Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has fielded further broad copper-gold results from infill drilling and is on track to boost the already impressive resource bounty at the Northern Molong Porphyry Project in Central New South Wales.
This project is in the Central West of NSW at the northern end of the Molong Volcanic Belt of the Macquarie Arc and is considered highly prospective for large-scale porphyry and epithermal gold-copper deposits.
Kaiser delivers
The current drilling program extends over three kilometres from the Kaiser prospect, through Korridor and Boda, down to Boda Two and Boda Three.
Drilling is being conducted to a nominal 50-metre x 50-metre drill grid spacing. Two high-capacity drilling rigs are spinning at Kaiser and are estimated to complete drilling in January 2024.
The company believes this system has the potential to be a large, tier-one gold-copper project.
Results from the initial 11,000-metre drilling program would seem to bear that out.
Drilling aims to infill the inferred mineral resource estimation at the Kaiser deposit, which currently contains 2.1 million ounces of gold and 500,000 tonnes of copper.
Highlights
Some key highlights among many from Kaiser include:
- 16 metres grading 0.91 g/t gold equivalent (0.91 g/t gold, 0.04% copper) from 97 metres in KAI103; 161 metres grading 1.02 g/t gold equivalent (0.38 g/t gold, 0.47% copper) from 135 metres including 27 metres grading 2.92 g/t (1.29 g/t gold, 1.20% copper) from 151 metres; 7 metres grading 1.50 g/t (0.49 g/t gold, 0.74% copper) from 235 metres; and 141 metres grading 0.65 g/t (0.32g/t gold, 0.24% copper) from 334 metres;
- 242 metres grading 0.55 g/t gold equivalent (0.31 g/t gold, 0.17% copper) from 120 metres in KAI109, including 5.1 metres grading 2.06 g/t (1.53 g/t gold, 0.39% copper) from 322 metres; and 66.9 metres grading 0.40 g/t (0.21 g/t gold, 0.14% copper) from 539 metres; and
- 229 metres grading 0.79 g/t gold equivalent (0.30 g/t gold, 0.36% copper) from 1 metre in KAI140, including 4 metres grading 3.47 g/t (1.62 g/t gold, 1.36% copper) from 139 metres; 5 metres grading 2.86 g/t (1.61 g/t gold, 0.92% copper) from 184 metres; and 13 metres grading 2.25 g/t (1.12 g/t gold, 0.83% copper) from 216 metres.
The company now has further exploration planned for the area, with a view to delivering an updated MRE for Kaiser – with an indicated category – late in the first quarter of next year.
Alkane hopes the update will offer a more comprehensive understanding of the resource's potential and economic viability.
Next up, the company will drill test the regional targets it has generated from the recently completed airborne gravity survey as well as previously completed soil geochemistry, electrical geophysics and drilling.
The company also manages the nearby Tomingley Gold Operations.
Alkane managing director Nic Earner said: “It is pleasing to receive the initial results from our infill drilling program at Kaiser.
“We will be drilling at Kaiser into January 2024 and will then upgrade our mineral resource estimation during Q1 2024.
“This will complement the upgrade to the Boda mineral resource estimate that is currently underway and expected to be completed before the end of the year.
“Once the Kaiser drilling is complete we will move to drill some of the other excellent targets we have identified within the broader project area.”