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Alkane Resources (ASX:ALK) - Managing Director, Nic Earner - The Market Herald
Managing Director, Nic Earner
Source: Parkes Champion-Post
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  • Alkane Resources (ALK) has turned up more gold-copper mineralisation at the Boda prospect, part of its Northern Molong Porphyry Project in central NSW
  • The company drilled three diamond holes, totalling around 3000 metres, to look for strike and depth extensions to the known Boda porphyry system
  • One hole in particular returned strong results, with an 832-metre section grading 0.38 grams per tonne (g/t) gold and 0.17 per cent copper
  • The results get richer at depth, leading the company to believe there may be a deeper 'feeder' source for the shallower mineralisation
  • The latest results will be used to plan further drilling as the company maps out the system and seeks the potential deeper source of the mineralisation
  • Alkane Resources is up 0.51 per cent, trading for 98.5 cents

Alkane Resources (ALK) has turned up more gold-copper mineralisation at the Boda prospect, part of its Northern Molong Porphyry Project in central NSW.

Deep drilling

The company drilled three diamond holes, totalling around 3000 metres, to look for strike and depth extensions to the known Boda porphyry system.

One hole in particular returned strong results, with an 832-metre section grading 0.38 grams per tonne (g/t) gold and 0.17 per cent copper from a depth of 256 metres.

This included a very high grade zone of 25 metres grading 4.43g/t gold and 2.59 per cent copper from 838 metres.

Modelling indicates the intersections are a continuation of previously-intersected mineralisation. It's believed the hole crossed a down-dip extension of the porphyry system, which so far remains open along strike, and up and down dip.

The other two holes also encountered wide mineralised intersections, but with slightly lower grades and across lesser widths.

These holes have helped with Alkane's understanding of the Boda geology, pinning down the shape of some features and providing direction for further drill planning.

Alkane Managing Director Nic Earner says the company will keep drilling at Boda to continue expanding the known mineralisation.

"Hole 28 provides further clarity on the potential scale and orientation of a very high-grade brecciated zone. Follow-up drilling, consistent with the new orientation, is being expedited to test the extent of the continuity and down plunge of this high-grade zone," Nic said.

"We have growing confidence in our geological interpretation of the Boda-Kaiser system and its potential," he added.

Next steps

The company is using the latest results to plan the next phase of drilling, which will focus on further extensions to the brecciated zone.

Given the results from hole 28 seemed to get richer at depth, the company believes the nature of the mineralisation may change to a more copper-rich mineral system which acts as a 'feeder' source for the shallower mineralisation.

This potential deeper ‘causative’ porphyry intrusion is still only theoretical. If the next phase of drilling returns results supporting the theory, Boda will very suddenly be a much richer system.

Further results from the current program are expected in February.

Drilling will continue through 2021 as the company continues to map out the full extent of the Boda system, and other priority targets across the 15-kilometre corridor between Boda and Finn's Crossing.

Alkane Resources is up 0.51 per cent, trading for 98.5 cents at 12:49 am AEDT.

ALK by the numbers
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