Alkane is pleased to announce further results from its drilling program at the Company’s Northern Molong Porphyry Project (NMPP) in Central New South Wales. The program tested the highest priority targets across the tenement package. Alkane also operates the nearby Tomingley Gold Operations (‘Tomingley’).
Recent exploration has focused on growing the understanding of the regional geological setting of the Boda-Kaiser District to aid the discovery of new Au-Cu porphyry deposits within the NMPP.
At Boda 2-3 the high-grade hydrothermal breccia intersected by drill hole BOD094 was tested along strike by two diamond core holes. A chalcopyrite cemented breccia was intersected 40m north and along strike of BOD094 by BOD159 and a more distal hydrothermal breccia was intersected 120m north along strike by BOD158. Results included:
| BOD159 | 106m grading 0.43g/t AuEq* (0.25g/t Au, 0.13% Cu) from 1028m |
| incl | 5m grading 1.59g/t AuEq (1.09g/t Au, 0.37% Cu) from 1066m |
| and | 65.5m grading 1.78g/t AuEq (1.22g/t Au, 0.41% Cu) from 1154.5m |
| incl | 15.6m grading 6.16g/t AuEq (4.37g/t Au, 1.31% Cu) from 1199.4m |
| incl | 4.5m grading 11.0g/t AuEq (7.92g/t Au, 2.28% Cu) from 1200.2m |
| also | 2.6m grading 15.1g/t AuEq (10.9g/t Au, 3.06% Cu) from 1211m |
| BOD158 | 452.6m grading 0.40g/t AuEq (0.21g/t Au, 0.14% Cu) from 852m |
| incl | 30m grading 0.89g/t AuEq (0.41g/t Au, 0.35% Cu) from 1066m |
| and | 8.3m grading 0.81g/t AuEq (0.43g/t Au, 0.28% Cu) from 1413.6m |
Regional exploration drilling of 9 RC and 1 diamond core drill holes was completed at the Driell Creek prospect, located northwest of Boda-Kaiser. All drilling identified porphyry style alteration and mineralisation; significant results included:
| DRC004 | 130m grading 0.25g/t Au, 0.11% Cu from 174m to end of hole. |
| DRC010 | 47.7m grading 0.12g/t Au, 0.15% Cu from 279.3m |
| incl | 7m grading 0.34g/t Au, 0.26% Cu from 320m |
| DRC002 | 9m grading 0.61g/t Au from 255m (gold only zone) |
| DRC007 | 30m grading 0.13g/t Au, 0.10% Cu from 78m |
| and | 6m grading 0.26g/t Au, 0.15% Cu from 96m |
An airborne gravity survey was flown over the entire NMPP in late 2023. Subsequent 3D inversion modelling and interpretation of the data confirmed a 35km2 intrusive complex, termed the Comobella Intrusive Complex (CIC). Periphery to the major CIC are several small intrusive complexes. These fertile apophyse** intrusives can be significantly mineralised, as seen in the deposits already defined at Boda-Kaiser.
Drilling occurred at the Konigin and Murga prospects. Results indicated the geology is favourable for porphyry type environments however, individual drill results showed weak mineralisation. Further drilling at these targets is now considered a lower priority than Driell Creek.
Planned regional exploration in the NMPP for the next 12 months will focus on further drill testing of the Driell Creek prospect. Other exploration will comprise of target generation work comprising mapping, soil sampling, IP, ground gravity and air-core drilling using bottom-of-hole litho-geochemistry, focusing on the Haddington, Windora, Ballimore, Comobella North and Boda 4 prospects. This exploration forms part of the approximately $6m Alkane exploration budget in FY25.
Alkane Managing Director, Nic Earner, said: “This program of drilling has confirmed the potential to find further deposits similar to Boda and Kaiser across the Northern Molong Porphyry tenement package.
“Driell Creek has delivered some encouraging results from this round of drilling. Driell Creek is emerging as our next priority area for follow-up drilling. Early-stage target generation work will continue at several other prospects.
“Alkane is very close to finalising the scoping study for the Boda-Kaiser deposits at the NMPP, any regional discoveries carry the potential to upgrade the project’s long term economic outcomes.”
*The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/100*31.1035*copper price($/t)/gold price($/oz). The prices used were 12-month averages of US$2,000/oz gold and US$8,800/t copper, and A$:US$0.66. Recoveries are estimated at 87% Cu and 81% gold from metallurgical studies at Boda 2-3. Alkane considers the elements included in the metal equivalents calculation to have a reasonable potential to be recovered and sold.
** A small dyke or sill injected from a larger intrusive body into adjacent rocks.