl | 33m grading 1.14g/t AuEq (0.53g/t Au, 0.45% Cu) from 91m |
| and | 21m grading 0.55g/t AuEq (0.36g/t Au, 0.13% Cu) from 388m |
| KAI136 | 128m grading 0.35g/t AuEq (0.21g/t Au, 0.10% Cu) from 15m |
| and | 87m grading 0.76g/t AuEq (0.45g/t Au, 0.22% Cu) from 358m |
| incl | 4m grading 1.97g/t AuEq (1.26g/t Au, 0.52% Cu) from 389m |
| KAI140 | 229m grading 0.79g/t AuEq (0.30g/t Au, 0.36% Cu) from 1m |
| incl | 4m grading 3.47g/t AuEq (1.62g/t Au, 1.36% Cu) from 139m |
| also | 5m grading 2.86g/t AuEq (1.61g/t Au, 0.92% Cu) from 184m |
| also | 13m grading 2.25g/t AuEq (1.12g/t Au, 0.83% Cu) from 216m |
- The Kaiser Inferred Resource, containing 2.1Moz Au and 0.5Mt Cu, is being infilled to a nominal 50m x 50m drill grid spacing. An updated MRE to include an Indicated category for Kaiser is anticipated for release late in Q1 2024.
- Two high-capacity drilling rigs are currently in operation at Kaiser and are estimated to complete drilling in January 2024. Regional targets generated by the recently completed airborne gravity survey, in addition to previously completed soil geochemistry, electrical geophysics and drilling will then be drill tested.
Alkane Managing Director, Nic Earner, said:
“It is pleasing to receive the initial results from our infill drilling program at Kaiser. We will be drilling at Kaiser into January 2024 and will then upgrade our mineral resource estimation during Q1 2024. This will complement the upgrade to the Boda mineral resource estimate that is currently underway and expected to be completed before the end of the year.”
“Once the Kaiser drilling is complete we will move to drill some of the other excellent targets we have identified within the broader project area.”
*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 six-month averages of US$1,930/oz gold and US$8,500/t copper, and A$:US$0.65. 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.