ALK 0.82% 61.5¢ alkane resources limited

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    ALKANE EXPLORATION LIMITED 2003-06-23 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    A small five hole RC drilling programme has been completed at the
    Moorilda project which is located 5km east of Blayney, and about 30km
    southeast of Orange in the Central West of New South Wales. Moorilda
    is held by LFB Resources NL, a wholly owned subsidiary of Alkane
    Exploration Ltd.

    Moorilda straddles the structural contact between the Ordovician aged
    Molong Volcanic Belt in the west and the Siluro-Devonian sediments
    and volcanics of the Hill End Trough to the east. Numerous historical
    gold workings are scattered along 60km of the structure of which
    about 30km is held by LFB Resources. An intrusive monzonite complex
    (Moorilda Complex) is covered in the south. The giant Cadia-Ridgeway
    gold-copper monzonite associated orebodies of Newcrest Mining are
    located 30km to the west while the major historic producer at Lucknow
    (approx500,000 ounces of gold) is 5km to the northwest.

    Recent exploration of the area has been sporadic with limited,
    shallow drill testing of some historic prospects during the 1980's
    and regional surface sampling in the 1990's. Data compilation and
    review identified several prospects which had potential for gold
    resources and three areas - two historic producers (Bright Star and
    Last Chance) and a previously untested magnetic anomaly - were
    selected for reconnaissance drill testing during this programme. The
    holes were designed to test and confirm the geological controls and
    down dip extent of the gold mineralisation at the Bright Star and
    Last Chance mines, and to identify the source of the magnetic
    anomaly.

    At Bright Star previous drilling had traced mineralisation over a 120
    metre strike length with results such as:

    NBP 12 6 metres grading 3.52 g/t gold from 20 metres, and
    NPB 26 13 metres grading 2.20 g/t gold from 11 metres.

    Two drill holes were completed to test the down dip and down plunge
    extent of mineralisation.

    KP001 30 metres grading 1.21 g/t gold from 96 metres
    including 9 metres grading 2.69 g/t gold from 117 metres

    This intercept is vertically below the known mineralisation, which is
    located within a broad shear zone/quartz lode system at the contact
    between Silurian sediments and Ordovician mafic volcanics.

    The Last Chance workings are located 7km north of Br ight Star and
    mineralisation had been identified over a 100 metre strike length
    with results of:

    LCP 23 6 metres grading 2.37 g/t gold from 25 metres, and
    LCP 24 5 metres grading 2.06 g/t gold from 81 metres (EOH).

    The mineralisation is again situated with a broad shear zone/quartz
    lode system located at or near the contact however trace element
    geochemistry of the footwall rocks suggest a more ultramafic
    composition similar to Lucknow. Two drill holes were completed on the
    same section line to assess the down dip extent of mineralisation.

    KP003 15 metres grading 1.30 g/t gold from 102 metres

    KP005 3 metres grading 1.34 g/t gold from 114 metres in a hanging
    wall zone
    and 9 metres grading 2.53 g/t gold from 156 metres within the main
    lode.

    Approximately 2 metres of the up dip side of the main zone had been
    mined out.

    The magnetic anomaly is situated about 1km east of Last Chance and is
    comprised of two bodies. The northern body is interpreted as having
    an east-west trend dipping south at 45 o while the southern body has
    a 340 o trend (parallel to the major Godolphin Fault) dipping 50 o to
    the east. One drill hole was completed to test the northern anomaly
    and intersected a broad chlorite-magnetite-epidote alteration zone
    within volcanics which are transected by felsic porphyritic rocks.
    The southern anomaly was not drilled due to access problems however
    in outcrop the area exhibits extensive quartz veining on the margins
    of the anomaly. Numerous shallow historic workings are scattered
    throughout the area.

    Preliminary results of samples grading greater than 1g/t gold are:

    HOLE EAST NORTH AZIMUTH INTERCEPT GRADE INTERVAL EOH TARGET
    NO ZONE
    (m) (g/t Au) (m) (m)

    KP 001 719045 6283680 270deg 30 1.21 96 - 126 138 Bright
    Star
    incl 9 2.69 117 - 126

    KP 003 716470 6289850 245deg 15 1.30 102 - 117 200 Last
    Chance

    KP 005 716509 6289860 245deg 3 1.70 93 - 96 200 Last
    Chance
    3 1.34 114 - 117
    and 9 2.53 156 - 165

    All holes drilled at a nominal inclination of -60deg
    Gold analysis by 30g fire assay of 3 metre composites.


    The drilling results indicate that ore grades are persistent at depth
    within this structural setting, and that the numerous prospects along
    the Godolphin Fault or splays from it, are excellent targets for
    structurally controlled, shear hosted quartz lode gold deposits.

    At the Confidence Mine, situated 3km north east of Last Chance and
    along a north-south splay fault, historic workings are found along a
    600 metre strike length. Gold mineralisation is hosted by a
    north-south quartz veined and stockworked felsic unit from which
    limited earlier drilling returned results such as:

    BRC005 6 metres grading 2.53 g/t gold from 24 metres;
    CGR004 7 metres grading 2.85 g/t gold from 40 metres

    Due to access problems this prospect was not evaluated during the
    recent drilling programme.

    Many other prospects remain partially or not tested including the
    McPhillamy's Prospect where regoleach soil sampling has identified a
    broad gold-tellurium anomaly covering some 2-3km strike and up to 1km
    in width. The anomaly is coincident with the Godophin Fault where it
    is cut by north-east trending structures.

    Recent explorers have focussed on the Moorilda Magnetic
    Complexlocated in the southern part of the licence. The complex is
    interpreted as a large scale magnetite accumulation associated with
    monzonitic intrusive rocks and lies within the north-west trending
    Lachlan Transverse Zone. RC and core drilling by Hargreaves Resources
    returned 19m grading 1.23g/t gold and 0.20% copper from 100 metres
    (MORCD028) from the southern part of the complex. Reprocessing of the
    magnetics and regoleach geochemistry has identified other areas
    within the complex which require additional work.

    A more extensive evaluation programme for the project is being
    considered.


    Enquiries:

    Ian Chalmers
    TECHNICAL DIRECTOR
    Tel: +61 8 9328 9411
    Fax: +61 8 9227 6011
    Email: [email protected]
 
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