The latest results from Alkane Resources Ltd (ASX:ALK, OTC:ALKEF)’s drilling program at its Northern Molong Porphyry Project (NMPP) in central New South Wales have demonstrated the potential for new gold-copper porphyry deposits.
Located in central New South Wales, at the northern end of the Molong Volcanic Belt of the Macquarie Arc, the NMPP is considered highly prospective for large-scale porphyry and epithermal gold-copper deposits.
Exploration to date has identified seven discrete intrusive complexes – Kaiser, Boda, Boda South, Driell Creek, Murga, Windora and Tompkins.
Alkane’s recent exploration has focused on growing the understanding of the regional geological setting of the Boda-Kaiser District to aid the discovery of new gold-copper porphyry deposits within the Northern Molong Porphyry Project.
The program tested the highest priority targets across the tenement package.
Boda 2-3 deposit
Two diamond drill holes targeted the northern strike length of the high-grade hydrothermal breccia and porphyry intersected by BOD094 (58 metres at 1.28g/t gold, 0.74% copper) at the Boda 2-3 deposit.
Drilling intersected a chalcopyrite cemented breccia 40 metres north and along strike of BOD094 by BOD159, and a more distal hydrothermal breccia was intersected 120 metres north along strike by BOD158.
These results included:
BOD159:
- 106 metres grading 0.43g/t gold equivalent (AuEq) (0.25g/t gold, 0.13% copper) from 1,028 metres, including 5 metres at 1.59g/t AuEq (1.09 g/t gold, 0.37% copper) from 1066 metres; and
- 65.5 metres grading 1.78g/t AuEq (1.22g/t gold, 0.41% copper) from 1,154.5 metres, including 15.6 metres at 6.16g/t AuEq (4.37g/t gold, 1.31% copper) from 1,199.4 metres including 4.5 metres at 11.0g/t AuEq (7.92g/t gold, 2.28% copper) from 1,200.2 metres; and
- 2.6 metres grading 15.1g/t AuEq (10.9g/t gold, 3.06% copper) from 1,211 metres.
BOD158:
- 452.6 metres grading 0.40g/t AuEq (0.21g/t gold, 0.14% copper) from 852 metres, including 30 metres at 0.89g/t AuEq (0.41g/t gold, 0.35% copper) from 1,066 metres; and
- 8.3 metres grading 0.81g/t AuEq (0.43g/t gold, 0.28% copper) from 1,413.6 metres.
Driell Creek prospect
Additionally, regional exploration drilling of nine reverse circulation (RC) holes and one diamond core drill hole was completed at the Driell Creek prospect, northwest of Boda-Kaiser.
All drilling identified porphyry style alteration and mineralisation; significant results included: 130 metres grading 0.25g/t gold and 0.11% copper from 174 metres to end of hole; and 47.7 metres at 0.12g/t gold, 0.15% copper from 279.3 metres, including 7 metres at 0.34g/t gold, 0.26% copper from 320 metres.
Scoping study close to finalised
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.”
In parallel with scoping studies to progress development of the Boda-Kaiser deposits, baseline environmental studies are underway for the Boda-Kaiser deposits.
Alkane says planned exploration over the next 12 months comprises regional work to discover additional porphyry cluster mineralisation surrounding the major Comobella Intrusive Complex.