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Alkane Resources (ASX:ALK) intersects signifiant gold-copper mineralisation at Boda

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ASX:ALK      MCAP $401.2M
23 March 2020 12:00 (AEST)
Alkane Resources (ASX:ALK) - Managing Director, Nic Earner

Source: HotCopper

Alkane Resources (ALK) has intersected significant high-grade gold-copper mineralisation at the Boda Prospect in NSW.

Boda is part of the Northern Molong Porphyry Project, which is situated 35 kilometres east of Dubbo in Central Western NSW and covers an area of 110 square kilometres.

The Northern Molong Porphyry Project also hosts the Bodangora, Kaiser and Finns Crossing prospects.

At Boda, two diamond core holes were drilled 100 metres north and 100 metres south along strike from a previously defined zone of gold-copper mineralisation.

These zones of mineralisation included 507 metres at 0.48g/t gold and 0.20 per cent copper from 211 metres in hole KSDD003, and 689 metres at 0.46g/t gold and 0.19 per cent copper from 402 metres in hole KSDD005.

The first of the two holes recently drilled, KSDD006, identified two groups of monzonite porphyries (rocks containing large crystals).

These intersected monzonites suggest a northwest strike orientation, positioned within a northwest structural zone that links Boda to Kaiser.

A thick zone of anomalous gold pyrite was also intersected from 267 metres.

KSDD006 has drill intercept highlight of 14 metres at 0.56g/t gold and 0.54 per cent copper from 934 metres, and 7.2 metres at 0.55g/t gold and 0.56 per cent copper from 862 metres.

The second hole, KSDD007, intersected a thick section of volcanic deposit and lava.

Extensive calcium-potassium alteration – chlorite, magnetite, bornite and chalcopyrite – was intersected for the entirety of the drill hole.

From 400 metres, chalcopyrite was the dominant sulphide present, with a 100-metre thick zone extending to 768 metres.

KSDD007 intersected a gold-copper grade and width of mineralisation with similarities to that at the Cadia East system of 2900 million tonnes at 0.36g/t gold and 0.26 per cent copper.

Results from KSDD007 include 96.8 metres at 3.97g/t gold and 1.52 per cent copper from 768 metres, and 376 metres at 1.30g/t gold and 0.56 per cent copper from 768 metres.

“These excellent results confirm the Boda Prospect as a significant discovery,” Managing Director Nic Earner said.

“Intersecting both a high-grade zone and a large consistent body of mineralisation are key attributes needed to show this has the potential to be a future mining operation,” he added.

With the completion of these two holes, Alkane’s drilling program at the Boda prospect is now complete. A total of five diamond core holes have now been completed for 5947 metres.

Logging and assaying of the two remaining core holes is underway and results are expected to be released in April.

Boda mineralisation remains open at depth and along strike, and the potential for a calcium-potassium bornite rich core remains untested.

Alkane’s share price is up 12.6 per cent on the market in mid-morning trade and shares are trading for 62.5 cents each at 11:26 am AEDT.

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