Alkane eyes new Northern Mulong MREs

Aspiring gold and copper producer Alkane Resources (ASX:ALK) is looking to deliver updated Mineral Resource Estimates (MREs) for both the Boda and Kaider deposits over the next several months. 

The $394.03 million market capitalisation company says its latest ‘high-grade’ drilling results, generated from 3 diamond holes at Boda 2-3 as part of a 5km drilling program at its Northern Molong Porphyry Project, have identified a ‘causative’ intrusion associated with chalcopyrite cemented breccia mineralisation. 

Alkane believes this system has the potential to be a ‘large’, tier-one gold-copper project. 

Key results include hole BOD094 with 591.8m grading 0.62 grams per tonne (g/t) gold equivalent (AuEq) (0.35g/t gold, 0.19% copper) from 1,215m including 58m grading 2.30g/t AuEq (1.28g/t gold, 0.74% copper) from 1,223m and 12m grading 4.78g/t AuEq (3.37g/t gold, 0.98% copper) from 1,265m; and 21m grading 1.02g/t AuEq (0.58g/t gold, 0.17% copper) from 921.6m. 

The company notes drilling in the current program at Boda and Boda 2-3 is complete, with final assay results expected to be received in September, and both diamond and reverse circulation (RC) drilling is now solely focused on the Kaiser deposit. 

Drilling at Boda was designed to infill the inferred Boda MRE to a nominal 50m grid spacing and returned results from the upper levels of the deposit up to 11.1g/t AuEq. 

Alkane predicts it will deliver updated MREs for the Boda and Kaiserdeposits in Q4 2023 and Q1 2024, respectively. 

Addressing the new results, Alkane Resources Managing Director Nic Earner says: “Our drilling at Boda has focussed on increasing drill density to lift resource grade, expanding the mineralised volume, and identifying further high-grade zones. 

These latest results meet all those objectives for us

These latest results meet all those objectives for us. The high-grade intercepts deep and to the west of Boda 2-3 are very interesting and add further to our knowledge of the expanding system.

We remain on track to release an updated Mineral Resource Estimation for Boda in Q4 2023 and for Kaiser in Q1 2024.”

Alkane Resources is an ASX-listed explorer looking to become one of Australia’s multi-mine gold and copper producers. 

The company’s current gold production is from the Tomingley Gold Operations in Central West New South Wales, where it has been operating since 2014 and is currently expediting a development pathway to extend the mine’s life beyond 2030.

Meanwhile, Alkane’s Northern Molong project is located in the Central West of New South Wales at the northern end of the Molong Volcanic Belt of the Macquarie Arc and is considered ‘highly prospective’ for ‘large-scale’ porphyry and epithermal gold-copper deposits. 

Alkane Resources had $107.3 million in cash, bullion and listed investments as of 30 June 2023, according to its latest quarterly report. 

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Images: Alkane Resources
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.