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Alkane Resources reveals Molong Porphyry draws comparisons to Ridgeway deposit

Alkane was also added to the All Ordinaries Index in the March 2017 re-balance.

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The project is located near to world class porphyries

Alkane Resources (ASX:ALK) has received assays from its 13 hole drill program at the Northern Molong Porphyry Project located in New South Wales.

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

Results include:

- 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.


Analysis

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.   

The low grade gold and copper mineralisation, ranks on a par with early drilling by Newcrest Mining (ASX:NCM) on its way to discovering the world class Ridgeway deposit.

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.

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Full interview: Alkane Resources hits almost 700 metres of mineralisation in...

Alkane Resources Ltd (ASX:ALK) managing director Nic Earner updates Proactive on follow-up drill results from the Boda prospect within the wider Northern Molong Porphyry Project (NMPP) near Orange in New South Wales. The drilling is part of a 5,000-metre diamond core drilling exploration...

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