Latest News Archives - Alkane Resources Ltd
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TGO DRILLING AT DEPTH TO INFORM UNDERGROUND DEVELOPMENT STUDY 

Summary

  • Core drilling of the Wyoming One deposit has confirmed continuity and extension to the mineralisation below the existing open cut operation.
  • Results for the final 8 diamond core drill holes of the 23 hole program have been received.
  • The  drilling continued targeting of the Hangingwall Zone and Porphyry Zone to 300 metres below the planned base of the open cut.
  • Results include:
    • WY968D  5.14m @ 8.85g/t Au from 364.5 metres
      incl       2.0m @ 21.1g/t Au from 367.0 metres
    • WY971D  17.45m @ 2.5g/t Au from 309.1 metres
      incl    7.35m @ 4.85g/t Au from 309.1 metres
      and  39.8m @ 1.62g/t Au from 420.2 metres
      incl    1.89m @ 4.77g/t Au from 423.0 metres
      and    6.8m @ 4.74g/t Au from 450.2 metres
      incl    1.0m @ 26.2g/t Au from 451.0 metres
    • WY972D  18.42m @ 2.43g/t Au from 512.6 metres
      incl    9.8m @ 3.17g/t Au from 513.4 metres
  • Resource modelling has commenced and will be incorporated into the underground mining study scheduled for completion in Q1 2018.

Read the entire announcement here. 

Further significant drill intercepts at depth at TGO

  • Additional drilling of the Wyoming One deposit has proved continuity and extension to the mineralisation below the existing open cut operation.
  • 15 diamond core drill holes have been completed totalling 6,993 metres of a 23 hole program designed to confirm continuity within the ore zones previously identified, adding to the drilling completed late 2016.
  • The drilling specifically targeted the Hangingwall Zone and Porphyry Zone to 300 metres below the planned base of the open cut.
  • Results include:
    • WY954D 16.7m @ 2.52g/t Au from 178.3 metres
      • incl 4.0m @ 3.78g/t Au from 181 metres
      • and 4.0m @ 4.00g/t Au from 189 metres
      • and 47.15m @ 3.12g/t Au from 249 metres
      • incl 15.0m @ 5.71g/t Au from 253 metres
      • and 0.8m @ 26.7g/t Au from 278.4 metres
    • WY955D 12.0m @ 3.69g/t Au from 189 metres
      • incl 5.3m @ 5.63g/t Au from 192.7 metres
      • and 4.6m @ 3.51g/t Au from 206.2 metres
      • and 44.0m @ 2.19g/t Au from 306 metres
      • incl 18.25m @ 3.56g/t Au from 312 metres
    • WY957D 12.4m @ 3.40g/t Au from 378.6 metres
      • incl 7.25m @ 5.01g/t Au from 379.75 metres
      • and 8.45m @ 4.36g/t Au from 394.55 metres
      • incl 3.3m @ 8.35g/t Au from 395.9 metres
      • and 2.25m @ 16.4g/t Au from 476.75 metres

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Quarterly Activities Report – 30 September 2017

Dubbo Project (DP)

  • The modularised build study being conducted by specialist engineers, particularly Outotec, will be completed in the current quarter.
  • Upward price movements in the zirconium chemicals and powders, and rare earth magnet markets have continued.

Tomingley Gold Operations (TGO)

  • Strong gold production in the quarter of 24,122 ounces at an AISC of A$982/ounce continued the excellent performance from the preceding quarter.
  • Site operating cash flow after development costs for the quarter was A$14.0M.
  • Quarter Results
    • Gold production was above forecast at 24,122 ounces
    • Site operating cash costs were A$766/ounce with all in sustaining costs (AISC) of A$982/ounce
    • Gold sales 21,610 ounces for revenue of A$36.4 million at an average price of A$1,685/ounce
    • Gold forward contracts at 30 September 2017 of 4,500 ounces at average price of A$1,720/ounce.
  • Full year guidance for FY2018 remains unchanged at 65,000 to 70,000 ounces of gold at an AISC of A$1,100 to A$1,200.

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Nomination of Independent Non-executive Director

Gavin Smith, Alkane ResourcesGavin Smith, Chair and President of Robert Bosch Australia, nominated for election as a non‐executive director.

Alkane Resources Ltd (ASX: ALK, OTCQX: ANLKY) (“Alkane” or the “Company“) advises that Mr Gavin Smith has been nominated for election as a non‐executive director of the Alkane Resources Ltd Group (“Group“) at the forthcoming Annual General Meeting of shareholders.

As discussed previously, the Company has been seeking to refresh the Board with the appointment of additional independent members who will bring complementary skill sets and diversity to the Group’s leadership team.

Mr Smith (B.Com., MBA, MAICD) has worked for the Bosch group, a leading global supplier of technology and services, for the past 28 years in Australia and Germany and is the current Chair and President of Robert Bosch Australia. In this role he has led the restructuring and transformation of the local Bosch subsidiary. Concurrent with this role, he is a non executive director of the various Bosch subsidiaries, joint ventures, and direct investment companies in Australia and New Zealand. In addition, Mr Smith is the Chair of the Internet of Things Alliance Australia (IoTAA), the peak body for organisations with an interest in the IoT. With these credentials, he is a natural fit to augment the Board as the Company progresses its transformation into an alternative supplier of technology metals into the global market.

Mr Smith has accepted the invitation to join the Board commencing from election at the Annual General Meeting of shareholders which is scheduled to be held in Sydney on Wednesday, 29 November 2017. The current Board unanimously recommends that shareholders vote in favour of his election.

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Dubbo Project Resource and Reserve Statements FY17

  • Mineral Resources and Ore Reserves for the Toongi deposit within the Dubbo Project have been independently re-estimated to account for revised estimated operating costs, product revenues and regulatory approved site layouts:
  • Total Mineral Resources
    • 75.18Mt @ 1.89% ZrO2, 0.04% HfO2, 0.44% Nb2O5, 0.03% Ta2O5, 0.88% TREO*
  • Total Ore Reserves
    • 18.90Mt @ 1.85% ZrO2, 0.04% HfO2, 0.44% Nb2O5, 0.03% Ta2O5, 0.87% TREO* * = total rare earth oxides plus yttrium oxide
  • The Toongi deposit is a very large open pittable resource of zirconium (Zr), hafnium (Hf), niobium (Nb), tantalum (Ta), yttrium (Y) and the rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu).
  • Over several years, Alkane Resources subsidiary, Australian Strategic Materials Ltd (ASM) has developed a flow sheet to recover all of these metals, except tantalum.
  • The flow sheet has been proved through a demonstration pilot plant at ANSTO since 2008 enabling optimisation of capital and operating costs, and supply of samples for product certification to end users.
  • A definitive feasibility study was completed in 2013; front end engineering design (FEED) in 2015; and a revised modularised and staged construction concept is in progress to provide a bankable level study.
  • Many of these metals are required for modern advanced technologies with supply chains subject to critical issues.
  • The Proved Ore Reserve will support an initial 20 year mine life.

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