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Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential

A major RC and diamond core drilling program is planned to begin early next quarter to further test the high-grade core and larger resource potential at Boda.

Alkane Resources Ltd - Alkane Resources broad gold-copper hits provide further evidence of Boda porphyry potential
A 5-hole diamond program for 5,947 metres has been completed

Alkane Resources Limited’s (ASX:ALK) (OTCMKTS:ALKEF) results provide further evidence of the world-class nature of the Boda gold-copper discovery within the Northern Molong Porphyry Project (NMPP) in Central West NSW.

The final diamond core hole of the current drill program, KSDD009, intersected multiple broad zones of gold-copper mineralisation including 40 metres at 0.28 g/t gold and 0.18% copper from 94 metres and 152.1 metres at 0.18 g/t gold and 0.12% copper from 692 metres.

“Tier-one potential”

Managing director Nic Earner said: “These results further demonstrate the prospectivity of the Northern Molong Porphyry Project and the world-class nature of the Boda discovery.

“From what we have seen of the mineralisation to date, we believe Boda has genuine potential to be a large, tier-one gold-copper porphyry project.”

Modelling of the recent drilling indicates a +0.2 g/t gold equivalent sub-vertical zone of gold-copper mineralisation which Alkane describes as significant.

This zone is approximately 500 metres north-south in strike length, 400 metres wide and in excess of 1,100 metres vertically and within this is a +3.0 g/t gold equivalent high-grade pod around 150 metres long, 100 metres wide and more than 500 metres vertically.

Further drilling

Alkane is planning a major reverse circulation (RC) and diamond core drilling program to begin early next quarter to further test the resource potential at Boda.

This program will test the controls and dimensions to the high-grade pod and extensions to the large low-grade mineralised envelope.

It will also test other regional targets defined by a 3D-IP survey and existing Alkane data within the Kaiser-Boda corridor.

A number of other important targets located within the 15-kilometre monzonite intrusive corridor that extends from Boda to Finns Crossing may also be tested in this program.

Earner said: “We’ve initiated a substantial program to both increase the drilling density at Boda and adding to our knowledge of regional targets, including testing the Boda South and Kaiser prospects and Boda’s high-grade core.”

Broad results

The 152.1-metre intersection in hole KSDD009 also included 19.0 metres at 0.82 g/t gold and 0.25% copper from 692 metres.

Other results from this diamond hole, which was around 300 metres south of the Boda discovery hole, include:

  • 76.2 metres at 0.15 g/t gold and 0.15% copper from 237.8 metres;
  • 28 metres at 0.30 g/t and 0.13% from 418 metres;
  • 17 metres at 0.24 g/t 0.16% from 473 metres; and
  • 2 metres at 1.14 g/t and 0.18% copper from 677 metres.

The drilling program comprised five diamond core holes for a total of 5,947 metres targeting around the Boda discovery hole which returned 502 metres at 0.48 g/t gold and 0.20% copper from 211 metres.

Large-scale porphyry potential

NMPP incorporates four exploration licences - Bodangora, Boda South, Kaiser and Finns Crossing - covering 115 square kilometres of the northern Molong Volcanic Belt (MVB).

The MVB within the Eastern Lachlan Orogen is considered highly prospective for large-scale porphyry deposits, as evidenced by Newcrest Mining Limited’s (ASX:NCM) Cadia Valley porphyry district of more than 49 million ounces of gold 110 kilometres to the south.

Similar grade intercepts were recorded by Newcrest at the Cadia Valley Ridgeway deposit.

Quick facts: Alkane Resources Ltd

Price: 1.19 AUD

Market: ASX
Market Cap: $690.24 m

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