Alkane Resources Ltd (ASX:ALK) continues to demonstrate that its extensive landholding at the Northern Molong Porphyry Project (NMPP) in Central West New South Wales has the potential to be a large, tier-one gold-copper project.
Further very broad mineralised gold-copper intersections have been returned from ongoing drilling at prospects in the region outside the Boda deposit’s inferred resource of 5.2 million ounces of gold and 900,000 tonnes of copper.
1,041-metre intersection
One diamond core drill hole (BOD091) at the Korridor Prospect northwest of the Boda resource has intersected more than 1-kilometre of continuous gold-copper mineralisation.
This hole returned 1,041 metres grading 0.57 g/t gold equivalent (0.32 g/t gold and 0.17% copper from 698 metres, including 326 metres at 0.76 g/t gold equivalent (0.43 g/t gold and 0.23% copper) from 1,165 metres and 55 metres at 0.82 g/t gold equivalent (0.46 g/t gold and 0.25% copper) from 1,516 metres.
Kaiser results
Recently completed drilling at the Kaiser Prospect, about 1-kilometre northwest of the Boda resource, has also returned encouraging results:
- 320 metres at 0.56 g/t gold equivalent (0.26 g/t gold and 0.21% copper) from 505 metres, including 12 metres at 2.30 g/t gold equivalent (1.10 g/t gold and 0.83% copper) from 509 metres;
- 157 metres at 0.61 g/t gold equivalent (0.36 g/t gold and 0.17% copper) from 952 metres; and
- 122.4 metres at 1.00 g/t gold equivalent (0.42 g/t gold and 0.40% copper) from 576.6 metres, including 28 metres at 2.14 g/t gold equivalent (0.92 g/t gold and 0.84% copper) from 646 metres.
The company’s ongoing drilling program extends over three kilometres from Kaiser, through Korridor and Boda, down to Boda Two and Boda Three.
Mineralised corridor
Managing director Nic Earner said: “The drill results at Korridor confirm that extensive gold-copper porphyry mineralisation continues northwest of the Boda resource.
"The initial shallow resource drilling program at Kaiser is now complete, we expect to receive results over the next two months and complete our initial JORC resource estimation for Kaiser in Q1 2023.
“Whilst we wait for better weather to allow access to some areas, we have our drills working at Boda Two and Three to both improve our geological understanding and continuing to assess its potential for an economic resource.”
Regional geology and prospects at the NMPP.
About NMPP
The project is in Central West NSW at the northern end of the Molong Volcanic Belt of the Macquarie Arc and is considered highly prospective for large-scale porphyry and epithermal gold-copper deposits.
The Macquarie Arc hosts a number of large copper-gold projects, including Newcrest Mining’s Cadia Valley operations.
Alkane also operates the nearby Tomingley Gold Operations, southwest of the NMPP, where it has been operating since 2014 and is expediting a development pathway to extend the mine’s life beyond 2030.
Exploration by Alkane in the NMPP has identified five discrete magnetic/intrusive complexes – Kaiser, Boda, Comobella, Driell Creek and Finns Crossing – within a 15-kilometre northwest trending corridor.
Final assays from recently completed 100 x 100-metre grid drilling at Kaiser are expected next month with a maiden JORC resource estimation expected to be completed in the first quarter of 2023.
Konigin encouragement
The company has received assay results from one RC drill hole (KON001) testing the coincident IP and MT geophysical anomaly named the Konigin prospect, around 2 kilometres northwest of Kaiser.
This hole intersected gold-mineralised pyrite associated with inner propylitic hydrothermal alteration and returned 3 metres at 0.28 g/t gold from 153 metres, 4 metres at 0.22 g/t from 248 metres and 2 metres at 0.21 g/t from 330 metres.
One RC pre-collared drill hole is ready for a diamond tail to test the deeper conductivity (MT) feature below KON001, when drill rig access is possible.
Two high-capacity drill rigs are operating at Boda Two/Three testing the 1,000 x 500-metre area of extensive gold-copper mineralisation to improve the geological understanding and assess its potential to host a mineral resource.