Alkane Resources Limited announced further results from its drilling program at the Company's Northern Molong Porphyry Project in Central New South Wales. The program extends over three kilometres from Kaiser, through Korridor and Boda, down to Boda Two and Boda Three. The Company believes this system 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 Project 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 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. Two significant gold-copper resources have now been defined within the corridor at Boda and Kaiser. Drilling continues to improve the confidence of the Boda and Kaiser deposits and to test mineralised zones outside their resource envelopes.

Boda Two/Three Prospect: The Boda Two/Three prospect was originally defined by the coincident magnetic high Boda Intrusive Complex (BIC) and a gold-copper soil anomaly with an estimated 1,100m x 500m footprint. The Boda Two prospect was further delineated by an electrical geophysics survey (3D-IP) that identified a strongly conductive target that was drill tested with KSDD022 intersecting substantial pyrite mineralisation with significant gold grades of 292m @ 0.66g/t Au from 867m. Subsequent exploration has defined this mineralisation as faulted and dislocated from the southern Boda resource envelope by the Reids Fault.

The Boda Two/Three prospect is located immediately south and on strike of the Boda resource envelope and further drillingwill combine Boda Two/Three mineralisation into the Boda resource estimation. Boda Two/Three geology comprises a thick sequence of basaltic to andesitic volcanics and volcaniclastics that have been intruded by a series of dykes, stocks and intrusive breccias that range in composition from monzodiorite to monzonite. A significant portion of gold-copper porphyry mineralisation at BodTwo/Three is centred over the magnetic BIC and is associated with zones of potassic to calc-potassic alteration that host chalcopyrite-bornite ± pyrite in veins and as disseminations.

Boda Two/Three, like Boda and Kaiser, includes numerous hydrothermal breccias composed of pyrite to chalcopyrite-pyrite cement that are responsible for narrow intervals of high-grade mineralisation. RC and diamond core drilling at Boda Two/Three is targeting extensions to gold-copper mineralised breccias and to infill the extensive low-grade disseminated gold-copper mineralisation. Drilling is conducted on east-west drilling traverses, spaced 100 metres apart with broad drill hole spacing ranging between 150 - 300m.

Assay results recently received from west collared drill holes comprise of five RC drill holes, including two pre-collars (PC), yet to be diamond tailed) and two RC pre-collared diamond core drill holes for a total of 4,049 metres. Significant results include: BOD095 41m grading 0.92g/t AuEq (0.49g/t Au, 0.29% Cu) from 448m and 36.4m grading 0.40g/t AuEq (0.26g/t Au, 0.09% Cu) from 829m; BOD097 93m grading 0.37g/t AuEq (0.23g/t Au, 0.10% Cu) from 249m incl 3m grading 1.67g/t AuEq (1.25g/t Au, 0.29% Cu) from 327m and 10m grading 0.41g/t AuEq (0.22g/t Au, 0.13% Cu) from 781m; BOD098 (PC) 34m grading 0.50g/t AuEq (0.17g/t Au, 0.22% Cu) from 113m and 111m grading 1.01g/t AuEq (0.69g/t Au, 0.21% Cu) from 241m incl 21m grading 3.01g/t AuEq (2.36g/t Au, 0.44% Cu)from 286m; BOD101 2m grading 1.38g/t AuEq (0.60g/t Au, 0.53% Cu) from 85m and 34m grading 0.99g/t AuEq (0.73g/t Au, 0.18% Cu) from 98m incl 9m grading 2.62g/t AuEq (2.10g/t Au, 0.35% Cu) from 105m; BOD104 (PC) 102m grading 0.90g/t AuEq (0.38g/t Au, 0.35% Cu) from 322m incl 5m grading 2.17g/t AuEq (0.88g/t Au, 0.88% Cu) from 383m. Drilling was also directed east to better target at depth the gold-rich pyrite mineralisation intersected east of Reids Fault, with a secondary purpose of identifying repetition in alteration and mineralisation assemblages caused by moderate-steep west to west-southwest dipping shear zones.

Assay results were received for four east collared drill holes comprising of one RC drill hole and three diamond core drill holes for a total of 5,654m. BOD109 experienced a drill string failure and terminated early in mineralisation at 870.9m. This hole was completed as BOD109W using a wedge off the parent hole from 274m downhole and was completed to a depth of 1,392.8m.