Alkane Resources Limited announced the first set of results from its initial resource drilling program at the Company's Kaiser Prospect in Central New South Wales. Kaiser is to the immediate north-west of the landmark Boda porphyry gold-copper system, within the Northern Molong Porphyry Project, which the Company believes has the potential to be a large, tier one gold-copper project. Alkane also operates the nearby Tomingley Gold Operations (`Tomingley'). Northern Molong Porphyry Project (NMPP): The NMPP is located in central west NSW at the northern end of the Molong Volcanic Belt of the Macquarie Arc and is considered highly prospective for large scale porphyry and epithermal gold-copper deposits. Exploration in the NMPP has already identified five discrete magnetic/intrusive complexes ­ Kaiser, Boda, Comobella, Driell Creek and Finns Crossing ­ within a 15km northwest trending corridor. The corridor is defined by intermediate intrusives, lavas and breccias, extensive alteration and widespread, low-grade, gold-copper mineralisation. A major RC and diamond core drilling program commenced in July 2020, designed to test the dimensions and extensions to the large low-grade mineralised envelope as well as any internal high-grade zones at Boda. In addition, the drill program is testing other known gold-copper mineralisation occurrences and co-incident IP anomalies within the 15 km monzonite intrusive corridor that extends from Boda Three to Finns Crossing. The Kaiser prospect comprises a thick sequence of basaltic to andesitic volcanics and volcaniclastics that have been intruded by a series of dykes and stocks that range in composition from diorite and monzodiorite to monzonite. Porphyry gold-copper mineralisation at the Kaiser prospect is associated
with two northwest trending zones of potassic to calc-potassic alteration, the Kaiser and Duke Zones, that host zones of chalcopyrite-bornite ± pyrite in veins and as disseminations. Minor gold-copper bearing hydrothermal breccias are responsible for narrow intervals of high-grade mineralisation. The
Duke and Kaiser Zones show many similarities to the Boda prospect including alteration assemblages and zonation with a northwest trend to the hydrothermal system. The best results from the Duke Zone are centred within the northwest of the target area with KAI058 on the most north-western traverse returning a mineralised intercept of 182m @ 0.11g/t Au and 0.24% Cu from 53m, indicating that the system is still open to the northwest. Additionally, RC drill chip logging has indicated that several of the most north-eastern drill holes on each traverse are mineralised and subsequently addition holes have been designed to test this mineralisation at depth, as well as test extensions of shallow mineralisation along strike to the northwest. Drilling within the Kaiser Zone during this program has been limited to the most south-westerly hole on each traverse. The best results returned thus far within the Kaiser Zone are located within the southeast of the drilling area with KAI053 returning an intercept of 177m grading 0.32g/t Au and 0.14% Cu from surface. This 90m (true width) intercept is along strike from shallow mineralisation intersected in KSRC027 - 156m grading 0.48g/t Au & 0.20% Cu from surface, and KSRC029 - 144m grading 0.22g/t Au & 0.20% Cu from surface. This shallow mineralised zone continues over a length of greater than 350m through the old workings to the west-northwest. The Boda Two prospect is defined by coincident magnetic high and gold-copper soil anomaly with an estimated north-south 1,100m x 500m footprint. An electrical geophysics survey (3D-IP) identified a strongly conductive target (ASX Announcement 19 May 2020) that was drill tested with KSDD022 intersecting substantial pyrite mineralisation with significant gold grades of 292m @ 0.66g/t Au from 867 metres. Drilling has been conducted on west-orientated drilling traverses, spaced 100 metres apart with broad
drill hole spacing ranging between 150 ­ 300m. The drilling continues to identify extensive and continuous zones of low-grade gold-copper porphyry mineralisation with internal high-grade zones associated with weakly developed hydrothermal breccias of magnetite ± pyrite ± chalcopyrite. Assay
results were received for two RC precollared diamond core drill holes for 3,359.9 metres, with significant intercepts of: KSDD050: 24m grading 0.25g/t Au, 0.03% Cu from 409m (Au-rich); and 203m grading 0.23g/t Au, 0.02% Cu from 682m (Au-rich); incl 20m grading 0.38g/t Au, 0.02% Cu from 844m (Au-rich); and 306m grading 0.57g/t Au, 0.04% Cu from 928m (Au-rich); incl 34m grading 0.36g/t Au, 0.16% Cu from 1045m; also 155m grading 0.80g/t Au, 0.02% Cu from 1079m (Au-rich); incl 38m grading 1.9g/t Au, 0.02% Cu from 1106m (Au-rich); incl 1m grading 28.4g/t Au, 0.02% Cu from 1135m (Au-rich); and 25m grading 0.21g/t Au, 0.11% Cu from 1269m. BOD061: 35m grading 0.32g/t Au, 0.02% Cu from 583m (Au-rich); and 22m grading 0.28g/t Au, 0.15% Cu from 768m; and 522m grading 0.28g/t Au, 0.14% Cu from 855m; incl 56m grading 0.73g/t Au, 0.28% Cu from 1232m; and 57m grading 0.38g/t Au, 0.16% Cu from 1436m.