The purchase comprised two million shares and was executed last Tuesday 10 September 2019.
The large share purchase increases Gandel’s holding in the company to 113.2 million shares.
Shares have nearly tripled this year
Alkane shares closed at 59.5 cents on Friday, which is nearly triple where they started 2019 at around 20 cents.
The company produces gold from its Tomingley Gold Operations (TGO) in New South Wales and has had recent exploration success within the Tomingley Project.
Most recently, Alkane 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.
The assay results indicate an increase in thickness and grade of porphyry gold-copper mineralisation at depth and follow-up drilling is being prioritised.
Alkane also owns the construction-ready Dubbo Project in NSW
The Dubbo Project is a large in-ground resource of zirconium, hafnium, niobium, yttrium and rare earth elements.
It is the most advanced poly-metallic project of its kind outside China, making it a potential strategic and independent supply of critical minerals for a range of sustainable technologies and future industries.
It has a potential mine life of 70+ years.