Alkane Resources (ASX:ALK) is conducting baseline environmental studies at its Boda-Kaiser deposits to support the discovery of new gold-copper porphyry mineralisation within the Northern Molong Porphyry Project (NMPP) in New South Wales.
Recent drilling at the Boda and Driell Creek prospects identified chalcopyrite breccia and porphyry-style alteration and mineralisation.
Alkane, which has a market capitalisation of $322.86 million, says the drilling returned up to 106m @ 0.43 grams per tonne (g/t) gold equivalent (0.25g/t gold and 0.13% copper), and 452.6m @ 0.4g/t gold equivalent (0.21g/t gold and 0.14% copper).
Managing Director Nic Earner says the results confirm the potential for additional deposits similar to Boda and Kaiser across the NMPP tenement package.
“Driell Creek has delivered some encouraging results from this round of drilling. Driell Creek is emerging as our next priority area for follow-up drilling,” he says.
“Early-stage target generation work will continue at several other prospects. Alkane is very close to finalising the Scoping Study for the Boda-Kaiser deposits at the NMPP, any regional discoveries carry the potential to upgrade the project’s long-term economic outcomes.”
In parallel with Scoping Studies to progress development of the Boda-Kaiser deposits, planned exploration over the coming 12 months is expected to include regional work to delineate further porphyry cluster mineralisation surrounding the Comobella Intrusive Complex.
Alkane says the initial exploration activities will comprise mapping, induced polarisation surveying, detailed ground gravity, ambient noise tomography (ANT), and aircore drilling using bottom-of-hole litho-geochemistry over the large area surrounding the complex.
The targets generated will be tested by deep reverse circulation and diamond drilling, including following up on gold-copper porphyry mineralisation intersected at Driell Creek, alongside the Boda 4 prospect.
The Northern Molong Porphyry Project lies in central-west New South Wales and is considered prospective for porphyry and epithermal gold-copper deposits.
Write to Aaliyah Rogan at Mining.com.au
Images: Alkane Resources
