Alkane Resources Ltd (ASX:ALK) has received a vote of confidence from its technical director David Chalmers who has purchased one million shares in the company.
Chalmers acquired the shares through on-market trades and paid $254,070 for his purchases.
This latest purchase increases his total shareholding in the company to over 4.1 million shares.
READ: Alkane Resources confirms up to $1.2 billion valuation for Dubbo Project
Alkane recently completed an engineering and financials review of its zirconium, niobium, hafnium and rare earths project, the Dubbo Project in New South Wales.
The review confirms a significant project, capable of supplying specialty metals globally as an independent source to China.
Funding Dubbo’s development with gold operations
Alkane has used its cash-generating Tomingley Gold Operation (TGO) in New South Wales to advance its Dubbo Project to a construction-ready stage.
The company’s Tomingley Gold Operations (TGO) in central west New South Wales is based on four gold deposits.
Since opening in January 2014 the operation has been an open cut mine and the company is progressing plans to take the mine underground.
Cash flow from Tomingley has contributed to developing Alkane’s $1.2 billion Dubbo project.
The project is development and construction ready.
TGO on target for up to 80,000 ounces in FY2018
TGO is based on four gold deposits - Wyoming One, Wyoming Three, Caloma and Caloma Two and is 50 kilometres southwest of Dubbo in central West New South Wales.
The TGO produced 69,000 ounces of gold in FY17 and FY18 production guidance is 75,000 to 80,000 ounces of gold at a reduced all-in sustaining cost (AISC) of $975 to $1,050 per ounce.