Alkane Resources Ltd

Alkane Resources eyes mine life extension with third new gold discovery at Tomingley

Drilling results have intersected significant gold mineralisation at the El Paso prospect.

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The El Paso discovery follows success at the nearby Roswell and San Antonio prospects

Alkane Resources Ltd (ASX:ALK) has made a third near-mine discovery at the El Paso prospect within its Tomingley Gold Operations (TGO) in New South Wales.

Reverse circulation (RC) drilling has intersected 12 metres at 4.99 g/t gold from 108 metres and 21 metres grading 2.38 g/t gold from 141 metres at El Paso.

The El Paso prospect is about 7 kilometres south of the TGO processing facility.

Notably, together with the Roswell and San Antonio prospects there is a cumulative strike length of 2,500 metres of gold mineralisation within 8 kilometres of TGO.

The opportunity for a material mine life extension of the TGO as a result of the regional drill programs continues to be realised.

READ: Alkane Resources posts strong gold production, increases guidance

Alkane’s managing director Nic Earner said: “The third new discovery by Alkane only 7 kilometres from the Tomingley Gold Operations processing plant is great news.

“Together with the Roswell and San Antonio prospects we now have over 2,500 metres strike length that is still open to the south towards Peak Hill.

“We’re looking forward to announcing further drill results in the coming weeks, and confirming the potential for substantial mine life extension.”

Additional assays pending

Exploration drilling in the last 12 months has focussed on the Roswell, San Antonio and El Paso prospects which are all within 7 kilometres of the TGO processing facility.

Further drill results are anticipated in the coming weeks, which are expected to confirm the potential for substantial mine life extension.

Quick facts: Alkane Resources Ltd

Price: $0.69

Market: ASX
Market Cap: $349.21 m

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Alkane Resources set to add to golden bounty at Tomingley

Alkane Resources Ltd (ASX:ALK) managing director Nic Earner updates Proactive Investors on a significant near-mine exploration target defined at the Tomingley Gold Operations (TGO) in Central West NSW. This target is between 15.8 and 23.8 million tonnes at a grade ranging between 1.7 to...

on 11/7/19

2 min read