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Market: ASX
Sector: General Mining
Epic: .ALK
News: Latest news
Web Site: Alkane Resources Limited
Other Articles: 25-02-201002-02-201022-01-2010

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Alkane Resources Limited

Alkane Resources Limited

Alkane Resources (ASX: ALK) is a multi commodity mining and exploration company focused on the Central West of New South Wales, Australia.  The Company has built a gold resource inventory of over 1 million ounces and plans recommence operations in 2010 through a new development at Tomingley.  Alkane, in partnership with Newmont, has also made another significant gold discovery at McPhillamys near Orange.

The company has an advanced feasibility study in progress for the development of the Dubbo Zirconia Project which is based upon a very large in-ground resource of the metals zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.

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Friday, October 02, 2009

Alkane Resources finds gold mineralisation below pit base at Tomingley

by Proactive Investors company news image

Multi commodity explorer Alkane Resources (ASX: ALK) has been dealt an even better hand at Tomingley gold project in central New South Wales with results received from deep core drilling.

Although the share price did not move on the news, there are grounds for this to change.  Here's why.

A deep core hole drilled into the centre of the Caloma deposit, one of three deposits that make up Tomingley, has intersected economic gold mineralisation 180 metres below current planned pit base.

The Caloma hole, PEGT 007, was extended to 390 metres vertical depth to test for repeats of the mineralised system.

This drill hole at a interval of 5.2 metres graded 16.0g/t gold from 66.8 metres; also 12 metres grading 3.09g/t gold from 153 metres; including 4 metres grading 7.47g/t gold from 160 metres; also 16 metres grading 2.33g/t gold from 248 metres; including 9 metres grading 3.21g/t gold from 253 metres.

So drilling confirmed the stacked multiple mineralised lenses within the current pit shell, but also demonstrated continuation of the mineralising system to a depth of at least 360 metres, 180 metres below the planned pit floor.

Hence these intersections have significantly enhanced the potential for Alkane to increase the total resource of the Tomingley deposit and, ultimately develop an underground operation at Caloma at Tomingley.

As well as the currently defined deep mineralisation at Wyoming One.

Following the earlier RC drilling program at Caloma the measured resource has been upgraded to by 12% to 2.05 million tonnes grading 2.04 g/t gold.

Tellingly, the Tomingly project is located just 14 kilometres north of the Company’s Peak Hill Gold Mine. (Peak Hill is a former open cut goldmine and has a significant but moderately refractory sulphide goldcopper orebody below the oxide mine. It will be re-assessed following successful development at Tomingley).

Tomingly is subject to a definitive feasibility study which is expected to be completed in November 2009 with a formal go-ahead announcement to be made soon thereafter.

Tomingley Gold Project currently has an 840,000 ounce gold resource within the Wyoming and Caloma deposits, development potential is for 50,000 to 60,000 ounce per annum production. 

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