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Alkane Resources shares up 12% on back of thick high-grade gold hits at Roswell and San Antonio

The Roswell and San Antonio deposits are within the Tomingley Gold Operations where Alkane has been conducting an extensive regional exploration program.

Alkane Resources Ltd - Alkane Resources shares up as much as 11% following thick intersections at Roswell and San Antonio deposits
Alkane is preparing preliminary plans for open-cut and underground mines at Roswell and San Antonio deposits

Alkane Resources Ltd (ASX:ALK) has been more than 12% higher to $1.045 after intersecting thick high-grade gold mineralisation in infill drilling at Roswell and San Antonio deposits near the Tomingley Gold Operations (TGO) in Central West New South Wales.

Drilling, which continues with 44 holes completed for a total of 9,880 metres, has confirmed continuity to the defined inferred resources of 445,000 ounces at Roswell and 453,000 ounces at San Antonio.

Alkane is preparing preliminary plans for both open-cut and underground mines at Roswell and San Antonio, which are to the south of the current TGO.

These plans will enable finalisation of economic and environmental assessments to seek approvals to commence underground and open-cut mining.

The company has approval to develop an exploration drive from the Wyoming One deposit at TGO to Roswell.

Roswell intersections

Notable intersections at Roswell deposit include:

  • 69 metres at 9.12 g/t gold from 218 metres, including 6.7 metres at 28 g/t from 27.03 metres and 1-metre at 104 g/t from 274 metres;
  • 71 metres at 3.56 g/t from 111 metres, including 5 metres at 19.2 g/t from 118 metres;
  • 10 metres at 5.47 g/t from 215 metres; and
  • 72 metres at 1.27 g/t from 149 metres and 5 metres at 2.38 g/t from 229 metres.

San Antonio results

Best results at San Antonio deposit include:

  • 7 metres grading 7.67 from 186 metres and 2 metres at 10.9 g/t from 217 metres;
  • 5 metres at 2.99 g/t from 228 metres, including 1-metre at 10.4 g/t from 228 metres;
  • 24 metres grading 1.23 g/t from 27 metres, including 3 metres at 4.06 metres and 6 metres at 3.7 g/t from 102 metres; and
  • 48 metres at 1.48 g/t from 24 metres and 6 metres grading 2.02 metres from 114 metres.

Regional exploration also tested the El Paso South, Smiths and Jounama targets with 37 holes drilled for a total of 8,981 metres.

Quick facts: Alkane Resources Ltd

Price: 1.19 AUD

ASX:ALK
Market: ASX
Market Cap: $708.35 m
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