Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has taken strong strides toward upgrading the mineral resource estimate for the Kaiser deposit of the Northern Molong Porphyry Project in New South Wales.
The company has now received assays for its final 12,000-metre round of reverse circulation (RC) and diamond core drilling at Kaiser, completed on a 50-metre by 50-metre grid within the existing inferred resource.
This latest round of results produced the best gold interval yet from Kaiser, with one intercept grading at 8.6 metres at 14.8 g/t gold equivalent (gold eq) from 316.4 metres, including 3.5 metres at 31.3 g/t gold eq from 318 metres and 1-metre at 62.2 g/t gold eq from 320 metres.
Updated resource scheduled for April
“The final results from the infill drilling at Kaiser contain even more high-grade sections, including the highest-grade intercept we’ve ever seen at Kaiser at 62g/t gold equivalent in a metre section,” Alkane Resources managing director Nic Earner said.
“There’s also a very interesting ‘Boda’ style breccia that has two sections totalling over 70 metres with great than 3 g/t gold equivalent.
“We’re working on the block model and expect to have the updated Kaiser resource estimate ready in April.
“The scoping study for mining Boda and Kaiser is also well underway and is expected to be completed in the coming June quarter.
“I look forward to updating our shareholders and stakeholders in the months ahead.”
Alkane will add the updated mineral resource estimate to the recently upgraded Boda resource of 10.9 million ounces at 0.58 g/t gold equivalent.
Full assay results
Drill hole KAI159 intersected a gold-rich pyrite breccia with significant high-grade gold intercepts of:
- 8.6 metres at 14.8 g/t gold equivalent (gold eq) from 316.4 metres, including;
- 3.5 metres at 31.3 g/t gold eq from 318 metres and 1-metre at 62.2 g/t gold eq from 320 metres, and;
- 17 metres grading 0.90g/t gold eq from 334 metres, including;
- 1-metre at 11.1 g/t gold eq from 344 metres; and
- 30 metres at 0.75 g/t gold from 673 metres.
A ‘Boda’ style intrusive-hydrothermal chalcopyrite sulphide cemented breccia has returned a significant zone of high-grade gold-copper mineralisation:
- 14 metres at 1.03g/t gold eq (0.81 g/t gold, 0.16% copper) from 158 metres;
- 162 metres at 2.13 g/t gold eq (1.09 g/t gold, 0.76% copper) from 246 metres, including;
- 49 metres at 3.06 gold eq (1.68 g/t gold, 1.01% copper) from 286 metres; and
- 22 metres at 3.40 g/t gold eq (2.03 g/t gold, 1.00% copper) from 357 metres.
Other assay results from the remaining 22 drill holes returned significant gold-copper intercepts of:
KAI154:
- 147 metres at 0.59g/t gold eq (0.13g/t gold, 0.33% copper) from surface, including;
- 20 metres at 1.55g/t gold eq (0.28g/t gold, 0.93% copper) from 45 metres, and;
- 95 metres at 0.43g/t gold eq (0.26g/t gold, 0.12% copper) from 264 metres; and
- 6 metres at 1.26g/t gold eq (0.42g/t gold, 0.61% copper) from 390 metres.
KAI155:
- 317 metres at 0.40g/t gold eq (0.20g/t gold, 0.14% copper) from 9 metres; and
- 106.1 metres at 0.47g/t gold eq (0.29g/t gold, 0.13% copper) from 512.9 metres.
KAI156:
- 195 metres at 0.55g/t gold eq (0.35g/t gold, 0.14% copper) from 220 metres, including;
- 10 metres at 2.03g/t gold eq (1.91g/t gold, 0.09% copper) from 303 metres, and;
- 27.3 metres at 1.42g/t gold eq (0.56g/t gold, 0.62% copper) from 373 metres;
- 104 metres at 0.65g/t gold eq (0.33g/t gold, 0.23% copper) from 497 metres, including;
- 11 metres at 2.09g/t gold eq (1.54g/t gold, 0.41% copper) from 571 metres.
KAI158:
- 163 metres at 1.27g/t gold eq (0.49g/t gold, 0.54% copper) from 390 metres, including;
- 45 metres at 2.60g/t gold eq (0.86g/t gold, 1.26% copper) from 424 metres; and
- 15 metres at 2.52g/t gold eq (0.95g/t gold, 1.14% copper) from 495 metres.
KAI173:
- 275 metres at 0.46g/t gold eq (0.28g/t gold, 0.13% copper) from 13 metres, including;
- 15 metres at 1.52g/t gold eq (0.91g/t gold, 0.44% copper) from 245 metres; and
- 254 metres at 0.38g/t gold eq (0.18g/t gold, 0.14% copper) from 381 metres.