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Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: ALK
Latest Price: A$0.94  (-2.59% Descending)
52-week High: A$2.51
52-week Low: A$0.90
Market Cap: A$349.90M
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Alkane Resources Limited
www.alkane.com.au

Alkane Resources (ASX: ALK) is a multi commodity mining and exploration company focused on the Central West of New South Wales, Australia. Alkane's shares are also listed as American Depository Receipts (ADR's).  The company has built a gold resource inventory of over 1 million ounces at McPhillamys near Orange in a venture with Newmont Australia.

 

The Company has an advanced feasibility study in progress for the development of the Dubbo Zirconia Project which is based upon a very large in-ground resource of the metals zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.

 

 

Full Alkane Resources Limited profile here
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Alkane Resources confirms gold mineralisation continuity at McPhillamys

6th Oct 2010, 10:20 am

Alkane Resources (ASX:ALK) has completed three diamond drill holes at McPhillamys in NSW, within the Orange District Joint Venture with Newmont Australia Limited (NAL), confirming  the continuity of the mineralised envelope.

The holes were designed to test for a northerly plunge to the higher grade core to the gold mineralisation.

The three diamond drill holes (NEWD009 – 011) totalled 2,235 metres. An existing core hole KPD016 was also extended from 781 metres to 998 metres and was cored in the western footwall sequence and did not intersect any +0.5g/t gold mineralisation.

Results include:

- Hole NEWD009 52 metres grading 1.08g/t gold from 403 metres including 37 metres grading 1.33g/t gold from 417 metres;
- Hole NEWD010 94 metres grading 0.77g/t gold from 449 metres including 30 metres grading 1.49g/t gold from 490 metres; and
- Hole NEWD011 119 metres grading 0.82g/t gold from 416 metres including 64 metres grading 1.08g/t gold from 416 metres.

The drilling has confirmed that the geological controls to the higher grade mineralisation are still not well understood and more detailed drilling would be required to fully evaluate the orientation of those zones.

The previously reported Indicated and Inferred Resources at McPhillamys were 91.94 million tonnes grading 1.00g/t Au and 0.07% Cu (2.96 Moz) at 0.3g/t gold cut-off; or 60.86 million tonnes grading 1.32g/t Au and 0.08% Cu (2.57 Moz) at 0.5g/t gold cut-off.

The Orange District Exploration Joint Venture (ODEJV) includes Alkane’s Molong and Moorilda tenements located near the city of Orange in the Central West of New South Wales, adjacent to Newcrest Mining's (ASX: NCM) Cadia Valley Operations.

NAL earned a 51% interest in the ODEJV in August 2009. In March 2010 NAL elected to proceed to 75% by completing a Bankable Feasibility Study (BFS) on the McPhillamys Project. NAL is a subsidiary of the US based Newmont Mining Corporation (NYSE: NEM).

Alkane is cashed up with $8.7 million, with no debt, and has a market capitalisation of A$175 million. The company's shares rose 5.6% to 75.5 cents in trading today.

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