Alkane boosts Tomingley Gold project with Roswell Ore reserves increase

• Alkane Resources announces a boost in ore reserves for the Tomingley Gold Extension Project (TGEP), with Roswell reserves now standing at 450,000 ounces
• The higher-grade mining at Roswell is expected to elevate production to 80,000 ounces per annum
• Alkane Resources last traded at 49 cents at 10:30am AEDT

Alkane Resources (ASX:ALK) has confirmed a substantial increase in ore reserves at the Tomingley Gold Extension Project’s (TGEP) Roswell deposit, standing at an impressive 450,000 ounces.

This brings the Mineral Resource Base for the TGEP to 1.17Moz of gold with “internal ore reserves of 664000 ounces.”

This enhancement is a result of grade control drilling from the underground development, specifically at the Roswell deposit, confirming significant high-grade gold mineralisation.

The Tomingley Gold Extension project, situated just 3km south of the Tomingley Gold Operations (TGO), is crucial to Alkane’s broader Tomingley Gold project.

The linkage between TGEP and the mine through an underground decline emphasises the strategic significance of this extension.

“The lift in Reserve is derived from the high-density drilling that has occurred underground at the deposit, which is ongoing.” Alkane Resources Managing Director, Nic Earner said

“This has also enabled the optimisation of mine plans and stope designs.” 

Earner also discussed the positive impact on production levels.

“The higher grades expected to be mined at Roswell, together with the paste plant under construction should lift production to the run rate of 80,000 ounces per annum level,” he said.

Alkane Resources has been actively advancing the development of the Roswell deposit, and with regulatory approvals in place, the first stoping is anticipated to commence in April 2024.

Alkane Resources (ALK) last traded at 49 cents.