Alkane is pleased to announce the initial Kaiser resource following its extensive drilling program at its Kaiser Prospect in Central New South Wales. The Kaiser resource is located 500 metres northwest of Boda, a landmark porphyry gold-copper system, within the Northern Molong Porphyry Project, which the Company believes has the potential to be a large, tier one gold-copper project. Alkane also operates the nearby Tomingley Gold Operations.
On 28 February 2023, Managing Director Nic Earner and Technical Director Ian Chalmers will provide an investor webinar covering recent activity including the approval of the extension for the Tomingley gold operation, the release of the first half results for fiscal 2023, and the announcement of the maiden resource estimate for Kaiser.
Kaiser Maiden Resource Estimate
The initial Inferred Mineral Resource for the Kaiser Deposit has been estimated at:
270Mt grading at 0.54g/t AuEq* for 4.7Moz AuEq* (0.48Mt Cu, 2.05Moz Au)
The estimate is based on approximately 49,400 metres of drilling using a 0.3g/t gold equivalent (AuEq*) cutoff to the -140mRL deemed appropriate for potential open cut mining.
The Kaiser Resource is located 500 metres northwest of the Boda deposit within the Northern Molong Porphyry Project (NMPP). The average grade for Kaiser is slightly higher than Boda largely due to the higher copper grade. As a result, the value of the contained copper now exceeds the value of gold for the Boda-Kaiser resources:
| Kaiser: | 270Mt at 0.54g/t AuEq* for 4.7Moz AuEq (2.05Moz Au, 0.48Mt Cu) |
| Boda: | 624Mt at 0.51g/t AuEq* for 10.1Moz AuEq (5.21Moz Au, 0.90Mt Cu) |
| Total: | 894Mt at 0.52g/t AuEq* for 14.8Moz AuEq (7.26Moz Au, 1.38Mt Cu) |
Drilling continues to define the overall Boda-Kaiser system with extensions being tested south of Boda at Boda Two and Boda Three and northwest of Boda towards Kaiser. The Kaiser deposit remains open at depth and along strike, and west of the Kaiser Fault.
Additional infill drilling of the Inferred Resources at Boda and Kaiser is underway to improve confidence to reclassify to Indicated status. Updated resource estimations for Kaiser and Boda are expected at the end of CY2023.
Alkane Managing Director, Nic Earner, said, “This addition of the Kaiser resource to Boda further demonstrates the significant potential of the Northern Molong Porphyry Project and Alkane’s large tenement package.
“Kaiser and Boda together now approaches 15 million gold equivalent ounces, and after adding Kaiser, copper now exceeds the value of gold in the system.
“We expect the resource to grow further as we continue to test extensions south of Boda and we’ll also conduct infill drilling to update Kaiser and Boda to Indicated resource classification before the end of the year.
“Alkane is also continuing the preliminary work that is required to further understand mining and processing options for the future and are looking to wrap these into a concept study as the Indicated Resource is released.”
*The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/10031.1035*copper price($/t)/gold price($/oz). The prices used were US$1,770/oz gold and US$9,750/t copper, and A$:US$0.70. 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.
Investor Webinar
Alkane is pleased to advise that Managing Director Nic Earner and Technical Director Ian Chalmers will be conducting a live investor briefing. Following the presentation, covering the approval of the extension for the Tomingley gold operation, the release of the first half results for fiscal 2023, and the maiden resource estimate for Kaiser, there will be a question and answer session during which Nic and Ian will answer investors’ questions. We encourage participants to send questions in advance to Lucas Robinson at info@corporatestorytime.com.
Shareholders, investors and media are invited to participate in this online event by registering via the link below:
Webinar URL: https://bit.ly/3m2aov3
Date: Tuesday 28 February 2023
Time: 1.15pm (AWST) / 4.15pm (AEDT)
A link to a recording of the webinar will be posted on Alkane’s website as soon as it is available for those unable to attend the webinar.
UPDATE: View the webinar here