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Alkane Resources completes resource drilling at San Antonio deposit with updated resource estimate expected shortly

Once the Indicated Resource for San Antonio has been calculated, the company expects to release mine plans for the deposit which will allow an economic assessment to be prepared.

Alkane Resources Ltd - Alkane Resources completes resource drilling at San Antonio deposit with updated resource estimate expected shortly
The updated resource estimate is anticipated within the next two weeks.

Alkane Resources Limited (ASX:ALK) (OTCMKTS:ALKEF) (FRA:AK7) has completed infill drilling of the San Antonio deposit resource at its Tomingley Gold Project in New South Wales.

The drilling comprised 167 holes for a total of 37,000 metres and final assay results have been received, with notable intercepts including:

  • 17.4 metres at 1.75 g/t gold from 194.6 metres, including 5.2 metres at 4.28 g/t from 201.8 metres;
  • 10.0 metres at 6.68 g/t from 74 metres, including 3.0 metres at 17.1 g/t from 75 metres;
  • 11.0 metres at 6.73 g/t from 187 metres, and 5.0 metres at 2.60 g/t from 211 metres, and 6.0 metres at 2.34 g/t from 251 metres;
  • 3.0 metres at 2.54 g/t from 126 metres, and 31.0 metres at 2.76 g/t from 134 metres, including 2.0 metres at 6.56 g/t from 134 metres, also 10.0 metres at 5.16 g/t from 143 metres; and
  • 7.7 metres at 1.89 g/t from 302.8 metres, including 3.2 metres at 3.81 g/t from 302.8 metres, and 4.0 metres at 2.09 g/t from 315 metres, and 3.0 metres at 3.00 g/t from 541 metres, and 34.0 metres at 0.79 g/t from 554 metres.

The updated resource estimate for San Antonio is anticipated within the next two weeks.

“Confirming resources for the next phase of growth”

Alkane managing director Nic Earner said these final intercepts from San Antonio complete the drilling program that was needed to confirm the resources for the next phase of growth at the producing Tomingley Gold Project.

He said: “San Antonio’s infill drilling continues to deliver high-grade mineralisation close to the surface and supports our optimism for gold production at the Tomingley Gold Project for the next decade.

“We look forward to bringing shareholders the indicated resource shortly and the mine plan later this quarter.”

Tomingley Gold Project

The Tomingley Gold Project (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 past two years, Alkane has conducted an extensive regional exploration program which led to the definition of Resources at the Roswell and San Antonio prospects of:

  • Roswell Deposit: 10.1 million tonnes at 2.04 g/t gold for 660,000 ounces (Indicated and Inferred Mineral Resource); and
  • San Antonio Deposit: 7.92 million tonnes at 1.78 g/t gold for 453,000 ounces (Inferred Mineral Resource).

Alkane has also prepared preliminary plans for both open-cut and underground mines beneath Roswell and San Antonio that it is using for consultation purposes as it seeks approval for mining development both underground and open cut.

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

The Tomingley Gold Project in NSW

San Antonio resource update

An updated resource estimation (Indicated and Inferred) for San Antonio is anticipated to be released within two weeks, along with preliminary mine plans for Roswell and San Antonio in February 2021.

Drilling is continuing for the purpose of mine development studies including geotechnical, metallurgical, sterilisation and groundwater test work and reconnaissance exploration drilling has resumed around near mine targets.

Quick facts: Alkane Resources Ltd

Price: 0.705 AUD

Market: ASX
Market Cap: $419.75 m

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Alkane Resources talks Tomingley development following updated San Antonio...

Alkane Resources Limited's (ASX:ALK) (OTCMKTS:ALKEF) (FRA:AK7) Nic Earner speaks to Proactive's Andrew Scott after updating the mineral resource for the San Antonio deposit at its Tomingley gold project following an additional 37,000 metres of drilling. The San Antonio resource now stands at 7.3...

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