Boda Resource Estimate of ~10.1M Gold Equivalent Ounces - Alkane Resources Ltd
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Boda Resource Estimate of ~10.1M Gold Equivalent Ounces

Key points

  • The initial Inferred Mineral Resource for the Boda Deposit has been estimated at 624Mt grading at 0.51g/t AuEq* for 10.1 MEqoz (5.21Moz Au, 0.90Mt Cu)
  • The estimate is based on approximately 71,400 metres of drilling using a 0.3g/t gold equivalent (AuEq) cutoff deemed appropriate for potential open cut mining.
  • This includes a sub-component for the potential use of bulk-tonnage underground mining using a cutoff grade of 0.4g/t AuEq of:
    353Mt grading at 0.63g/t AuEq* for 7.1 MEqoz (3.72Moz Au, 0.62Mt Cu)
  • Drilling continues to define the overall system with extensions being tested south of Boda at Boda Two and northwest of Boda towards Kaiser, in addition to infill drilling of the Inferred Resource. The deposit remains open at depth and along strike to the south and along strike to the north-west within the Boda intrusive corridor.
  • Preliminary metallurgical study indicated potential for two stage ore processing. The first stage would produce a copper-gold concentrate for immediate sale and the second stage produce gold bullion from a cyanide leach. Preliminary recoveries are 85% for gold, copper and silver.
  • Drilling for the purpose of estimating an initial shallow Inferred Mineral Resource at Kaiser, located 700m north-west of Boda, is nearing completion with a resource estimation expected in Q4 2022.

The equivalent calculation formula is AuEq(g/t) = Au(g/t) + Cu%/10031.1035*copper price ($/t)/gold price($/oz). The prices used were US$1,770/oz gold and US$9,750/t copper, and A$:US$0.70. Recoveries are assumed at 85% per economic element from preliminary metallurgical studies. In Alkane’s opinion all the elements included in the metal equivalents calculation have reasonable potential to be recovered and sold.


Alkane is pleased to announce the initial Boda resource following its extensive drilling program at 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 also operates the nearby Tomingley Gold Operations (‘Tomingley’).

Alkane Managing Director, Nic Earner, said:

“This initial resource begins to show the significant potential of both Boda and the larger Northern Molong Porphyry Project.

“Since the original drill discovery in 2019 we have steadily demonstrated that mineralisation extends over more than 3 kilometres from Boda Three to Kaiser. We are well advanced in a shallower drilling program at Kaiser-Duke that should enable an initial resource to be confirmed there.

“This resource at Boda is just the beginning!

“Alkane is planning further drilling across our tenement package and is continuing the preliminary work that is required to further understand mining and processing options for the future.”


Webinar and Presentation

Nic Earner, and Technical Director, Ian Chalmers, will be presenting to investors about the initial Boda Resource as released to the ASX today and in a webinar tomorrow. 

Download the Boda presentation

Investors who wish to join a webinar with Nic Earner and Ian Chalmers discussing the presentation, and ask them questions, are invited to register at https://s1.c-conf.com/diamondpass/10022385-3f6mpl2.html.

The webinar will be held at 9:00am AEST on Tuesday 31 May 2022. Please note that registered participants will receive their dial in number upon registration.


Videos

Nic Earner and Ian Chalmers discuss the Boda Resource
Nic Earner speaks with Proactive about Boda’s initial inferred mineral resource.
Ian Chalmers and Exploration Manager, David Meates, discuss the geology of Boda