Alkane Resources Limited (ASX: ALK) announces its latest drill results from the Company's Boda Prospect in Central New South Wales.

Boda is a landmark 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 Managing Director, Nic Earner, said: 'Our systematic evaluation of Boda continues to deliver results.

The mineralised system is growing, as is our understanding the nearby Duke and Kaiser deposits. We will continue to use these results to plan and deliver the forward drilling program, with further extensions expected. The information we are gathering is expected to put us in a position to declare a maiden resource estimate for Boda in the first quarter of 2022.'

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. A major RC and diamond core drilling program commenced in July 2020 and was 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 drilling is testing other known gold-copper mineralisation occurrences and co-incident IP anomalies within the 15km monzonite intrusive corridor that extends from Boda Three to Finns Crossing. Assays were received from the current drilling program testing Boda, Boda Two, Boda Three, Kaiser and other regional targets comprise of 11 RC drill holes and 8 diamond core holes for a total of 12,394 metres.

Boda Prospect

The Boda gold-copper porphyry system is a series of near vertical, northwest striking, intrusive related breccias hosted within a thick sequence of shallowly east dipping andesite lavas. These magmatic breccias tend to hydrothermal in nature with a matrix comprising of calcite-quartz +/- actinolite +/- magnetite +/- chalcopyrite +/- pyrite (Boda discovery hole KSDD003 - 502m @ 0.48g/t Au, 0.20% Cu from 211 metres; ASX Announcement 9 September 2019) zoning to higher gold-copper grades when associated with a chalcopyrite +/- pyrite dominant cement (KSDD007 - 96.8m grading 3.97g/t Au, 1.52% Cu from 768 metres; ASX Announcement 23 March 2020).

The breccias are truncated by late-mineral monzonite intrusives associated with quartz + chalcopyrite veining and post-mineral dolerite and dacitic dykes. Recent drilling has indicated that the northeast shoulder of the Boda gold-copper mineralisation has a shallow blanket of epithermal gold mineralisation associated with colloform quartz-carbonate veining and abundant pyrite. The epithermal gold mineralisation often includes very high gold grades, as announced below (KSDD042 - 1m grading 9.38g/t Au from 281m). Drilling continues to focus on testing the northwest trending mineralisation at Boda with 50m spaced southwest orientated drilling traverses with nominal 100m spaced drill holes. Drill hole assays for three RC drill holes and four diamond core drill holes for a total of 5,322 metres were received.

The Boda prospect is being tested along southwest trending traverses spaced 50m apart with nominal 100m spaced drill holes to determine the strike and dip extensions of the northwest trending Boda mineralisation. At least four mineralised intrusive breccias have now been identified central to the Boda system that remains open along strike. The current program continues to improve confidence for a maiden resource estimation, expected in the first quarter of 2022. Planned trial downhole electromagnetic surveying has been further delayed to late 2021 due to continuous border closures.

ABOUT ALKANE

Alkane Resources is poised to become Australia's next multi-mine gold producer. The Company's current gold production is from the Tomingley Gold Operations in Central West New South Wales, where it has been operating since 2014 and is currently expediting a development pathway to extend the mine's life beyond 2030. Alkane has an enviable exploration track record and controls several highly prospective gold and copper tenements. Its most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which have the potential to provide additional ore for Tomingley's operations. Alkane's exploration success includes the landmark porphyry gold-copper mineralisation discovery at Boda in 2019. With a major drill program ongoing at Boda, Alkane is confident of further consolidating Central West New South Wales' reputation as a significant gold production region. Alkane's gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies, including 19.8% of Genesis Minerals (ASX: GMD) and 9.7% of Calidus Resources (ASX: CAI).

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