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August 10, 2017

Tomingley Gold Operations (TGO)The TGP covers an area of approximately 270 km2 stretching over 60 km north-south along the Newell Highway from Tomingley in the north, through Peak Hill and almost to Parkes in the south. Modern mining in the region commenced with the development of the Northparkes porphyry style copper-gold operations in 1994 to the present; the smaller London-Victoria gold mine near Parkes in 1990-1995; Alkane‚Äôs Peak Hill heap leach gold operation from 1996 to 2005 and the Tomingley Gold Mine (2014 to present). 

Numerous prospects have been identified over the 60 km strike extent of complexly folded and faulted Ordovician aged volcanics, intrusives and sediments. Much of the belt is covered by younger, transported sand and clay sediments which mask the basement geology and mineralisation. Over several years Alkane geologists have developed techniques to distinguish targets below the cover.

Regional air core drilling recommenced in May 2017 to infill previous air core drilling traverses to 400 m apart where elevated gold and/or arsenic geochemistry had been intersected (see 10 April 2017 ASX announcement). The drilling consisted of 46 holes totaling 3,582 m and intersected alteration and veining hosted within the prospective Mingelo Volcanic belt consistent with the previous air core drilling results at the El Paso (previously named Eulinda Park) and Buddong prospects.

Mineralisation at El Paso has been identified over a strike length of at least 1200 metres being open to the north where land access difficulties hampered the regional air core program.  Approximately 2.5 km of the prospective belt within 5 km of the TGO remains untested.

 

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