Updated San Antonio Resource Estimation Shows Contained Ounces for Tomingley Extension of ~1.1Moz

The Global Mineral Resource (Indicated and Inferred) for the San Antonio Deposit has been updated after an additional 37,000 metres of drilling, and now stands at: 7.3 million tonnes grading 1.72g/t gold (406,000oz).

The San Antonio resource remains open for extensions at depth, with particular focus on the high-grade gold structures within the western monzodiorite and the extension of the northern andesite to the Rosewood Fault, where drilling is restricted due the location of the Newell Highway.

The Global Mineral Resource (Indicated and Inferred) for the Tomingley Extension Project, which includes both the Roswell and San Antonio Deposits now stands at:

Drilling is continuing within the Tomingley Gold Corridor south of San Antonio and north of Roswell, as well as at other, regional near-mine targets.

Detailed mine plans for Roswell and San Antonio, to enable an economic assessment, continue as does community and regulator consultation. These will be released later in Q1 2021.

Alkane Resources Managing Director, Nic Earner, said, “The updated San Antonio Resource delivers us the opportunity to achieve a further 10+ year mine life for Tomingley. The combined Resources for both Roswell and San Antonio are over 1 million ounces, and over 80% of those ounces are in the Indicated category. This gives us a very solid footing from which to finalise the mine plans for economic assessment. This assessment, combined with stakeholder feedback from consultation and environmental reports, will allow us to progress to the next stage of planning approval with the submission of the Environmental Impact Statement.

“We continue to explore in the region around Tomingley, as well as making small extensions to the known deposits underground. The area is highly prospective and we are looking to growing the resources further as our exploration program continues.”