Northern Molong Belt Porphyry Project (Gold-Copper; EL4022, EL6209, EL8261)
Centred about 20km NNE of Wellington and consists of three exploration licences (EL4022-Bodangora, EL6209 – Kaiser & EL8261 – Finns Crossing) which cover the northern end of the Ordovician-aged Molong Volcanic Belt before being overlain by younger sediments of the Great Australian Basin.
Exploration by Alkane has concentrated on the reconstruction of the lithological and structural environment. This work has identified significant similarities with the stratigraphic setting of the Ridgeway Deposit at Cadia. Detailed mapping and lithogeochemical analysis of rock types in the area has identified four intrusive complexes – Comobella (CIC), Kaiser (KIC), Driell Creek (DCIC) and Finns Crossing (FCIC) – which have strong affinities to the fertile alkalic intrusive complexes which host the Cadia Valley and Northparkes operations.
Bodangora (EL4022): Drilling in 2011 -2012 was concentrated around the Glen Hollow Prospect along the eastern margin of the CIC and confirmed the existence of several key geological features and mineralisation associated with an alkalic porphyry copper-gold system.
Continued analysis of the Glen Hollow data indicated an alteration and geochemical vector to the south of the drilling and subsequent activities have concentrated on areas around the Driell Creek Prospect. More recent drilling has intersected altered volcanics, and alteration and minor mineralisation associated with monzonite intrusives. The results are moderately encouraging, with a pyrite + sericite + silica phyllic-alteration zone now defined over an area of 400 x 250m on the margins of the DCIC. This zone is open to the south and shows an increasing trend in copper and porphyry pathfinder element levels towards the south. The expansion of induced polarisation geophysical coverage in the area has extended the chargeability anomaly at Driell Creek to the south. The detailed aeromagnetic data suggests that the chargeable feature may progress from the distal alteration identified in drill holes to a more proximal alteration zone in which magnetite is preserved.
To the east, drilling completed in March 2016 targeted the Boda and Belgium prospects along the south-eastern margin of the KIC, though analogous with the Duke prospect at Kaiser. This drilling confirms the results of the geological reconstruction with broad widths of low-grade gold mineralisation associated with monzonite intrusives:
- 311m @0.28g/t Au, 0.06% Cu from 19m to EOH (KSRC018) (Boda Prospect); and
- 176m @ 0.20g/tAu, 0.02% Cu from 124m to EOH (KSRC016) (Boda Prospect).
Kaiser (EL6209): covers approximately 127ha and is fully enclosed by the Bodangora licence. Alkane holds a 100% interest in this licence, however, Ajax Joinery Pty Ltd retains a 2% net smelter royalty over any production from within the licence area.
Limited RC drilling has been completed by Alkane and results continue to validate the targeting strategy and confirm the potential for increasing grades (in particular gold) within this zone, both along strike and down dip:
- 60m @ 0.81g/t Au, 0.91% Cu from 0m (KSRC001) (Kaiser Prospect);
- 32m @ 0.39% Cu, 0.13g/t Au from 109m incl.8m @ 1.06% Cu, 0.34g/t Au from 109m (KSRC003) (McGregor Prospect);
- 78m @ 0.45% Cu, 0.30g/t Au from 115m, incl. 16m @ 0.87% Cu, 0.57g/t Au from 126m (KSRC010) (Duke Prospect); and
- 111m @ 0.61g/t Au, 0.08% Cu from 42m, incl. 4m @9.69g/t Au, 0.06% Cu from 110m (KSRC013) (Duke Prospect)
The Duke prospect is considered particularly significant, as it occurs at the margin of the KIC, a setting believed to be analogous to the position of the high-grade Ridgeway porphyry deposit at the margin of the Cadia Intrusive Complex.
Finns Crossing (EL8261): located immediately to the north-west of the Bodangora exploration licence. The licence covers what is interpreted as a third intrusive centre (FCIC) which has been dislocated by regional folding and faulting.
Further work is being undertaken to confirm the improved stratigraphic understanding and structural framework that has been extended from the Bodangora and Kaiser areas and to define robust drill targets.