Alkane Resources Limited (ASX:ALK) director Anthony Dean Lethlean has demonstrated his confidence in the company’s multi-commodity strategy by acquiring shares on-market.
The acquisition of 80,000 shares valued at $16,800 has increased Lethlean’s total shareholding to 600,076 shares (indirect interest).
Alkane is leveraged to the new US defence law that prevents the purchase of rare earth magnets from prohibited countries, like China, Russia, North Korea and Iran.
US President Donald Trump has signed into law the John S McCain National Defense Authorization Act, which sets an increased budget for defence expenditure.
As a potential independent supply source of rare earths from its $1.3 billion Dubbo project in New South Wales, Alkane sees the new US act as increasing demand.
The company recently 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.
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.