Alkane Resources Ltd (ASX:ALK), which is looking to become Australia’s next multi-mine gold producer, has intersected strong gold and copper grades from its latest round of drilling.
Reverse circulation drilling at Alkane’s Boda prospect, part of the Northern Molong Porphyry Project (NMPP) to the northeast of its Tomingley Gold Operations (TGO), has delivered encouraging assay results:
- 31 metres at 2.94 g/t gold and 0.97% copper from surface in hole KSRC043 including 9 metres at 9.43 g/t gold and 2.65% copper from surface;
- 14 metres at 0.40 g/t gold and 0.11% copper from 74 metres in KSRC042;
- 226 metres at 0.35 g/t gold and 0.15% copper from 108 metres including 10 metres at 0.72 g/t gold and 0.40% copper from 157 metres in KSRC042; and
- 9 metres at 0.73 g/t gold and 0.50% copper from 290 metres in KSRC042.
Alkane continues to drill at Boda, Boda Two, Boda Three and Kaiser-Duke utilising two diamond core rigs and one high-capacity RC rig as the company tests extensions and seeks to add definition to the identified mineralised systems.
“Considering open cut”
Managing director Nic Earner is pleased with the progress to date, with the 30,000-metre program complete. The company is now planning 60,000 metres of further drilling.
“The high-grade breccia zone at surface not only further emphasises the large vertical depth of the system, but also gives rise to considering open cut as a potential mining method at Boda.”
Potential to be tier-one project
The Boda prospect is a landmark porphyry gold-copper system, within the NMPP, which Alkane believes has the potential to be a large, tier-one gold-copper project.
It is one piece of Alkane’s puzzle in its bid to become a multi-mine gold producer.
Boda is in close proximity to its nearby TGO. In the June quarter, gold production at Tomingley was above forecast at 13,500 ounces. An updated mine plan recently extended the life of the mine to at least 2031.
The NMPP is at the northern end of the Molong Volcanic Belt within the Macquarie Arc, in Central West NSW, and is considered highly prospective for large-scale porphyry and epithermal gold-copper deposits.
Results so far would seem to support this assumption.
Hole extended
Previously announced RC hole KSRC038 ended in mineralisation at 498 metres (404 metres at 0.35 g/t gold and 0.07% copper from 94 metres) and was recently extended with a diamond core tail, KSRC038D, to a depth of 945.8 metres.
This core intersected an up-dip extension to the sulphide breccia from 501 metres with strong intercepts of:
- 711 metres at 0.36 g/t gold and 0.10% copper from 118 metres including 17 metres at 0.92 g/t gold and 0.03% copper from 302 metres;
- 12 metres at 1.93 g/t gold and 0.20% copper from 341 metres;
- 17 metres at 0.91 g/t gold and 0.43% copper from 501 metres; and
- 1-metre at 15.2 g/t gold and 0.14% copper from 756 metres.
To test the deeper extensions to the sulphide cemented breccia, diamond hole KSDD034 was completed testing the zone about 500 metres below previous drilling intercepts.
A daughter hole, KSDD034W2, was also completed and returned:
- 604 metres at 0.13 g/t gold and 0.14% copper from 1,146 metres, including 61 metres at 0.10 g/t gold and 0.26% copper from 1,147 metres, including 8 metres at 0.25 g/t gold and 0.61% copper from 1,157 metres; and
- 32 metres at 0.25 g/t gold and 0.20% copper from 1,249 metres.
These results indicate the high-grade sulphide cemented breccia at Boda has a vertical extension of at least 800 metres, strikes northwest and dips sub-vertically to steeply to the northeast.
Ongoing drilling will continue to define its dimensions.
Results were also received from diamond hole KSDD033, testing the southern extensions to the mineralisation at Boda Two. This hole defined a zone of extensive gold-copper porphyry mineralisation, returning 995 metres at 0.19 g/t gold and 0.12% copper from 322 metres
Further drilling
Earner said: “We’re continuing our exploration program across the porphyry project and we are planning a further 60,000 metres of drilling over the coming financial year.
“This substantial exploration program is designed to continue defining the internal high-grade zones within the extensive low-grade mineralised envelopes at Boda, Boda Two and Kaiser prospects, as well as testing the corridor between the Boda and Kaiser targets.
“The drilling will also help us to identify further targets to contribute to the geological and structural understanding of the 15-kilometre intrusive corridor that extends from Boda South to Finns Crossing.”