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Alkane Resources Ltd

Alkane Resources drills gold at resource expansion target area

The Roswell, San Antonio and El Paso target area has potential to provide valuable gold resources to increase the mine life of Tomingley.

Alkane Resources Ltd - Alkane Resources drills gold at resource expansion target area
Assays for the initial 5,000 metres of the 60,000-metre drilling program have been received

Alkane Resources Ltd (ASX:ALK) has received the first batch of assays from its 60,000-metre resource definition drill program at its Tomingley Gold Project in New South Wales.

Results from San Antonio prospect showed significant gold intersection including 36 metres at 5.09 g/t gold from 30 metres.

The drilling program is targeting a recently defined Exploration Target of 15.8 to 23.8 million tonnes at a grade ranging between 1.7 to 2.2 g/t gold at Roswell, San Antonio and El Paso.

The three primary prospects have over 2,500 metres of combined strike length located within 8 kilometres of the existing Tomingley Gold Operations (TGO) one million tonne per annum processing facility and underground mine.

Targeting a JORC resource at Roswell and San Antonio

The 60,000-metre resource definition drilling program was initiated in June 2019 and seeks to define a JORC resource at Roswell and San Antonio.

Drilling is being done on a 40x40 metre grid down to 200 metres vertical depth.

Highlights from San Antonio include 36 metres at 5.09 g/t gold from 30 metres, 39 metres at 3.59 g/t gold from 75 metres, 9.7 metres at 8.01 g/t from 215.3 metres.

The San Antonio prospect remains open to the south with significant gold intercepts from the southernmost RC drilling traverse.

Proactive caught up with the company in July 2019 for an update on its near-mine exploration strategy.

Quick facts: Alkane Resources Ltd

Price: $0.78

Market: ASX
Market Cap: $394.76 m
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