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Alkane Resources in trading halt with exploration results pending

The halt will remain in place until Tuesday, September 10 or when an announcement is released to the market.

Alkane Resources Ltd - Alkane Resources in trading halt with exploration results pending
The company is drilling regional targets near its Tomingley Gold Operations

Alkane Resources Limited (ASX:ALK) has been granted a trading halt by the ASX with the release of exploration results pending.

In an application seeking the halt, the company described the imminent results as being “significant”.

The trading halt will remain until the start of normal ASX trading on Tuesday, September 10, 2019, or when the announcement is released to the market, whichever occurs earliest.

Alkane’s securities last traded at 38.5 cents after reaching a new 12-month high of 47.5 cents in late June.

60,000-metre drill program

The company is undertaking a 60,000-metre resource definition drill program in the area near its Tomingley Gold Project in Central West New South Wales.

This program is targeting an exploration target of 15.8 to 23.8 million tonnes at a grade ranging between 1.7 to 2.2 g/t gold at the Roswell, San Antonio and El Paso prospects.

These three primary prospects have over 2,500 metres of combined strike length and are within 8 kilometres of the Tomingley Gold Operations (TGO) 1-million-tonnes per annum processing facility and underground mine.

Results returned to date from San Antonio include 36 metres at 5.09 g/t gold from 30 metres, 39 metres at 3.59 g/t from 75 metres and 9.7 metres at 8.01 g/t from 215.3 metres.

Alkane also has the Dubbo Rare Earths Project in the wider region.

Quick facts: Alkane Resources Ltd

Price: 0.59 AUD

ASX:ALK
Market: ASX
Market Cap: $298.6 m
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