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Alkane Resources hits more broad, high-grade gold at Roswell and San Antonio

Recent drilling has been infilling the defined inferred resources of 445,000 ounces at Roswell and 453,000 ounces at San Antonio.

Alkane Resources Ltd - Alkane Resources hits more broad, high-grade gold at Roswell and San Antonio
The two deposits are south of the Tomingley Gold Operations

Alkane Resources Limited (ASX:ALK) (OTCMKTS:ALKEF) is set to upgrade gold resources at two deposits south of its Tomingley Gold Operations in NSW with results of up to 102 metres at 4.07 g/t and 62 metres at 4.01 g/t.

The latest results are from drilling to infill inferred resources at the Roswell and San Antonio deposits with 62 holes drilled for a total of 15,200 metres.

Resource update this year

This drilling, which is nearing completion at Roswell, has confirmed continuity to the defined resources.

Roswell has an inferred resource to date of 7.02 million tonnes at 1.97 g/t for 445,000 ounces and San Antonio’s inferred resource stands at 7.92 million tonnes at 1.78 g/t for 453,000 ounces.

Alkane expects to release an updated resource calculation for Roswell along with preliminary mine plans for both deposits in the December quarter of 2020.

Roswell results

Along with the 102-metre intersection from 283 metres, which included 1-metre from 304 metres at 57.8 g/t, other strong Roswell results are:

  • 22 metres at 5.41 g/t from 208 metres, including 2 metres at 19.8 g/t from 226 metres;
  • 10 metres at 2.15 g/t from 258 metres and 30 metres grading 1.60 g/t from 276 metres;
  • 5 metres at 2.02 g/t from 191 metres, 34 metres at 3.78 g/t from 259 metres, including 2 metres at 23.5 g/t from 259 metres, and 50 metres at 2.63 g/t from 339 metres;
  • 11 metres at 3.50 g/t from 228 metres, 7 metres at 2.34 g/t from 266 metres, and 18 metres at 8.46 g/t from 311 metres, including 5 metres at 23.7 g/t from 322 metres;
  • 5 metres at 5.88 g/t from 266 metres and 50 metres at 2.84 g/t from 306 metres; and
  • 28 metres at 3.15 g/t from 288 metres.

San Antonio results

As well as the 62-metre intersection from 168 metres at San Antonio, other results from this deposit are:

  • 41 metres at 2.51 g/t from 57 metres;
  • 3 metres at 3.98 g/t from 66 metres, 15 metres at 3.15 g/t from 90 metres, and 12 metres at 8.38 g/t from 126 metres, including 2 metres at 23.6 g/t from 131 metres;
  • 39 metres at 2.05 g/t from 165 metres, including 6 metres at 9.19 g/t from 195 metres;
  • 24 metres at 5.10 g/t from 234 metres, including 6 metres at 17.2 g/t from 237 metres;
  • 20 metres at 5.84 g/t from 144 metres, including 1-metre at 80.0 g/t from 162 metres, 8 metres at 5.53 g/t from 226 metres, and 9 metres at 2.68 g/t from 240 metres;
  • 40 metres at 1.52 g/t from 45 metres;
  • 55 metres at 4.63 g/t from 54 metres and 20 metres at 0.98 g/t from 115 metres;
  • 15 metres at 2.07 g/t from 60 metres, 3 metres at 3.28 g/t from 112 metres, and 29 metres at 2.01 g/t from 123 metres; and
  • 9 metres at 1.07 g/t from 60 metres, 15 metres at 4.57 g/t from 145 metres, and 13 metres at 1.87 g/t from 197 metres.

Shares have been up to 4.3% higher in early trade to $1.23.

Infilling resources

Recent drilling has been infilling the defined inferred resources at a nominal 20-metre line spacing to facilitate definition to indicated and measured resources and assist with the development of mining operations.

Several RC holes that had previously not completed to target depth were extended by diamond core drilling. 

The Tomingley Gold Project (TGP) covers about 440 square kilometres in Central West NSW stretching 60 kilometres north-south along the Newell Highway from Tomingley in the north, through Peak Hill and almost to Parkes in the south.

The TGP contains Alkane’s currently operating Tomingley Gold Operations (TGO), an open pit mine and underground operation with a 1 million tonnes per annum processing facility.

Over the last two years, Alkane has conducted an extensive regional exploration program which led to the definition of resources at the Roswell and San Antonio prospects.

Alkane has approval to develop an exploration drive from the Wyoming One deposit to Roswell and is preparing preliminary plans for open cut and underground mines beneath Roswell and San Antonio.

Quick facts: Alkane Resources Ltd

Price: 1.16 AUD

Market: ASX
Market Cap: $693.46 m

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