- Alkane Resources (ALK) has intersected further high-grade mineralisation at its Boda Prospect in Central NSW
- The company began a 30,000-metre reverse circulation (RC) and diamond drilling program in July to test extensions to the mineralisation
- Results have been received from two holes drilled at Boda, with grades peaking at 3.04g/t gold and 0.92 per cent copper
- Alkane also drilled two holes at the Boda Two Prospect which saw grades peak at 0.64g/t gold and 0.24 per cent copper
- Follow-up drilling will now be undertaken at both prospects to identify extensions to the mineralisation
- Alkane is up a healthy 13.6 per cent on the market with shares trading at 83.5 cents
Alkane Resources (ALK) has intersected further high-grade mineralisation at its Boda Prospect in Central NSW.
Boda is part of the Northern Molong Porphyry Project and is highly prospective for large-scale porphyry and gold-copper deposits.
Previous exploration at the project has identified five discrete magnetic complexes which lie along a 15-kilometre-long northwest trending corridor.
Alkane began a 30,000-metre reverse circulation (RC) and diamond drilling program in July to test the dimensions and extensions to the low and high-grade mineralised zones.
The company has received results from two diamond core holes that were drilled at Boda to test the strike and down-plunge extensions to a previously intersected breccia zone.
Best results include 13 metres at 0.44g/t gold and 0.35 per cent copper from 645 metres including 70 metres at 3.04g/t gold and 0.92 per cent copper cent 829 metres.
Drilling has identified a 100-metre down dip extension below previous drilling.
Diamond core drilling is now in progress to test the down plunge of the breccia and RC drilling will begin in June to test the up plunge.
Alkane also drilled two diamond core holes at the Boda Two Prospect to test a strongly conductive target.
Best results include 1483 metres at 0.15g/t gold and 0.10 per cent copper from 241 metres including 16 metres at 0.64g/t gold, 0.24 per cent copper and 15 parts per million (ppm) molybdenum from 382 metres.
Further drilling will be carried out to define the extensions to the mineralisation and identify further high-grade zones.
“These latest results five further insight into both the high-grade brecciated zone and the sheet size of the Boda complex and adjacent complexes within the Northern Molong Porphyry Project,” Managing Director Nic Earner said.
“Our drilling program continues with the aim of both in-filling and expanding the mineralised system. We expect that the ongoing drilling program will validate the company’s growing confidence in the scale of the high-grade zone at Boda,” he added.
Alkane is up a healthy 13.6 per cent on the market this morning with shares trading at 83.5 cents at 10:34 am AEST.