Alkane Resources Ltd (ASX:ALK) has entered into an agreement with Sandfire Resources Ltd to acquire two packages of exploration tenements in the Macquarie Arc of New South Wales in return for $1.9 million worth of ALK shares.
The two projects will be wholly acquired by Alkane with no underlying royalties or liabilities and are considered to be highly prospective for gold-copper porphyry deposits.
“The addition of these tenement packages will see us continue to build on our track record of exploration success in New South Wales,” Alkane Resources managing director Nic Earner said.
“We will be drawing on our decades of experience, particularly the extensive geological knowledge accumulated at Boda & Kaiser, to conduct cost-effective evaluation of these new prospective areas.”
Comobella North and Southern Junee
The two tenement packages originally operated under the names Comobella North Project and Southern Junee Porphyry Project.
New project locations
Comobella North will be folded into the company's Northern Molong Porphyry Project (NMPP), which is adjacent to the new tenement package of some 64 square kilometres. The NMPP is northeast of Alkane's Tomingley gold operations.
The new tenements cover the same volcanics and intrusives that host the Boda and Kaiser inferred resources and represent a strategic acquisition giving Alkane access to the entire 15-kilometre prospective Boda-Kaiser corridor.
The Southern Junee Project is 235 square kilometres, covering the southern extension of the Junee-Narromine Volcanic Belt of the Macquarie Arc.
The geology here has been interpreted as buried intrusive complexes of shoshonitic (alkalic) affinity in a similar geological setting as at the world-class Northparkes Copper-Gold Mine.
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