Alkane Resources (ASX:ALK) reports the discovery of a new ‘high-grade’ gold and antimony zone at its Cuffley deposit within the Costerfield operation in Victoria.
The company completed 23 infill holes totalling 3,255m at Cuffley. Drilling targeted an unmined area between historical north and south ‘high-grade’ panels previously thought to contain ‘low-grade’ mineralisation due to fault influence.
Four drillholes intercepted mineralisation grading over 10 grams per tonne gold equivalent over mining width, headlined by 580.9g/t gold (Au) and 24% antimony (Sb) over 0.61m in hole AD270, including 0.25m @ 1,360g/t Au and 19.7% Sb.
Other results include 168.9g/t Au and 33.5% Sb over 0.9m, 60.1g/t Au and 15.2% Sb over 1.26m, and 124g/t Au and 48.6% Sb over 0.23m.
Managing Director Nic Earner says the discovery showcases the importance of revisiting old geological models to extract value.
“This discovery of unmined high-grade material directly adjacent one of Costerfield’s top-shelf historical orebodies showcases the importance of Alkane’s directive of revisiting and challenging old models and preconceptions surrounding mineralisation to extract value,” Earner notes.
The company also completed 17 holes at the Sub KC domain below the Augusta mine, with notable intercepts including 28.2g/t Au over 0.99m and 73.2g/t Au with 18.8% Sb over 0.19m.
The newly discovered Cuffley pod sits readily accessible from existing infrastructure and is being incorporated into the mine schedule.
Alkane Resources operates three producing assets: the Tomingley Gold Mine in New South Wales, Costerfield in Victoria, and the Björkdal Gold Mine in Sweden, along with the Boda-Kaiser Gold-Copper Porphyry Project in New South Wales.
Write to JC Villarba at Mining.com.au
Images: Alkane Resources
