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 Ltd Timeline

Related Articles

Massive sulphides at TopTung’s new Alotta Nickel-Sulphide Project in Quebec, Canada
November 01 2018
The company’s shareholders have approved an acquisition as it advances a new corporate strategy.
North Carolina sign
February 08 2019
Piedmont Lithium has been buying up land in North Carolina to extend the size of the Piedmont project.
Landscape in Peru
January 25 2019
Ayawilca is a 150 sq km area 200 km northeast of Lima in the zinc-lead-silver belt of central Peru. Tinka owns 100% of the concessions

© Proactive Investors 2019

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