Alkane Resources Limited (ASX:ALK) welcomes the latest broad results from the Boda porphyry gold-copper system within its Northern Molong Porphyry Project (NMPP) in Central West New South Wales.
The mineralised system continues to grow, with drilling to date defining numerous mineralised sub-vertical and northwest striking, intrusive related-hydrothermal breccias central to the Boda porphyry system.
Broad copper-gold intersections of up to 155 metres and 848 metres were returned from one deep diamond hole, 676 and 60 metres from another hole and 91 and 679 metres in another while high-grade intersections include:
- 1-metre at 9.38 g/t gold from 281 metres;
- 1-metre at 18.6 g/t gold and 1.70% copper from 627 metres;
- 6 metres at 5.24 g/t gold from 258 metres; and
- 2 metres at 4.94 g/t gold from 185 metres.
Assay results have been received for a further 19 core and RC drill holes testing the extensive gold-copper mineralisation at Boda, Boda Two, Boda Three and Kaiser within the NMPP.
These recent results are part of a nominal 50 x 100-metres drill hole grid sequence to calculate a maiden resource estimate for Boda in the March quarter of 2022.
Maiden resource estimate upcoming
Alkane managing director Nic Earner said “Our systematic evaluation of Boda continues to deliver results.
“The mineralised system is growing, as is our understanding of the nearby Duke and Kaiser deposits.
“We will continue to use these results to plan and deliver the forward drilling program, with further extensions expected.
“The information we are gathering is expected to put us in a position to declare a maiden resource estimate for Boda in the first quarter of 2022.”
Regional geology of the Northern Molong Porphyry Project
Boda system
The Boda gold-copper porphyry system is a series of near-vertical, northwest striking, intrusive related breccias hosted within a thick sequence of shallowly east-dipping andesite lavas.
Recent drilling has indicated that the northeast shoulder of the Boda gold-copper mineralisation has a shallow blanket of epithermal gold mineralisation associated with colloform quartz-carbonate veining and abundant pyrite which often hosts high-grade mineralisation.
Drilling continues to focus on testing the northwest-trending mineralisation at Boda with 50-metre spaced southwest orientated drilling traverses with nominal 100-metre spaced drill holes.
Drill hole assays for three RC drill holes and four-diamond core drill holes for a total of 5,322 metres were received with intersections including:
- 848 metres grading 0.29 g/t gold, 0.17% copper from 337 metres;
- 676 metres grading 0.39 g/t gold, 0.16% copper from 116 metres; and
- 679 metres grading 0.30 g/t gold, 0.15% copper from 161 metres.
Mineralisation at Boda Prospect
Kaiser Prospect
The historic Kaiser copper workings are on a northwest-trending swarm of monzonite dykes within mafic to andesitic volcanics.
The Duke and Kaiser zones show many similarities to the Boda prospect including alteration assemblages and zonation with a northwest trend to the hydrothermal system
Recent drilling targeting the Duke Zone comprised three diamond core drill holes and one RC hole for a total of 3,425 metres with best results of:
- 250.2 metres at 0.18 g/t gold and 0.11% copper from 575.8 metres;
- 201 metres at 0.25 g/t gold and 0.16% copper from 796 metres; and
- 174 metres at 0.12 g/t gold and 0.13% copper from 557 metres.
Boda Two and Boda Three
Boda Two and Boda Three prospects are defined by coincident high magnetic and gold-copper soil anomalies combined for an estimated 1,100 x 500-metre footprint.
Drilling continues to test the interpreted north-south striking mineralisation at Boda Two and Boda Three with 100-metre spaced west orientated drilling traverses with wide drill hole spacing ranging between 150-300 metres.
Assay results were received for five RC drill holes and one diamond core drill hole for a total of 2,953 metres with results from one diamond core hole and one RC hole at Boda Three including:
- 159 metres at 0.11 g/t gold and 0.10% copper from 0 metres;
- 185 metres at 0.13 g/t gold and 0.20% copper from 100 metres; and
- 146 metres at 0.10 g/t gold and 0.10% copper from 185 metres.
Forward plan
There is currently very limited drilling between Boda and Kaiser prospects of about 800 metres and drilling is underway to test this corridor.
The substantial exploration program in progress is designed to define a maiden resource at Boda, as well as to continue to define the extensive low-grade mineralised envelopes at Boda Two, Boda Three and Kaiser-Duke prospects as well as delineate any internal high-grade zones.
Additionally, the drilling will continue to work up other targets to contribute to the geological and structural understanding of the 15-kilometre intrusive corridor that extends from Boda Three to Finns Crossing.