Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has fielded further encouraging broad copper-gold results from ongoing infill drilling at the Kaiser deposit of the Northern Molong Porphyry Project (NMPP) in Central West New South Wales.
The company says the NMPP, encompassing an expansive area from Kaiser to Boda Two and Boda Three, is showing potential as a significant gold-copper venture.
Positive results
The 45,000-metre drilling campaign at Kaiser has uncovered strong mineralisation within the existing inferred mineral resource estimate (MRE) with a raft of positive results, some of which include:
- 501 metres at 0.45 g/t gold equivalent (AuEq) from 228 metres, including 104 metres grading 0.89 g/t AuEq;
- 342 metres at 0.56 g/t AuEq from 26 metres, including 4 metres grading 3.78 g/t;
- 66 metres at 1.34 g/t AuEq from 247 metres, including 22 metres grading 2.99 g/t; and
- 192.2 metres at 0.72 g/t AuEq from 396 metres, including 21.9 metres grading 2.02 g/t.
The campaign was part of Alkane's strategy to infill the Kaiser inferred resource, which currently contains 2.1 million ounces of gold and 500,000 tonnes of copper, to a more precise 50-metre by 50-metre grid spacing.
An updated MRE, incorporating an indicated category for Kaiser, is expected in the first quarter of 2024. This will complement the recently updated Boda MRE, which stands at 10.9 million ounces at 0.58 g/t AuEq.
In addition to Kaiser, NMPP includes several other promising sites like Boda, Boda South, Comobella, Driell Creek and Finns Crossing, all within a 15-kilometre northwest trending corridor. This corridor is characterised by intermediate intrusives, lavas, breccias and widespread gold-copper mineralisation.
Alkane’s exploration in 2024 will focus on various regional targets, with plans for significant drilling at locations like Konigin, Driell Creek Intrusive Complex, Murga and Boda 2-3.
Consistency and quality
The results from an airborne gravity survey conducted over the NMPP in November 2023 are also eagerly awaited, as they will provide further insights for targeting new porphyry centres within the project.
Managing director Nic Earner said: “Infill drilling at Kaiser continues to deliver consistent, quality results. With this batch of results from some 12,000 metres of drilling we are well progressed through the planned 45,000-metre Kaiser infill program.
“We will be drilling at Kaiser until late January 2024 and will then upgrade our mineral resource estimation during Q1 2024.
“This Kaiser MRE update, combined with the recently released Boda resource update, is designed to demonstrate both the size and scale of these deposits as well as their potential economic value.”