Alkane Resources Ltd is trading higher on intersecting further broad mineralisation at Boda Prospect, a landmark porphyry gold-copper system within the Northern Molong Porphyry Project (NMPP) in Central West New South Wales.
Gold-copper mineralisation is now outlined over a three kilometres strike length from Boda Three to Kaiser with mineralised intersections of 906.7 metres and 927 metres.
Drilling is testing Boda Two, Boda Three, the area between Boda and Kaiser (Korridor Prospect) and other regional targets within the NMPP.
The company believes the Northern Molong Project has the potential to be a large, tier-one gold-copper project.
More broad intersections
BOD059 returned 906.7 metres grading 0.45 g/t gold and 0.18% copper from 309 metres, including 219 metres at 0.28 g/t gold from 309 metres.
Within this broad intersection was 115 metres at 1.98 g/t gold and 0.53% copper from 864 metres, including 2.8 metres at 13.0 g/t gold and 1.59% copper from 901.5 metres and 6 metres at 11.2 g/t gold and 1.81% copper from 968 metres.
Hole KSDD043 returned 927 metres grading 0.31 g/t gold and 0.16% copper from 159 metres, including 157 metres at 0.31 g/t gold from 159 metres.
Within this was 12 metres at 3.01 g/t gold and 0.65% copper from 732 metres, 38 metres at 0.60 g/t gold and 0.79% copper from 875 metres and 9 metres at 1.04 g/t gold and 1.40% copper from 839 metres.
Further details of the significant results can be found here.
The results have seen Alkane shares up as much as 21.8% to A$0.95 while the company's market cap is approximately A$553.9 million.
Initial resource model
Alkane managing director Nic Earner said: “These drill results show the extension of the high-grade system to the northwest of Boda.
“With the gold-copper mineralisation at Korridor appearing to connect Kaiser to Boda, we’re looking at a system over 3 kilometres in length.
“We look forward to bringing shareholders more results as well as our initial resource model in the coming quarter.”
Drilling at Boda is on a nominal 50 metres by 100 metres drill hole grid sequence for the purpose of calculating a maiden resource estimation for Boda in the first quarter of 2022.
Boda Prospect
Drilling continues to focus on testing the northwest-trending mineralisation at Boda with 50 metres spaced southwest orientated drilling traverses with nominal 100 metres spaced drill holes.
The current program continues to improve confidence for a maiden resource estimation and the drill hole grid sequence is extended by a further two drill traverses to the northwest.
Korridor Prospect
The mineralisation at Korridor connects the gold-copper mineralisation mapped at Kaiser to the Boda Prospect, demonstrating the 15 kilometres northwest structural corridor as a fertile transverse zone for porphyry mineralisation emplacement.
BOD065 and BOD066 both ended in mineralisation and extending these holes with a diamond core tail is in progress. Assay results are expected in February 2022.
The remaining two RC drill holes planned are northwest and along strike of BOD065 and BOD066 and remain scheduled for completion in January 2022.
Electrical geophysics (IP) and magnetotellurics (MT) are planned over the area northwest of Kaiser within a five kilometres section of the northwest structural corridor that includes the Driell Creek Magnetic Complex for the purpose of delineating further mineralising intrusive centres.
The surveying is expected to be completed by the first quarter of 2022.
Boda Two and Boda Three prospects
The initial phase of widely spaced drilling is near completion and shows many encouraging similarities to Boda, including the existence of low-grade gold-copper mineralised breccias that may zone to high grading zones as defined at Boda.
These breccias will be targeted with a second phase of drilling in the second half of 2022.
Planned exploration programs
The Kaiser Prospect and its Duke Zone is estimated from drilling to be around 250 metres wide and striking over 800 metres.
Alkane is planning 13,000 metres of RC drilling in January 2022 to estimate a shallow resource at Kaiser.
Other exploration is focused on delineating additional intrusive and mineralising centres within the 15 kilometres long northwest corridor from Boda Three to Finns Crossing.
Regional work includes IP, MT and district-scale soil sampling surveys are being initiated for early 2022.
The results from the trial downhole EM at Boda, although weak in response, were encouraging and further trialling is planned for the first quarter of 2022.