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Alkane Resources reveals more extensive porphyry copper-gold at Boda discovery

Diamond hole KSDD008 has returned a 965.7-metre intersection from 7.3 metres at 0.21 g/t gold and 0.11% copper.

Alkane Resources Ltd - Alkane Resources reveals more extensive porphyry copper-gold at Boda discovery
Broad, ore-grade mineralisation has been intersected in drilling

Alkane Resources Limited (ASX:ALK) (OTCMKTS:ALKEF) (FRA:AK7) has revealed further extensive porphyry copper-gold mineralisation at Boda discovery within the Northern Molong Porphyry Project (NMPP) in Central West NSW.

Another diamond hole, KSDD008, returned a 965.7-metre mineralised intersection from 7.3 metres that graded 0.21 g/t gold and 0.11% copper and included multiple internal mineralisation zones.

This hole is 100 metres south of a hole that returned 1,167 metres at 0.55 g/t gold and 0.25% copper from 75 metres and also south of the September 2019 discovery hole of 502 metres at 0.48 g/t gold and 0.20% copper from 211 metres.

“Broad, ore-grade mineralisation”

Alkane Resources’ (ASX:ALK) managing director Nic Earner said: “We’re delighted to confirm further extensive mineralisation at the Boda prospect.

"Our drilling to date demonstrates broad, ore-grade mineralisation over at least a 300 metres north-south by 400 metres wide zone with over 800 metres depth, with the mineralisation open along strike and at depth, and a significant higher-grade core with exceptional characteristics.”

Internal zones

Hole KSDD008 confirmed gold-copper mineralisation over a minimum 300-metre strike length at the Boda prospect.

Within the 965.7-metre intersection were:

  • 8 metres at 0.50 g/t gold and 0.37% copper from 194 metres;
  • 13.3 metres at 0.54 g/t gold and 0.29% copper from 243.7 metres;
  • 153 metres at 0.40 g/t gold and 0.13% copper from 480 metres, including 29 metres at 0.99 g/t gold and 0.22% copper from 548 metres; and
  • 122 metres at 0.24 g/t gold and 0.19% copper from 851 metres.

One hole pending

One remaining core hole, KSDD009, in the current program is positioned 100 metres further south and is awaiting assay results expected next month.

Earner said: “Alkane has one further hole to report from this program, we will then be consolidating results, together with our recently conducted IP survey, and determining the size and scale of our next drill program.”

Boda prospect is part of the NMPP which incorporates exploration licences covering an area of 115 square kilometres of the northern Molong Volcanic Belt (MVB).

In highly prospective region

The MVB is within the eastern Lachlan Orogen and is considered highly prospective for large-scale porphyry gold-copper deposits.

This is demonstrated by the world-class Cadia Valley porphyry district, 110 kilometres to the south and which is being mined by Newcrest Mining Limited (ASX:NCM).

NMPP incorporates four exploration licences - Bodangora, Boda South, Kaiser and Finns Crossing – with five discrete magnetic/intrusive complexes identified to date - Kaiser, Boda, Comobella, Driell Creek and Finns Crossing.

The drilling program comprised five diamond core holes for a total of 5,947 metres targeting along the western margin of the Boda Intrusive Complex (BIC).

Alkane has completed a 70-line kilometres IP survey over the 6-kilometre strike extensions of the BIC and data processing and interpretation is underway.

The NMPP is close to the regional centres of Dubbo and Orange, which together with Parkes and Wellington, service several major mines in the district including Alkane’s Tomingley Gold Operations.

The NMPP is also close to road, rail, power, gas and water infrastructure.

Quick facts: Alkane Resources Ltd

Price: 1.355 AUD

Market: ASX
Market Cap: $806.75 m

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