Alkane Resources Limited (ASX:ALK) (OTCMKTS:ALKEF) (FRA:AK7) has updated the mineral resource for San Antonio Deposit at its Tomingley Gold Project (TGP) in Central West New South Wales after an additional 37,000 metres of drilling.
The San Antonio resource now stands at 7.3 million tonnes grading 1.72 g/t gold for 406,000 ounces.
The global indicated and inferred mineral resource for the Tomingley Extension Project, which includes Roswell and San Antonio deposits to the south of the Tomingley Gold Operations, now stands at:
- Indicated - 13.8 million tonnes grading 1.96 g/t gold for 871,000 ounces;
- Inferred - 3.6 million tonnes grading 1.69 g/t gold for 195,000 ounces; and
- Total - 17.4 million tonnes grading 1.90 g/t gold for 1,066,000 ounces.
“Finalising mine plans”
Detailed mine plans for Roswell and San Antonio are in development to enable an economic assessment and the company expects to release these later this quarter.
Alkane managing director Nic Earner said: “The updated San Antonio resource delivers us the opportunity to achieve a further 10+ year mine life for Tomingley.
“The combined resources for both Roswell and San Antonio are over 1 million ounces and over 80% of those ounces are in the indicated category.
“This gives us a very solid footing from which to finalise the mine plans for economic assessment.
“This assessment, combined with stakeholder feedback from consultation and environmental reports, will allow us to progress to the next stage of planning approval with the submission of the Environmental Impact Statement.”
The Tomingley Gold Project
“Growing resources further”
The San Antonio resource remains open for extensions at depth and drilling is continuing within the Tomingley Gold Corridor south of San Antonio and north of Roswell, as well as at other, regional near-mine targets.
Earner said: “We continue to explore in the region around Tomingley, as well as making small extensions to the known deposits underground.
“The area is highly prospective and we are looking to growing the resources further as our exploration program continues.”