In a significant update, Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has revised its mineral resources and ore reserves for the Tomingley Gold Project in New South Wales, Australia, to account for additional resources, mining depletion, changes in gold price and operating costs.
According to the updated figures as of June 2023, the project's total mineral resources amount to 27.26 million tonnes with a gold grade of 2.02 grams per tonne (g/t), equating to 1.775 million ounces of gold.
Meanwhile, total ore reserves at Tomingley stand at 10.96 million tonnes with a gold grade of 1.77 g/t, or 622,000 ounces.
The project encompasses multiple deposits, including Roswell, San Antonio, and McLeans, along with the existing Tomingley Gold Operations in New South Wales' Central West region.
At McLeans, drilling has identified an inferred resource which has been included in the total Tomingley Gold Project mineral resources as well.
The update underscores Alkane's commitment to re-evaluating and expanding its projects, setting the stage for the company's future mining endeavours.
Tomingley mineral resource.
Key highlights
Approval for the mining lease for Roswell and San Antonio deposits has been secured from the NSW Department of Planning and Environment, paving the way for open cut and underground mining development.
In addition, Alkane continues its extensive drilling program at the gold-copper porphyry Boda and Kaiser prospects, part of the larger North Molong Porphyry Project (NMPP), 90 kilometres east of Tomingley.
Initial inferred resources for the Kaiser deposit were estimated in February 2023, adding to the Boda resource, with total NMPP resources standing at 894 million tonnes at a gold equivalent grade of 0.52 g/t for 14.8 million gold equivalent ounces.
Tomingley Gold Project.
Forward plan
Ongoing efforts include refining indicated resources at Boda and Kaiser and comprehensive metallurgical work alongside preliminary infrastructure planning.
Drilling continues at Boda and Kaiser to refine indicated resources within both deposits and expand Boda to include the Boda 2-3 mineralisation to the south.
Furthermore, detailed metallurgical work is in progress, and preliminary mining concepts with infrastructure planning are also progressing.
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