- Alkane Resources (ALK) has identified high-grade depth extensions below the current inferred resource of the Roswell deposit
- The Roswell deposit is part of the 440 square kilometres Tomingley Gold Project in New South Wales
- An ongoing drilling program is being conducted at Roswell and San Antonio to infill the inferred resources
- Pleasingly, drilling intersected high-grade gold to a depth of 534.9 metres
- Drilling at Roswell is expected to be completed next quarter along with an updated resource estimate for both Roswell and San Antonio
- Company shares are trading flat at $1.08
Alkane Resources (ALK) has identified high-grade depth extensions below the current inferred resource of the Roswell deposit.
The Roswell deposit is part of the Tomingley Gold Project (TGP) in New South Wales. TGP covers roughly 440 square kilometres and comprises the Tomingley Gold Operations (TGO), an open pit mine and underground operation with a one million tonne per annum processing facility.
As announced in late January this year, the Roswell deposit has an inferred mineral resource of 7.02 million tonnes at 1.97g/t gold for 445,000 ounces.
The San Antonio deposit, which is also part of the TGP, has an inferred mineral resource of 7.92 million tonnes at 1.78g/t gold for 453,000 ounces.
The ongoing drilling program has been designed to infill the inferred resources at both deposits. So far, 48 holes, for 13,000 metres, have been drilled.
Latest significant intercepts include 13 metres at 6.17g/t gold from 484 metres including five metres at 11.5g/t gold from 488 metres and two metres at 3.84g/t gold from 519 metres, 16.5 metres at 4.74g/t gold from 483.8 metres including one metre at 21g/t gold from 489 metres, and 22.1 metres at 5.96g/t gold from 534.9 metres.
“It is great to see these significant high-grade intercepts below the existing Inferred Resource at Roswell. These show the potential for an underground mine that continues to extend at depth, with impressive grades continuing,” Managing Director Nic Earner said.
The infill drilling at Roswell is almost completed and an updated indicated and inferred resource calculation is expected in the last quarter of 2020. Alongside this, Alkane plans to release preliminary mine plans for both the Roswell and San Antonio deposits.
Company shares are trading flat at $1.08 at 11:25 am AEST.