Alkane Resources Ltd (ASX:ALK) is closing in on extensive gold and copper beyond the mineralised footprint at its Northern Molong Porphyry Project in Central New South Wales.
As it works to prove up a tier-one gold and copper camp, the explorer and producer has set the drill bit spinning over a 3-kilometre mineralised zone spanning Molong’s Kaiser, Boda, Boda Two and Boda Three targets.
The latest results give Alkane hope as it approaches a mineral resource upgrade, with gold and copper outside the corridor’s existing resources slated for incorporation late this year and early next.
The drill bit spins
Alkane is particularly encouraged by diamond and reverse circulation drilling at the Boda Two target, which encountered extensive gold-copper porphyry mineralisation in hits like:
- 82 metres at 0.63 g/t gold equivalent (0.36 g/t gold and 0.19% copper) from 57 metres, including 18 metres at 1.04 g/t (0.54 g/t gold and 0.35% copper) from 74 metres and 10 metres at 1.13 g/t (0.88 g/t gold and 0.22% copper) from 106 metres.
- 194 metres at 0.41 g/t (0.21 g/t gold and 0.14% copper) from 852 metres, including 2.4 metres at 2.04 g/t (0.83g/t gold and 0.86% copper) from 1008.6 metres.
Deep diamond drilling has also begun on the down-plunge northwest extension to the Boda mineral resource, where Alkane hopes to better understand the geological controls on this extensive gold-copper mineralisation zone.
Significant intersections include:
- 1,395 metres at 0.35 g/t gold equivalent (0.19 g/t gold and 0.12% copper) from 545 metres, including 540 metres at 0.48 g/t (0.26 g/t gold and 0.15% copper) from 546 metres, including 16 metres at 2.06 g/t (0.91 g/t gold and 0.81% copper) from 701 metres and 7 metres at 1.85 g/t (0.78g/t gold and 0.76% copper) from 743 metres.
Resource upgrade in sight
Alkane managing director Nic Earner said the company was pleased to see mineralisation extends south of Boda and into Boda Two — including higher-grade areas within the second system.
“In our recent drilling, we believe we have intersected a ‘causative’ monzodiorite dyke or pencil intrusive at Boda Two,” he explained.
“We will use these results, expected in August 2023, to assist us in locating further higher-grade areas within the mineralisation.”
While early results are promising, Earner said there was plenty of drilling to come as the explorer defines the full 3-kilometre zone across Kaiser, Boda, Boda Two and Three and beyond.
“The company looks forward to releasing results of this program as we work towards an upgraded mineral resource towards the end of the year.”
Four high-capacity drill rigs are in operation over the Boda district, comprising two reverse circulation and two diamond core rigs.
Alkane hopes to release the updated mineral resource — incorporating Boda Two copper and gold — in quarter four this year, followed by a Kaiser addition in early 2024.