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Alkane Resources lifts Roswell gold resource 50% to 660,000 ounces ahead of San Antonio resource update next month

Drilling is continuing in the prospective corridor south of Roswell and an updated mineral resource for the neighbouring San Antonio deposit is anticipated next month.

Alkane Resources Ltd -
A resource definition drilling program at the Roswell and San Antonio prospects is ongoing

Alkane Resources Ltd (ASX:ALK) has further enhanced the future gold potential of the Tomingley Gold Project (TGP) in Central West NSW with a 50% increase in the resource estimate of the regional Roswell deposit to 660,000 ounces.

Roswell, which is south of the TGP operations, now has an indicated and inferred resource of 10 million tonnes grading 2.04 g/t gold with the upgrade from the previous 445,000-ounce inferred resource following an additional 29,000 metres of drilling.

Drilling is continuing in the prospective corridor to the south of Roswell and an updated mineral resource for the neighbouring San Antonio deposit is anticipated in December 2020.

San Antonio currently hosts an inferred resource of 7.92 million tonnes at 1.78 g/t for 453,000 ounces.

With the Roswell resource remaining open for extensions, the resource will be subject to further infill and extensional drilling with a view to define the continuity of the mineralisation to the north and high-grade zones at depth.

“Most attractive zone”

Managing director Nic Earner said: “The Roswell resource represents the most attractive zone of broad mineralisation identified so far in the Tomingley region.

“This deposit, together with San Antonio, and good reserve replacement at Tomingley underground, is showing a clear pathway to achieving a further 10-plus year mine life for Tomingley.

“Now that resource drilling is complete at Roswell and nearing completion at San Antonio, consultation, permitting and licensing to facilitate mining is being expedited with the relevant stakeholders and NSW Government departments.”

Regional program

The resource definition drilling program at Roswell and San Antonio deposits is ongoing as part of an extensive regional exploration program aimed at providing future additional ore feed, either at surface or underground for Alkane’s Tomingley Gold Operations (TGO).

An underground exploration drive from Tomingley Gold Operations to the Roswell Deposit is under development and land acquisitions have taken place with planning underway to facilitate rapid mine development on approval.

Strong development pathway

The company’s gold production is from the TGO, where it has been operating since 2014 and is currently expediting a development pathway to extend the mine’s underground and open pit potential.

Alkane’s exploration success includes the landmark porphyry gold-copper mineralisation discovery at Boda, to the north of TGO, in 2019.

With a major drill program ongoing at Boda throughout 2020, Alkane is confident of further consolidating the wider region's reputation as a significant gold producer.

Alkane’s gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies, including 19.9% of Genesis Minerals (ASX:GMD) and 12.7% of Calidus Resources (ASX: CAI). 

Quick facts: Alkane Resources Ltd

Price: 0.87 AUD

ASX:ALK
Market: ASX
Market Cap: $517.99 m
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Alkane Resources Ltd's (ASX:ALK) Nic Earner updates Proactive's Andrew Scott on infill drill results at San Antonio within the Tomingley Gold project. Among the highlights was 52 metres at 6.37g/t. Assays have been received from 51 drill holes for a total of 10,600 metres of infill drilling with...

on 17/12/20

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