Alkane Resources (ALK); latest drill programme shows there is life in the old dog yet

Published on 29-03-2019 08:43:01
Author Ryan Long

Alkane Resources has received the initial assay results from a 26 hole (5,577m) follow up drill programme at the San Antonio Prospect, which is located 3km-4km south of Alkanes’ Tomingley Gold Mine. Results from the programme include high to mid-grades over significant intercepts and drilling has now confirmed gold mineralisation over a strike of 800m at the San Antonio Prospect. The project remains open along the strike and down dip.

Results from the programme include high to mid-grades over significant intercepts with: 24m at a grade of 5.08g/t Au from 78m (RWRC038); 39m at a grade of 6.09g/t Au from 153m (RWRC047); and 51m at 2.52g/t Au from 39m (RWRC044). Drilling has now confirmed gold mineralisation over a strike of 800m at the San Antonio Prospect, and it remains open along strike and down dip.

At the Roswell project, located 300m to the north of San Antonio, gold mineralisation has been demonstrated over a strike of 350m and also remains open along strike and at depth. Alkane has commenced drilling an additional 3,000m, focused in the area between the two Roswell and San Antonio Prospects, to see if these two bodies of mineralisation merge. The company is planning to commence a large JORC 2012 complaint mineral resource estimate drill programme of 50,000m as soon as practical.

Elsewhere, operations at Tomingley are currently focused on treating the mid-grade stockpile while the company transitions from the open pit to underground mining. Drill results like these, which demonstrate the exploration potential from the area around the Tomingley Gold Mine, are important, as they could potentially provide another source of feed for the Tomingley Plant, extending its life and or increasing production levels.

Alkane has an active drill programme planned for 2019 and assay results from a 9 hole (2,500m) drill programme on the El Paso Prospect are pending and expected to be announced in May.

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