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Alkane Resources’ gold drilling results confirm near-mine potential at Tomingley

Exploration program has focused on the resource potential of the immediate mine area.
Tomingley Gold Operations
Tomingley Gold Operations

Alkane Resources Limited’s (ASX:ALK) recent drilling has intersected high-grade gold intercepts at the Roswell Prospect, part of its Tomingley Gold Operations (TGO) in New South Wales.

Highlight results include 16 metres grading 1.90 g/t gold from 76 metres containing 7 metres grading 3.43 g/t gold from 78 metres.

In parallel with the planned underground development at TGO, a substantial exploration program has focused on the resource potential of the immediate mine area.

Drilling to follow up promising targets

Assay results have been received from 2,514 metres of reverse circulation drilling at the Roswell, Myalls United and Glen Isla prospects.

In addition to Roswell, the drilling intersected encouraging broad, low-grade gold zones at the Glen Isla epithermal gold prospect, 6 kilometres east of TGO.

A 13,000-metre evaluation air core drilling program has commenced in the Tomingley to Peak Hill prospective corridor.

Reverse circulation drilling will follow up the more promising targets.

Rising demand for rare earths and zirconium

Alkane is also progressing the construction-ready Dubbo zirconium, niobium, hafnium and rare earths project in New South Wales.

A recent review of the Dubbo Project estimated a pre-tax net present value (NPV) of $909 million to $1.297 billion.

Alkane’s Dubbo Project is well positioned globally, at a time of rising demand for rare earths and zirconium.

The company is now looking for offtake agreements and finance partners to kick start production.

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