- Alkane Resources (ALK) has defined a high grade gold-copper zone during its first stage of resource drilling at the Boda Prospect in NSW
- Drilling at the porphyry gold-copper system, located within the Northern Molong Project, defined the mineralisation over ten drill hole traverses for a strike length of 500 metres
- Results were returned from four reverse circulation drill holes and five diamond core drill holes, which included up to 1.14 grams of gold per tonne and 0.16 per cent copper from 275 metres
- Alkane says the current resource drilling program at Boda continues to improve its confidence for a maiden resource estimation, which is now expected in April due to Covid-19-related delays
- Alkane Resources last traded at 97.5 cents on February 24
Alkane Resources (ALK) has defined a high-grade, gold-copper zone after launching its first stage of resource drilling at its Boda Prospect in central New South Wales.
Boda is a porphyry gold-copper system, located within the Northern Molong Porphyry Project, which Alkane believes has the potential to be a large, tier-one gold-copper project.
The Boda system is a series of near-vertical, northwest striking, intrusive related breccias hosted within a thick sequence of shallowly east-dipping andesite lavas.
Drilling was recently completed at the prospect to test its higher-grade, northwest-trending mineralisation.
The drilling defined gold-copper mineralisation over ten drill hole traverses for a strike length of 500 metres, up to 400 metres wide and 900 metres deep, extending to the surface.
Assay results were returned from four reverse circulation drill holes and five diamond core drill holes, drilled for a total of 6,201.1 metres.
The results included 466 metres grading 0.34 grams of gold per tonne (g/t), 0.14 per cent copper from 60 metres, including 20 metres grading 1.14g/t gold, 0.16 per cent copper from 275 metres.
At least four mineralised intrusive breccias have been identified central to the Boda system that remains open along strike to the northwest towards Kaiser and Korridor prospects.
Alkane Managing Director, Nic Earner, said Alkane’s resource drilling program is methodically growing the company’s knowledge of the higher-grade material at Boda.
“We have experienced some delays at the laboratory, pushing our initial resource model back to April,” said Mr Earner.
“Boda is just the first of the resource models we expect to put together in this area and we look forward to bringing Boda and subsequent models to investors, as we develop our understanding of what is emerging as a tier-one resource in a great location.”
Alkane said the current resource drilling program at Boda continues to improve its confidence for maiden resource estimation.
Alkane Resources last traded at 97.5 cents on February 24.