ALK 2.30% 89.0¢ alkane resources limited

Alkane flags potential new mine in NSW

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    Alkane Resources has signalled that a potential mine operation could form off the Boda prospect in New South Wales.

    The Boda prospect is part of the Northern Molong Porphyry project, which incorporates exploration licences covering a 115 square kilometre area of the northern Molong Volcanic Belt.

    Assay results from both core holes KSDD006 and KSDD007 indicate a substantial improvement in grades and width of the porphyry mineralisation to the south.

    This includes core hole KSDD007 returning intercepts of 1167 metres at 0.55 grams per tonne of gold and 0.25 per cent of copper from 75 metres.

    Alkane said the gold-copper grade and width of mineralisation held similarities to Newcrest Mining’s Cadia East System.

    The company further intersected extensive gold-copper mineralisation, including 267 metres at 0.29 grams per tonne of gold from 268 metres at core hole KSDD006, north of KSDD003 and KSDD005.

    “These excellent results confirm the Boda prospect as a significant discovery,” Alkane 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.

    “Alkane is waiting on assays from our final holes of this program and we look forward to bringing shareholders further results as they become available.”

    Alkane’s two remaining core holes in the exploration program are complete, with results expected next month.

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