The 3,400 metres of reverse circulation drilling tested four targets and included intercepts of 43 metres at 0.47 g/t gold and 0.31% copper.
At the Boda target, results have indicated a significant increase in grade to the south and at depth, confirming the extensive gold and copper mineralisation.
Previous drilling had indicated widespread and extensive alteration of the monzonite intrusives and host rocks, with significant gold and copper mineralisation near all the intrusive complexes.
The monzonite intrusive complexes are similar to those hosting the major gold and copper deposits in the nearby world renowned Cadia Valley.
Drill results details
The reverse circulation drilling program of 13 holes totalling 3,400 metres tested four target areas - Driell Creek, Boda, Kaiser and Windora within the Northern Molong Porphyry Project
- 130 metres at 0.23 g/t gold and 0.18% copper from 92 metres, including 43 metres at 0.47g/t gold and 0.31% copper; and
- 290 metres at 0.17g/t gold and 0.09% copper from 0 metres, including 10 metres at 0.90g/t gold and 0.11% copper from 269 metres.
Drilling completed in April 2016 intersected broad zones of low grade mineralisation hosted by strongly altered volcanics and monzodioritic intrusive with results of 311 metres at 0.28 g/t gold and 0.06% copper from 19 metres.
The recent follow‐up drilling, 300 metres to the south, has confirmed the prospectivity of the Boda target with broad zones of low grade gold and copper mineralisation again intersected on the western shoulder of the Boda magnetic complex.
Of particular interest is the significant increase in copper values in these recent drill holes and the presence of higher grade gold zones.
The recent drilling and the results from the extended induced polarisation survey continue to confirm the project area as a prime target for large tonnage copper-gold alkalic porphyry mineralisation.
Alteration systems with characteristics of alkalic porphyry systems have been identified at all five intrusive complexes within the project area.
Early Ridgeway intercepts such as 102 metres at 0.13 g/t gold and 0.40% copper were encountered just 200 metres from the core of the system that yielded 296 metres at 4.41 g/t gold and 1.02% copper.
This low grade mineralisation encountered by Alkane has now been identified over a strike length of up to 1,600 metres along the margins of Kaiser, Duke and Boda.
Alkane was also added to the All Ordinaries Index in the March 2017 re-balance.