Alkane Resources Ltd (ASX:ALK) has uncovered a near-surface copper-enriched zone at Kaiser prospect within the Northern Molong Porphyry Project in Central West New South Wales, which the company believes has the potential to be a large, tier one gold-copper project.
The company’s resource drilling program at Kaiser is centred 1-kilometre northwest of the Boda resource and has intersected broad copper-gold porphyry mineralisation including:
- 134 metres grading 0.85% copper and 0.71 g/t gold from 211 metres, including 68 metres at 1.50% copper and 1.17 g/t gold from 249 metres;
- 104 metres at 0.39% copper and 0.18 g/t gold from 150 metres, including 6 metres at 0.70% copper and 0.28 g/t gold from 207 metres; and
- 54 metres at 0.36% copper and 0.23 g/t gold from 265 metres, including 4 metres at 0.63% copper and 0.38 g/t gold from 291 metres.
Looking ahead, Alkane has designed a major RC and diamond core infill drilling program at the Boda Two and Boda Three prospects, scheduled to kick off immediately after the Kaiser drilling is completed.
“Increasing in grade”
Alkane managing director Nic Earner said: “The initial shallow resource drilling program at Kaiser is revealing a copper enriched near-surface zone that appears to be increasing in grade to the northwest.
“We’re greatly encouraged by these recent results, both by their grade and their proximity to surface.
“With mineralisation over three kilometres from Boda Three to Kaiser, open along strike and at depth and further targets identified along trend to the northwest of Kaiser we have a significant system.
“Drilling continues at Kaiser, with Boda Two and Three to follow.”
Further drilling
At the Korridor prospect, about 500 metres southeast of Kaiser, results were received from deep diamond core drilling targeting the apparent northwest plunge to the Boda resource, intersecting broad gold-copper mineralisation with encouraging results.
At Boda Two/Three prospects, results were received from four deep diamond core drill holes designed to test the north-south continuation of broad gold-copper mineralisation intersected in previously reported drill holes.
The company’s recently acquired Induced Polarisation (IP) with Magnetotelluric (MT) survey completed over the northwest structural corridor area extending 5 kilometres northwest of Kaiser, identified two high-priority targets.
The first target has been RC drill tested with observations of pyrite and trace chalcopyrite mineralisation associated with inner propylitic alteration with further drilling planned in October this year.