- Alkane Resources (ALK) has updated the Global Mineral Resource for the San Antonio deposit at the Tomingley Gold Project
- After further drilling, the San Antonio resource estimate now stands at 406,000 ounces of gold
- This has increased the resource for the Tomingley Extension Project to just over one million ounces of gold
- The company believes that this could provide the opportunity to add at least 10 more years to the Tomingley mine life
- Alkane Resources is up 2.6 per cent and trading at 79 cents per share
Alkane Resources (ALK) has updated the global mineral resource for the San Antonio deposit at the Tomingley Gold Project.
The mining company recently completed an additional 37,000 metres of drilling at the deposit, which is located within the Tomingley Extension Project.
In the aftermath of this drilling, the total resource at San Antonio, including indicated and inferred, now stands at 406,000 ounces of gold. This is from 7.3 million tonnes, grading at 1.72 grams per tonne of gold.
This has increased the resource for the Tomingley Extension Project, which includes both the Roswell and San Antonio prospects. With an indicated resource of 871,000 ounces and inferred resource of 195,000 ounces, the global mineral resource for the Tomingley Extension now stands at 1,066,000 ounces of gold.
Alkane Resources’ Managing Director, Nic Earner, said the updated resource at San Antonio gives the company the opportunity to add at least another 10 years to the Tomingley mine life.
“The combined Resources for both Roswell and San Antonio are over 1 million ounces, and over 80 per cent of those ounces are in the Indicated category,” he said.
“This gives us a very solid footing from which to finalise the mine plans for economic assessment. This assessment, combined with stakeholder feedback from consultation and environmental reports, will allow us to progress to the next stage of planning approval with the submission of the Environmental Impact Statement,” he added.
Detailed mine plans for both the Roswell and San Antonio deposits are continuing, in order to enable an economic assessment. These plans should be released later in 2021’s first quarter.
Alkane Resources is up 2.6 per cent, trading at 79 cents per share at 11:02 am AEDT.