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    ALK   AU000000ALK9

ALKANE RESOURCES LIMITED

(ALK)
  Report
Delayed Australian Stock Exchange  -  12:10:37 2023-02-03 am EST
0.6850 AUD   -4.86%
02/01Alkane Resources heralds another consistent gold production quarter at Tomingley
AQ
01/31Catalyst Metals Appoints CFO
MT
01/25Alkane Resources' Tomingley Sales Reach AU$47 Million in Q4
MT
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Alkane Resources Limited Announces Significant Gold Intercepts Outside Resource At Tomingley Continued

11/16/2022 | 04:18pm EST

A deep RC drill hole (MCP092) intersected the McLeans andesite (correlates with the andesites that host the majority of the gold resources at the Roswell and San Antonio deposits) approximately 100m below surface, intercepting 34m @ 1.80g/t Au from 178m and 19m @ 1.25g/t Au from 242m. The multiple gold zones are associated with either sheeted quartz veins or as pyrite-silica cemented breccias, hosted within and along the contacts of the andesite host. McLeans Prospect was further drill tested by 8 AC drill holes, 2 RC drill holes and 2 DD drill holes for a total of 2,269 meters, targeting mineralization along strike and down dip of previous drilling.

Significant gold intercepts include: MCP095: 41 meters grading 1.13g/t Au from 199 meters; incl 9 meters grading 3.01g/t Au from 217 meters; and 16 meters grading 0.49g/t Au from 342 meters. MCP096D: 0.9 meters grading 12.6g/t Au from 475.1 meters; and 17 meters grading 1.10g/t Au from 537 meters; incl 2 meters grading 5.25g/t Au from 539 meters; and 27 meters grading 1.08g/t Au from 573 meters; incl 9 meters grading 2.33g/t Au from 585 meters. MCP097D: 14 meters grading 0.73g/t Au from 297 meters; incl 2 meters grading 2.23g/t Au from 297 meters; and 3.3 meters grading 1.14g/t Au from 395.7 meters.

RC drill hole MCP094 is interpreted to have drilled over the top of the andesite and intersected weak gold-arsenic anomalism in overlying volcaniclastic sediments. The recent drilling has confirmed significant gold mineralization over 200 meters of strike, 500 meters down dip and remains open along strike and down dip. Drilling is planned from the surface and underground from the exploration drive in early 2023 for the purpose of extending the known strike of the mineralized andesite and to estimate a maiden underground Inferred Mineral Resource.

Further air-core drilling was conducted over the recently discovered mineralization at the Plains Prospect. The program was conducted on nominal 100 meter spaced traverses with drill holes spaced 40 meters apart for a total of 7,136m, testing the strike and width of the Plains footprint. The drilling has mapped an approximate zone of anomalous gold-arsenic mineralization of approximate dimensions of 500m x200m, striking northeast, and associated with a magnetic low along the western margin of a thick basaltic-andesite lava.

Significant gold results include: RWAC352: 13 meters grading 0.91g/t Au from 42 meters; incl 1 meter grading 2.79g/t Au from 42 meters; also 4 meters grading 1.82g/t Au from 49 meters. RWAC361:15 meters grading 0.60g/t Au from 43 meters. RWAC362: 3 meters grading 2.41g/t Au from 54 meters.

RWAC385: 6 meters grading 0.85g/t Au from 27 meters. Four RC drill holes and one diamond core drill hole for a total of 1,487m tested the structural orientation of the mineralization and its depth potential. The Plains mineralization occurs as sheeted quartz-arsenopyrite-pyrite veins dipping moderately to the southeast and are hosted in phyllic altered basaltic-andesite.

Significant gold mineralization from the drilling includes: RWRC463: 4 meters grading 0.96g/t Au from 102 meters; and 4 meters grading 3.15g/t Au from 276 meters. RWRC465: 6 meters grading 0.80g/t Au from 26 metres; and 10 metres grading 1.59g/t Au from 61 metres; incl 3 metres grading 4.18g/t Au from 64 metres; and 4 metres grading 1.37g/t Au from 178 metres. RWD059: 6.7 metres grading 1.00g/t Au from 182.3 metres; incl 1.3 metres grading 2.97g/t Au from 184 metres.

The Plains Prospect is located approximately 1km southeast of the Roswell Deposit and shares the same northwest trending structural zone that hosts the 904koz gold deposit. The Plains gold mineralization is hosted within and along the western contact of a thick basaltic-andesite lava package. These lavas have been mapped over a 26km strike length from Tomingley to south of Peak Hill and have only been previously tested by sparsely spaced shallow drilling.

Further AC and RC drilling is planned for early 2023when access is possible. Two RC drill holes for a total of 476 metres were tested the southern extensions of a mineralised and esiteat San Antonio. Anomalous gold and arsenic were intercepted in volcaniclastics however both drill holes failed to intersect the target andesite beneath the deep alluvium profile.

One diamond core drill hole was designed to test the northern extension to the San Antonio Deposit across the Rosewood Fault towards Roswell. While several weakly gold mineralised faults were intersected, encouragingly a thin high-grade gold zone was intersected along a recciated and esite contact with significant results of: RWD060: 2 metres grading 3.38g/t Au from 440 metres. One deep diamond drill hole to 1,002m was completed to test for possible depth extensions to the Roswell andesite mineralisation a further 200m below previous drilling.

RWD061 intersected the brecciated andesite further downhole than predicted, suggesting the host rock is thinning and possibly folded from steeply dipping east to steeply dipping west. Future drilling to improve the understanding of the deposit at these very deep levels will be delineated by the underground mine development. Significant gold results include: RWD061: 7.5 metres grading 0.83g/t Au from 933.6 metres; incl 1.6 metres grading 2.28g/t Au from 934.4 metres.

Exploration drilling focused on the northern and deepest covered (30 to 50 metres) section of the El Paso Prospect to test a magnetitic andesite previously tested by only shallow AC and one diamond core drillhole due to the difficult drilling conditions caused by the deep sandy overburden. The El Paso andesite is similar in nature to the San Antonio volcanics that host the gold resource 1km to the north. Drilling comprised of a traverse of 12 AC drill holes totaling 1,098m, targeting an untested faulted offset section of stratigraphy for prospective volcanics.

The drilling intercepted weak gold-arsenic anomalism hosted within volcaniclastics. Three mud-rotary collared diamond core drill holes for a total of 956m, tested the strike length and gold mineralisation hosting potential of the magnetic andesite unit. Small zones of phyllic altered and quartz veined andesite were intersected by all three holes, with a significant gold zone intersected proximal to the andesite's eastern contact with: EPD009: 6 metres grading 1.36g/t Au from 88 meters; incl 2.9 metres grading 2.40g/t Au from 88 metres.

Dependent on access, RC drilling is planned to target the southern section of El Paso, where significant gold mineralisation has been intersected previously for early 2023.


ę S&P Capital IQ 2022
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Financials
Sales 2023 168 M 117 M 117 M
Net income 2023 42,2 M 29,4 M 29,4 M
Net cash 2023 69,2 M 48,2 M 48,2 M
P/E ratio 2023 9,75x
Yield 2023 -
Capitalization 410 M 286 M 286 M
EV / Sales 2023 2,03x
EV / Sales 2024 2,42x
Nbr of Employees -
Free-Float 64,4%
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Managers and Directors
Nicholas Paul Earner Managing Director & Director
James Carter Chief Financial Officer & Co-Secretary
Ian Jeffrey Gandel Non-Executive Chairman
David Ian Chalmers Executive Director & Technical Director
Jason Hughes General Manager-Operations
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