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Alkane Resources (ASX:ALK) delivers maiden Boda resource estimate

ASX News, Materials
ASX:ALK      MCAP $346.9M
30 May 2022 12:20 (AEST)

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Alkane Resources (ALK) has delivered a maiden mineral resource estimate (MRE) for its Boda prospect.

The prospect is regarded as a “landmark porphyry gold-copper system” and forms part of Alkane’s Northern Molong porphyry project in central New South Wales.

As it stands, Boda’s initial inferred MRE is 624 million tonnes grading 0.51 grams per tonne (g/t) gold equivalent for 10.1 million gold equivalent ounces.

The MRE includes a sub-component of 353 million tonnes at 0.63 g/t gold equivalent for 7.1 million equivalent ounces for the potential use of bulk-tonnage underground mining.

Alkane said the estimation was confined to a surface area of 1000 metres long and 500 metres wide and was based on about 71,400 metres of drilling since Boda was discovered in late-2019.

“Since the original drill discovery in 2019, we have steadily demonstrated that mineralisation extends over more than three kilometres from Boda Three to Kaiser,” Managing Director Nic Earner said.

“This initial resource begins to show the significant potential of both Boda and the larger Northern Molong porphyry project. This resource at Boda is just the beginning!”

Alkane Resources will conduct further drilling at Boda, which remains open at depth and along strike to the south and along strike to the northwest. Drilling will target the MRE area to define the continuity of mineralisation at depth and to improve the confidence in the MRE.

Additionally, drilling at the Kaiser prospect near Boda is nearing completion as is aimed at defining an initial MRE which is expected to be announced in the December quarter.

Alkane shares were up 3.35 per cent to trade at $1.08 at 11:55 am AEST.

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