Sign up Australia
Proactive Investors - Run By Investors For Investors

Alkane Resources director shows faith in multi-commodity strategy with on-market share purchase

The company’s Dubbo project is construction-ready and represents a source of rare earths and zirconium.
Tomingley Gold Project pit
Tomingley Gold Project pit

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.

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

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.

View full ALK profile View Profile

Alkane Resources Limited Timeline

Related Articles

Witwatersrand Basin Project
November 12 2018
The company is advancing its Witwatersrand Basin Project in South Africa and the Mt Cecelia Project in WA's Pilbara region.
maps of the Torrens Copper Project in South Australia
March 20 2018
The company's shares have increased six-fold from their low of 0.6 cents in 2017.
coffee beans
April 26 2018
The company’s focus is the Arapua fertiliser project, located about 400km south-east of Brasilia in the State of Minas Gerais, a major agro-industrial centre.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use