- Alkane Resources (ALK) has released the final batch of assays from drilling work at the San Antonio deposit of its Tomingley Gold Project
- The overall program included 37,000 metres of drilling across 167 holes, 20 of which pertain to the latest results
- Some of the most significant intercepts include 10 metres at 6.68 grams per tonne of gold, which included three metres at 17.1 grams per tonne of gold
- An updated resource estimate for the San Antonio deposit is expected within the next two weeks
- Alkane Resources is trading in the grey at $0.84 per share
Alkane Resources (ALK) has released the final batch of assays from drilling work at the San Antonio deposit of its Tomingley Gold Project.
Located in New South Wales, the Tomingley Project covers 440 square kilometres, including a 60-kilometre stretch of the Newell Highway, and hosts an open-pit mine with an underground operation and a one-million tonne-per-year processing facility.
According to a mineral resource estimate published on April 20, 2020, the San Antonio deposit contains 7.92 million tonnes of ore at an average grade of 1.78 grams per tonne of gold, representing 453,000 gold ounces.
The overall exploration program at San Antonio included 37,000 metres of drilling across 167 holes, 20 of which pertain to the most recent results.
Some of the most significant intercepts include 10 metres at 6.68 grams per tonne of gold, which included three metres at 17.1 grams per tonne of gold, and 17.4 metres at 1.75 grams per tonne of gold, which included 5.2 metres at 4.28 grams per tonne of gold.
Nic Earner, Managing Director of Alkane Resources, said the results are what was needed to confirm the next phase of resource growth at the Tomingley Project.
“San Antonio’s infill drilling continues to deliver high-grade mineralisation close to the surface and supports our optimism for gold production at the Tomingley Gold Project for the next decade,” he added.
An updated resource estimate for the San Antonio deposit is expected to be released within the next two weeks, along with preliminary mine plans for both San Antonio and the Roswell deposit.
Drilling is anticipated to continue at the Tomingley Project for the purpose of mine development studies, which includes geotechnical, metallurgical, sterilisation and groundwater test work. Reconnaissance exploration drilling has resumed with a focus on near-mine targets.
Alkane Resources is trading in the grey at $0.84 per share as of 12:28 pm AEDT.