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Alkane Resources shares run higher on discovery of possible porphyry

Shares hit a high of 48.5 cents this morning, which is up 26% on Friday’s close.

Alkane Resources Ltd - Alkane Resources shares run higher on discovery of possible porphyry
Newcrest’s Cadia Valley porphyry mine is located 110 kilometres to the south

Alkane Resources Ltd (ASX:ALK) has drilled out significant porphyry-style gold-copper mineralisation at the Boda Prospect within the Northern Molong Porphyry Project in New South Wales.

The single diamond drill hole KSDD003 intersected 502 metres at 0.48 g/t gold and 0.20% copper from 211 metres.

Higher grade sections of the hit include 313 metres at 0.62 g/t gold and 0.17% copper, 12 metres at 3.28 g/t gold and 0.67% copper and 35.8 metres at 0.21 g/t gold and 0.49% copper.

The assay results indicate an increase in thickness and grade of porphyry gold-copper mineralisation at depth.

Follow-up drilling being prioritised

Alkane’s managing director Nic Earner said: “These drill results suggest a significant and exciting discovery in a region that has a history of delivering large, low-grade and long-life gold-copper mines.

“The project area has already delivered some strong indications of a big porphyry system near surface at Kaiser and, along with the results from this diamond drill hole at Boda, we can see clear evidence of Cadia-style mineralisation and grade over hundreds of metres.

“Alkane is immediately prioritizing follow up drilling, seeking to determine the scale of this highly encouraging discovery.”

Corridor with four complexes

The 110 square kilometre Northern Molong Porphyry Project (NMPP) incorporates three exploration licences; Bodangora, Kaiser, and Finns Crossing.

Five discrete magnetic/intrusive complexes have been identified to date – Kaiser, Boda, Comobella, Driell Creek and Finns Crossing, all within a15 kilometres trending corridor.

Recent drilling targeted areas adjacent to four of these complexes – Kaiser, Boda, Comobella and Finns Crossing (Murga Prospect).

Significant mineralisation was intersected at the Boda, Kaiser and Glen Hollow prospects.

Five RC holes at Kaiser intersected 40 metres at 1.30 g/t gold and 0.22% copper from surface and 32 metres at 0.53 g/t gold and 0.27% copper from 2 metres.

Two RC holes at Glen Hollow returned 42 metres at 0.27 g/t gold and 0.19% copper from 63 metres.

Quick facts: Alkane Resources Ltd

Price: 0.945 AUD

Market: ASX
Market Cap: $548.13 m

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