- Alkane Resources (ALK) is nearing completion of its 60,000-metre drilling program at the San Antonio and Roswell prospects in NSW
- Results have now been received for almost 47,000 metres of diamond and reverse circulation drilling
- Results peaked at 60.5 grammes per tonne from Roswell and 12.4 grammes per tonne at San Antonio
- The second 50,000-metre drilling phase has been given the green light at San Antonio and is now underway
- Alkane’s share price is down 4.40 per cent and shares are trading for 76 cents each
Alkane Resources (ALK) is nearing completion of its 60,000-metre drilling program at the San Antonio and Roswell prospects.
The 60,000-metre program consisted of 10,000 metre of diamond core drilling and 50,000 metres of reverse circulation (RC) drilling.
Results for 46,916 metres of drilling have now been received.
San Antonio and Roswell lie within the Tomingley Gold Project which spans 440 square kilometres and stretches 60 kilometres north-south along the Newell Highway in Central Western NSW.
Over the past two years, Alkane has conducted an extensive regional exploration program to define additional resources that have the potential to be mined via open pit or underground operations.
This program has yielded broad, shallow, high-grade intercepts that demonstrate the potential for project life extension and show that open pit and underground mining is possible.
Roswell
Significant results from Roswell include two metres at 60.5g/t gold from 243 metres, one metre at 38.9g/t gold from 187 metres, and four metres at 9.67g/t gold from 196 metres.
In January 2020, a maiden inferred resource for Roswell was calculated at 7.02 million tonnes at 1.97g/t gold.
However, this will be subject to further infill and extensional drilling to define both the continuity of the mineralisation to the north and at depth.
San Antonio
Significant results from San Antonio include three metres at 12.4g/t gold from 144 metres, 15 metres at 7.43g/t gold from 147 metres, and 15 metres at 4.33g/t gold from 141 metres.
The first phase of drilling at San Antonio is now complete and final assays are pending.
A second phase of infill resource drilling consisting of a further 50,000 metres has been allowed and is currently underway.
Results from this program will be incorporated into a maiden inferred resource for San Antonio which is expected to be released within a month.
However, this is dependent on receiving final assay results in a timely manner from the laboratory.
Alkane’s share price is down 4.40 per cent in mid-morning trade and shares are trading for 76 cents each at 11:30 am AEDT.