Alkane Resources Limited (ASX: ALK) has announced a highly encouraging update on the drilling at Boda Prospect within its Northern Molong Porphyry Project (NMPP) in NSW.
The company reported that the Boda Prospect has been tested with one diamond core drill hole (KSDD005) 200 metres below a zone of gold-copper mineralisation previously defined in diamond drilling.
ALK said that the KSDD005 assay results indicate an increase in thickness of significant porphyry gold-copper mineralisation with depth.
Significant intercepts include 689m @ 0.46g/t gold, 0.19% copper from 402 metres incl 312m @ 0.70g/t gold, 0.19% copper from 402 metres.
Northern Molong Belt Porphyry project
The Northern Molong Belt Porphyry gold-copper project is centred about 20km NNE of Wellington, covering an area of 110km2 of the northern Molong Volcanic Belt (MVB), in the Central West of New South Wales.
The northern MVB, within the eastern Lachlan Orogen is considered highly prospective for large porphyry gold-copper mineralisation, as demonstrated by the world class Cadia Valley porphyry district, located to the south.
The NMPP consists of three exploration licences, EL4022-Bodangora, EL6209 – Kaiser, and EL8261 – Finns Crossing.
Five discrete magnetic/intrusive complexes have been identified to date – Kaiser, Boda, Comobella, Driell Creek, and Finns Crossing – within a 15 km northwest trending corridor.
Drilling at Boda prospect
The company had recently commenced a 5,000 metre diamond core drilling exploration program to test the depth and strike extensions to the significant porphyry gold-copper mineralisation at Boda.
The Kaiser-Boda target zone was mapped over a north-south strike length of 6 km and 1 km wide corridor defined by monzonite intrusives, extensive alteration and widespread low grade gold-copper mineralisation.
The company had previously reported a zone of gold-copper mineralisation defined in diamond drilling; with intercepts including 507m @ 0.48g/t Au, 0.20% Cu from 211m from hole KSDD003.
New DD hole KSDD005
Alkane reported that the Boda Prospect has now been tested with one diamond core drill hole (KSDD005) 200 metres below KSDD003.
The hole KSDD005 was located to test the depth extensions of the gold-copper porphyry mineralisation across the western margin of the Boda Intrusive Complex (BIC) and to assist with lithological and structural orientations; determine if there are grade vectors.
The company reported that KSDD005 intersected at least two phases of monzonite porphyries proximal to the significant gold-copper mineralisation intruding into more primitive volcaniclastics and lavas that host the majority of the potassic alteration.
ALK noted that a thick zone of pyrite stringers and disseminations surrounds a gold-rich chalcopyrite dominant core with chalcopyrite forming as disseminated blebs, in planar quartz veins and as weakly formed stringers.
Increase in width of significant porphyry Au-Cu mineralisation
The company reported that KSDD005 diamond core drill hole intersected an extensive pyrite shell with a chalcopyrite dominant core, characteristic of the upper parts of an alkalic porphyry mineralisation system.
The style of alteration and mineralisation has several apparent similarities with sections of the Cadia East Deposit.
ALK reported that the drill hole has increased the width of the significant gold-copper porphyry mineralisation, 200 metres vertically below KSDD003.
Alkane reported that drill hole KSDD005 reported significant intercepts of 689m @ 0.46g/t gold, 0.19% copper from 402 metres incl 312m @ 0.70g/t gold, 0.19% copper from 402 metres, incl 119m @ 1.47g/t gold, 0.29% copper from 463 metres, incl 10m @ 3.77g/t gold, 0.63% copper from 464 metres, and also 12m @ 4.38g/t gold, 0.75% copper from 564 metres.
Drill testing of anomaly
The company reported that a historic Induced Polarisation (IP) survey completed by CRA Exploration (Rio) over the Boda Intrusive Complex (BIC) exhibits a strong high chargeable anomaly along the northern edge of the survey area coincident with the magnetic anomaly at the Boda Prospect.
Alkane reported that the early drill testing of this anomaly intersected a gold anomalous pyrite shell and with further drilling intersected the gold-copper mineralised core and the subsequent discovery of Boda.
The company reported that it has initiated a 70 line km IP survey over the 6 km strike extensions of the BIC to generate further drilling targets in this prospective area.
The company reported that further drilling and an extension to the IP survey area at Boda prospect would be undertaken within the licence to further define the targets
Alkane Resources Managing Director, Nic Earner, said: “These drill results give us further encouragement that the Boda Prospect is a significant discovery. The continuation of grade at depth and the consistency of mineralisation are further evidence of a big porphyry system.
Alkane is continuing its follow up drilling, we look forward to bring shareholders further results as they become available”.