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Alkane Resources intersects additional broad high-grade gold up to 139.5 g/t at Tomingley in NSW

Following the initial 60,000-metre resource drilling program initialled in June 2019, the company has now completed 28,868 metres with the latest assays comprising 10,000 metres of drilling.

Alkane Resources Ltd - Alkane Resources intersects additional broad high-grade gold up to 139.5 g/t at Tomingley in NSW
The company’s Tomingley Gold Operations has an open pit mine and a processing facility

Alkane Resources Ltd (ASX:ALK) has received assays for a further 10,000 metres of the 60,000-metre resource definition drilling program at the San Antonio and Roswell prospects to the south of its Tomingley Gold Operations (TGO) in New South Wales.

A total of 28,868 metres has been drilled to date in order to define an initial inferred resource at the Roswell and San Antonio prospects.

The drilling program is part of an extensive regional exploration program designed to provide additional ore feed either at surface or underground to TGO.

Assays received so far have demonstrated the potential for a material project life extension and show that a return to open-pit mining or underground extension is possible with appropriate resource confirmation, landholder agreement and regulatory approvals. 

Results

The latest notable intersections at Roswell include:

  • 3 metres at 3.31 g/t gold from 120 metres and 30 metres at 3.45 g/t from 180 metres, including 3 metres at 28.3 g/t from 183 metres; and
  • 10 metres at 32.1 g/t from 199 metres, including 2 metres at 139.5 g/t from 199 metres.

First phase drilling at Roswell is now complete with samples being prepared and assayed to form part of an initial resource which is expected in December.

San Antonio assays include:

  • 9 metres at 4.06 g/t from 42 metres and 6 metres at 3.18 g/t from 66 metres, including 3 metres at 5.98 g/t from 66 metres;
  • 28 metres at 2.94 g/t from 215 metres, including 3 metres at 9.65 g/t from 222 metres and 2 metres at 10.51 g/t from 231 metres.

Difficult drilling conditions in the southern portion of the San Antonio prospect has caused early abandonment of some drill holes which means the initial inferred resource is now expected in February.

Drilling continues in other areas while the company awaits the arrival of the collaring and casing tool, including some of the 20 metre infill lines that were scheduled for later in the program.

Quick facts: Alkane Resources Ltd

Price: 1.075 AUD

ASX:ALK
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Market Cap: $639.89 m
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