Alkane Resources Ltd (ASX:ALK) has enhanced the golden bounty of regional resources within proximity to its Tomingley Gold Operations in Central West NSW with infill results of up to 3 metres at 58.3 g/t from 175 metres at the San Antonio inferred resource.
The 58.3 g/t hit was within a 52-metre intersection from 172 metres grading 6.37 g/t gold with the new results to be included in a resource update expected next month.
Assays have been received from 51 drill holes for a total of 10,600 metres of infill drilling at San Antonio with final assays for the program, which has comprised 167 holes for a total of 37,000 metres, expected next month.
Mine plans for San Antonio to facilitate an economic assessment will be prepared once the San Antonio resource update has been calculated, which will include upgrading inferred resources to the indicated category.
These plans are expected to be released in February 2021.
“Possible improvement to resource model”
Managing director Nic Earner said these latest intersections from San Antonio demonstrated that, combined with Roswell, there was sufficient quality and scale to deliver a high-grade pit close to surface as the next phase of growth at the Tomingley Gold Project.
He said: “These intercepts confirm we have further high-grade mineralisation close to the surface.
“Many of the latest intercepts suggest a possible improvement to the published resource model, which would certainly be pleasing.
“We look forward to bringing shareholders the indicated resource and mine plan soon into the New Year.”
The hole that returned the 52-metre intersection also produced 3.0 metres grading 5.12 g/t from 75 metres and 6 metres at 5.46 g/t from 158 metres, including 1-metre at 14.8 g/t from 159 metres.
Other notable results include:
- 18 metres at 2.73 g/t from 119 metres, including 2 metres at 14.4 g/t from 128 metres;
- 23 metres at 1.53 g/t from 116 metres, including 5 metres at 4.00 g/t from 119 metres and 1-metre at 7.56 g/t from 151 metres;
- 9 metres at 2.62 g/t from 35 metres and 18 metres at 1.28 g/t from 55 metres;
- 12 metres at 3.17 g/t from 260 metres, including 2 metres at 14.8 g/t from 260 metres, 6 metres at 3.02 g/t from 276 metres, including 1-metre at 12.6 g/t from 279 metres, and 6 metres at 1.93 g/t from 292 metres; and
- 30 metres at 1.45 g/t from 115 metres, including 7 metres at 3.43 g/t from 138 metres.3 metres at 5.12 g/t gold from 75 metres, including 6 metres at 5.46 g/t gold from 158 metres.
Consultation with key stakeholders continues
Over the past two years, Alkane has conducted an extensive regional exploration program which led to the definition of resources at the Roswell and San Antonio prospects.
These are:
- Roswell Deposit: 10.1 million tonnes at 2.04 g/t gold for 660,000 ounces (indicated and inferred mineral resource) in November; and
- San Antonio Deposit: 7.92 million tonnes at 1.78 g/t gold for 453,000 ounces (inferred mineral resource) in April.
The company has continued consultation with its key stakeholders, including landholders and regulators, in relation to development plans of the satellite deposits and the Tomingley Gold Project.
Alkane has received approval to develop an exploration drive from the Wyoming One underground deposit to Roswell.
Preliminary plans for both open-cut and underground mines at Roswell and San Antonio have been prepared for consultation purposes as it seeks approval for mining development.