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’).
Significant high-grade results were highlighted, including the highest gold grade interval ever intersected at the Kaiser Deposit.
Assay results have been received for the final 12,000m of RC and diamond core drilling of the Kaiser Indicated Mineral Resource Estimation (MRE) program. The drilling was completed on a nominal 50m x 50m grid spacing within the existing Inferred Resource which currently contains 2.1Moz gold and 0.5Mt copper.
Drill hole KAI159 intersected a gold-rich pyrite breccia with significant high-grade gold intercepts of:
| KAI159 | 8.6m grading 14.8g/t AuEq* (14.5g/t Au, 0.24% Cu) from 316.4m |
| incl | 3.5m grading 31.3g/t AuEq (30.6g/t Au, 0.51% Cu) from 318m |
| incl | 1m grading 62.2g/t AuEq (60.4g/t Au, 1.33% Cu) from 320m |
| and | 17m grading 0.90g/t AuEq (0.85g/t Au, 0.04% Cu) from 344m |
| incl | 1m grading 11.1g/t AuEq (11.1g/t Au, 0.02% Cu) from 360m |
| and | 30m grading 0.75g/t AuEq (0.42g/t Au, 0.25% Cu) from 673m |
A ‘Boda’ style intrusive-hydrothermal chalcopyrite sulphide cemented breccia has returned a significant zone of high-grade gold-copper mineralisation:
| KAI161 | 14m grading 1.03g/t AuEq (0.81g/t Au, 0.16% Cu) from 158m |
| and | 162m grading 2.13g/t AuEq (1.09g/t Au, 0.76% Cu) from 246m |
| incl | 49m grading 3.06g/t AuEq (1.68g/t Au, 1.01% Cu) from 286m |
| also | 22m grading 3.40g/t AuEq (2.03g/t Au, 1.00% Cu) from 357m |
Other assay results from the remaining 22 drill holes returned significant gold-copper intercepts of:
| KAI154 | 147m grading 0.59g/t AuEq (0.13g/t Au, 0.33% Cu) from surface |
| incl | 20m grading 1.55g/t AuEq (0.28g/t Au, 0.93% Cu) from 45m |
| and | 95m grading 0.43g/t AuEq (0.26g/t Au, 0.12% Cu) from 264m |
| and | 6m grading 1.26g/t AuEq (0.42g/t Au, 0.61% Cu) from 390m |
| KAI155 | 317m grading 0.40g/t AuEq (0.20g/t Au, 0.14% Cu) from 9m |
| and | 106.1m grading 0.47g/t AuEq (0.29g/t Au, 0.13% Cu) from 512.9m |
| KAI156 | 195m grading 0.55g/t AuEq (0.35g/t Au, 0.14% Cu) from 220m |
| incl | 10m grading 2.03g/t AuEq (1.91g/t Au, 0.09% Cu) from 303m |
| also | 27.3m grading 1.42g/t AuEq (0.56g/t Au, 0.62% Cu) from 373m |
| and | 104m grading 0.65g/t AuEq (0.33g/t Au, 0.23% Cu) from 497m |
| incl | 11m grading 2.09g/t AuEq (1.54g/t Au, 0.41% Cu) from 571m |
| KAI158 | 163m grading 1.27g/t AuEq (0.49g/t Au, 0.54% Cu) from 390m |
| incl | 45m grading 2.60g/t AuEq (0.86g/t Au, 1.26% Cu) from 424m |
| also | 15m grading 2.52g/t AuEq (0.95g/t Au, 1.14% Cu) from 495m |
| KAI173 | 275m grading 0.46g/t AuEq (0.28g/t Au, 0.13% Cu) from 13m |
| incl | 15m grading 1.52g/t AuEq (0.91g/t Au, 0.44% Cu) from 245m |
| and | 254m grading 0.38g/t AuEq (0.18g/t Au, 0.14% Cu) from 381m |
An updated MRE to include an Indicated category for Kaiser is anticipated to be released in 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. The scoping study is expected to be released in Q2 CY2024.
One high-capacity diamond core rig is currently drilling, targeting deep high-grade mineralisation identified at Boda 2-3. Assays are pending from preliminary drilling across several regional targets.
Alkane Managing Director Nic Earner said, “The final results from the infill drilling at Kaiser contain even more high-grade sections, including the highest grade intercept we’ve ever seen at Kaiser at 62g/t gold equivalent in a metre section. There’s also a very interesting ‘Boda’ style breccia that has two section totalling over 70 metres with greater than 3 g/t gold equivalent.
“We’re working on the block model and expect to have the updated Kaiser resource estimate ready in April. The scoping study for mining Boda and Kaiser is also well underway and is expected to be completed in the coming June quarter.
“I look forward to updating our shareholders and stakeholders in the months ahead.”
*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 at 81% Cu and 71% gold from metallurgical studies at Kaiser. Alkane considers the elements included in the metal equivalents calculation to have a reasonable potential to be recovered and sold.