logo-loader

Alkane Resources confirms depth potential at Tomingley Gold Operations

Published: 11:08 11 Dec 2017 AEDT

Tomingley Gold Project
Gold systems continue 300 metres below the planned base of Wyoming One open pit

Alkane Resources Limited (ASX:ALK) has confirmed that mineralisation continues below the Wyoming One open pit at the Tomingley Gold Operations (TGO) in New South Wales.

Diamond drilling has proved that gold systems continue 300 metres below the planned base of the existing pit.

The results add strength to the company’s plans to mine underground at TGO.

They will be incorporated into a resource model which will form the basis of an underground mining study scheduled for completion during the first quarter of 2018.

READ: Alkane Resources drill results may extend open pit to underground

Results are from the final eight diamond core drill holes of a 23-hole program for 11,011 metres.

The program targeted the Hangingwall and Porphyry zones below Wyoming One open pit.

Best result was 5.14 metres at 8.85 g/t gold from 364.5 metres including 2 metres at 21.1 g/t.

Other results were 17.45 metres at 2.5 g/t from 309.1 metres including 7.35 metres at 4.85 g/t, and 18.42 metres at 2.43 g/t.

Mineralisation remains open to the south

Mineralisation at these zones has a strike length of more than 300 metres and is open to the south.

TGO is based on four gold deposits - Wyoming One, Wyoming Three, Caloma and Caloma Two - 50 kilometres southwest of Dubbo in Central West New South Wales.

TGO performs strongly

During the September quarter, the TGO performed strongly producing 24,122 ounces at an all-in sustaining cash cost of A$982 per ounce.

Guidance for the financial year ending 30 June 2018 remains at 65,000 to 70,000 ounces of gold at an AISC of A$1,100-1,200 per ounce.

As at 30 June 2017, the total mineral resource was 9.23 million tonnes grading 1.7 g/t gold for 508,000 ounces and the total ore reserve was 2.68 million tonnes grading 1.9 g/t gold for 166,000 ounces.

READ: Alkane Resources doubles Proved Ore Reserves of Dubbo Project

The company also has the nearby Dubbo Project which hosts zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.

The mineral resource for this project is 75.18 million tonnes at 1.89% zirconium oxide, 0.04% hafnium oxide, 0.44% neodymium oxide, 0.03% tantalum oxide and 0.88% total rare earth oxides including yttrium.

The ore reserve is 18.90 million tonnes at 1.85% zirconium oxide, 0.04% hafnium oxide, 0.44% neodymium oxide, 0.03% tantalum oxide and 0.87% total rare earth oxides including yttrium.

Alkane Resources nears Kaiser resource upgrade with record gold hits

On the brink of significantly upgrading the mineral resource estimate for its Kaiser deposit in the Northern Molong Porphyry Project in New South Wales, Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) (Alkane Resources Ltd (ASX:ALK, OTC:ALKEF)) managing director Nic Earner takes Proactive’s Jonathan...

1 week, 3 days ago