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, to Boda, and down to Boda 2-3. 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 results from 12,000m of RC and diamond core drilling from the Kaiser Inferred Mineral Resource Estimation (MRE) infill, have been received.
Assay results received from RC drilling testing the shallower levels of the MRE, including areas around the historical Kaiser workings, returned significant intercept highlights of:
| KAI198 | 41m grading 3.05g/t AuEq* (1.39g/t Au, 1.21% Cu) from 1m |
| incl | 14m grading 8.05g/t AuEq (3.80g/t Au, 3.09% Cu) from 18m |
| KAI206 | 62m grading 1.31g/t AuEq (0.47g/t Au, 0.61% Cu) from surface |
| incl | 16m grading 2.94g/t AuEq (1.11g/t Au, 1.33% Cu) from 42m |
| KAI207 | 70m grading 0.85g/t AuEq (0.37g/t Au, 0.35% Cu) from 78m |
| incl | 2m grading 4.63g/t AuEq (1.90g/t Au, 1.99% Cu) from 90m |
| also | 5m grading 3.70g/t AuEq (1.42g/t Au, 1.66% Cu) from 113m |
| KAI209 | 110m grading 0.69g/t AuEq (0.41g/t Au, 0.20% Cu) from 13m |
| incl | 2m grading 3.46g/t AuEq (2.73g/t Au, 0.53% Cu) from 91m |
Results from the diamond core drill testing the deeper sections of the Kaiser Deposit returned significant intercept highlights of:
| KAI122 | 257m grading 0.76g/t AuEq (0.39g/t Au, 0.27% Cu) from 270m |
| incl | 27m grading 3.26g/t AuEq (2.20g/t Au, 0.78% Cu) from 277m |
| incl | 14m grading 5.02g/t AuEq (3.87g/t Au, 0.84% Cu) from 280m |
| KAI123 | 168m grading 0.61g/t AuEq (0.25g/t Au, 0.26% Cu) from 481m |
| incl | 18m grading 1.62g/t AuEq (0.61g/t Au, 0.74% Cu) from 495m |
| and | 24.8m grading 0.52g/t AuEq (0.27g/t Au, 0.18% Cu) from 810m to EOH |
| KAI124 | 1m grading 37.8g/t AuEq (37.7g/t Au, 0.24% Cu) from 129m |
| and | 120.5m grading 1.00g/t AuEq (0.44g/t Au, 0.40% Cu) from 351m |
| incl | 12m grading 2.84g/t AuEq (1.05g/t Au, 1.30% Cu) from 351m |
| also | 6m grading 3.46g/t AuEq (1.32g/t Au, 1.56% Cu) from 412m |
| KAI147 | 10m grading 1.95g/t AuEq (1.89g/t Au, 0.05% Cu) from 273m |
| incl | 2m grading 7.11g/t AuEq (7.04g/t Au, 0.06% Cu) from 276m |
| and | 66m grading 1.51g/t AuEq (0.52g/t Au, 0.72% Cu) from 305m |
| incl | 24m grading 2.47g/t AuEq (1.03g/t Au, 1.05% Cu) from 321m |
| KAI171 | 456m grading 0.33g/t AuEq (0.17g/t Au, 0.12% Cu) from 9m |
| incl | 1m grading 5.02g/t AuEq (4.85g/t Au, 0.13% Cu) from 106m |
Drilling is now completed on the nominal 50m x 50m grid spacing over the Kaiser Inferred Resource containing 2.1Moz gold and 0.5Mt copper. The final round of assay results from the Kaiser drilling is expected to be announced in March. An updated MRE to include an Indicated category for Kaiser is anticipated for release in March/April 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.
One high-capacity RC drilling rig is operating testing regional targets. A diamond core rig, targeting deep high-grading mineralisation identified at Boda 2-3, is planned to commence operation towards the end of February.
Alkane Managing Director, Nic Earner, said, “The shallow infill drilling at Kaiser has been completed, showing higher grades from surface in these latest results as well as strong continuity of mineralisation at depth. Both the near surface grades and continuity at depth are encouraging as we look to update the Kaiser mineral resource estimate.
“We expect to have the final results available to announce in March and the updated resource completed in March/April. The updated Kaiser resource estimate and the recently released Boda resource update will then be combined in a scoping study to demonstrate the size and scale of these deposits as well as their potential economic value.
“The intensive exploration programs at Boda and Kaiser conducted over the last two years is now ending, which will significantly reduce the rate of exploration spend. However, our regional exploration program continues throughout the broader Northern Molong Porphyry Project, testing many of the targets previously identified.”
*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.