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Alkane Resources continues drilling at Tomingley to define additional gold resources

Aim is to define additional resources that have the potential to be mined and fed to the Tomingley gold operations.

Tomingley open pit mine
Tomingley open pit mine

Alkane Resources Ltd (ASX:ALK) is drilling at its Tomingley Gold Project (TGP) in New South Wales to further understand the potential for gold resources at the Roswell, San Antonio and El Paso prospects.

The TGP contains Alkane’s currently operating Tomingley Gold Operations (TGO), an open pit mine with a 1 million tonnes per annum processing facility that is transitioning to underground through 2019.

Over the last year, and continuing, Alkane has conducted an extensive regional exploration program with the objective of defining additional resources that have the potential to be mined either via open-pit or underground operations and fed to TGO.

READ: Alkane Resources lifts stake in gold explorer Calidus Resources to 10.19%

Alkane’s recent reverse circulation (RC) drilling results confirmed multiple high-grade gold lodes at Roswell Prospect 3 kilometres south of the TGO mine with intercepts of:

• 39 metres grading 4.49 g/t gold from 123 metres including 9 metres grading 8.43 g/t gold from 123 metres;
• 6 metres grading 4.70 g/t gold from 189 metres; and
• 21 metres grading 2.46 g/t gold from 207 metres.

Notably, significant gold mineralisation was confirmed at Roswell over a strike length of 350 metres.

Alkane’s 11,500 metre regional RC drilling program is continuing, testing the gold resource potential of the Roswell, San Antonio and El Paso prospects.

Core drilling is also underway at Peak Hill to provide metallurgical samples within the recently revised resource.

READ: Alkane Resources reveals gold resource at Peak Hill mine near Tomingley Gold Operations

The 108,000 gold ounces resource at Peak Hill has been estimated only for the main mineralised domain which extends to a maximum depth of 200 metres below the base of the Proprietary pit.

It is worth noting that there is scope to expand the resource at depth and in the satellite deposits within an extensive alteration zone.

Quick facts: Alkane Resources Ltd

Price: 0.93 AUD

Market: ASX
Market Cap: $539.43 m

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