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Alkane Resources shares rise as more drill results received from Roswell, JORC resource imminent

A maiden JORC resource for the Roswell prospect is expected to be released in January as drilling continues at San Antonio.

Alkane Resources Ltd - Alkane Resources receives more drill results from Roswell and San Antonio
To date, 34,193 metres have been drilled of the planned 60,000-metre program, shares are up 3.7% today

Alkane Resources Ltd (ASX:ALK) has received assays for a further 5,000 metres of drilling as part of its ongoing 60,000-metre program at the San Antonio and Roswell prospects within the Tomingley Gold Project in NSW.

Assay results are predominantly from the deep diamond core drilling for inclusion in the Roswell resource calculation.

Highlights include 84.0 metres at 4.06 g/t gold from 223 metres and 20 metres at 3.4 g/t gold from 347 metres.

Some holes such as RWD019 intersected multiple gold intersections.

Shares are up 3.7% today to 70 cents, more than triple where they were 12 months ago at around 20 cents.

Objective is to prove up ore feed

The goal of the exploration program is to drill out gold resources that can later be mined as extensions to the nearby Tomingley Gold Operations.

Those operations comprise an open pit mine with a 1 million tonnes per annum processing facility that is transitioning to underground through 2019.

A 60,000 metre resource definition drilling program was initiated in June 2019 at the Roswell and San Antonio prospects located to the immediate south of the gold operations.

Quick facts: Alkane Resources Ltd

Price: 1.04 AUD

Market: ASX
Market Cap: $603.23 m

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