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. 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. Significant exploration on the NMPP commenced in 2019, defining several gold-copper occurrences and co-incident IP anomalies within the 15 km monzonite intrusive corridor that extends from Boda Three to Finns Crossing. This exploration comprised of intensive drilling of the Boda prospect resulting in the reporting of an initial Inferred Resource with a total metal inventory of 5.2Moz gold and 0.9Mt copper
(ASX Announcement 30 May 2022). Drilling continues to test mineralised zones outside of the Boda Deposit resource envelope at Kaiser, Korridor and Boda Two/Three prospects. The Kaiser prospect, centred about 1km northwest of Boda, 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 Kaiser is centred over the magnetic Kaiser Intrusive Complex (KIC) and is associated with northwest
trending zones of potassic to calc-potassic alteration that host chalcopyrite-bornite ± pyrite in veins and as disseminations. Minor hydrothermal breccias are responsible for some narrow intervals of high-grade mineralisation, and other high-grade intervals occur as disseminations, forming blebs of bornite - chalcopyrite ± chalcocite replacement mineralisation. The alteration appears more siliceous and commonly with a higher component of copper mineralisation, possibly indicating Kaiser was formed at a deeper level in the porphyry system than at Boda. In particular, the northwest section of Kaiser where mineralisation has zoned to more copper dominant with previous results such as KAI082 ­ 134m @ 0.85% Cu, 0.71g/t Au from 211m, including 68m @ 1.50% Cu, 1.17g/t Au from 249m. The gold equivalent (AuEq) is calculated using preliminary metallurgical work that determined both Au and Cu could be recovered equally and at 85%. The calculation formula is AuEq(g/t) = Au(g/t) + Cu%/100 *31.1035 *CuPrice($/t)/AuPrice($/oz). The prices used were gold at USD 1800/oz and copper at USD 8,400/t, at an exchange rate of A$:US$0.68. Alkane considers the elements included in the metal equivalents calculation have a reasonable potential to be recovered and sold. An initial JORC resource estimation for Kaiser has begun and expected to be completed in First Quarter 2023. Two high-capacity diamond core drill rigs are in operation at Boda and at Boda Two/Three. One drill rig is targeting the 1,000m x 500m area of extensive Au-Cu mineralisation at the Boda Two/Three Prospect. The second drill rig is targeting the northwest extension to Boda outside of the current deposit envelope, as well as infill drilling within the current resource. The drilling is planned to both improve the confidence in the estimation and to increase the mineral resource at Boda. The drill testing extensions to mineralisation outside of the calculated Boda Mineral Resource is focusing on extensions to the northwest of the Boda resource envelope terminating at the "Solar Fault" and to the south of the Boda resource envelope at the Boda Two/Three Prospect. Drilling is also planned to infill areas around higher grading breccia mineralisation to improve the confidence of the initial Boda Resource Mineral estimation to include an Indicated category. Additional drill capacity will be added as ground access conditions improve.