Alkane Resources Limited (ASX:ALK) director Anthony Dean Lethlean is continuing to demonstrate his confidence in the company via the acquisition of more shares.
The latest acquisition of 40,000 shares valued at $8,200 has increased Lethlean’s total shareholding to 640,076 shares (indirect interest).
READ: Alkane Resources director shows faith in multi-commodity strategy with on-market share purchase
The company’s Dubbo project in New South Wales is construction-ready and represents a source of rare earths and zirconium.
The Dubbo Project has an 18.90Mt ore reserve and 75.18Mt resource, giving an estimated 20-year project life and significant extension and expansion potential. $ALK $ANLKY #hafnium #zirconium #niobium #rareearths @northernminer @johndcumming https://t.co/OmOBTx45hZ pic.twitter.com/Zn30WwknEg
— Alkane Resources (@AlkaneResources) July 25, 2018
Alkane is also leveraged to the new US defence law that prevents the purchase of rare earth magnets from prohibited countries, like China, Russia, North Korea and Iran.
US President Donald Trump has signed into law the John S McCain National Defense Authorization Act, which sets an increased budget for defence expenditure.
As a potential independent supply source of rare earths from its $1.3 billion Dubbo project, Alkane sees the new US act as increasing demand.
READ: Alkane Resources’ gold drilling results confirm near-mine potential at Tomingley
The company recently intersected high-grade gold intercepts at the Roswell Prospect, part of its Tomingley Gold Operations (TGO) in New South Wales.
Highlight results include 16 metres grading 1.90 g/t gold from 76 metres containing 7 metres grading 3.43 g/t gold from 78 metres.
A 13,000-metre evaluation air core drilling program has commenced in the Tomingley to Peak Hill prospective corridor.