Continuity of High-Grade Gold-Copper Breccia Intersected at Boda - Alkane Resources Ltd
Level 12, 37 Bligh Street +61 2 8233 6168 contact@irmau.com

Continuity of High-Grade Gold-Copper Breccia Intersected at Boda

Alkane announces the intersection of further high-grade mineralisation 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 (NMPP), which Alkane believes has the potential to be a large, tier one gold-copper project.

Two diamond core holes at Boda, KSDD029 and KSDD031, were designed to intersect the northwest structural trend and test down plunge of the high-grade breccia identified by KSDD007 and KSDD028. KSDD031 successfully intersected the sulphide cemented breccia down dip with significant assay results of:

KSDD031383.2m grading 0.80g/t Au, 0.31% Cu from 775m
incl204m grading 1.40g/t Au, 0.51% Cu from 776m
incl101m grading 2.47g/t Au, 0.83% Cu from 824m
incl70m grading 3.04g/t Au, 0.92% Cu from 829m

The drilling has extended the high-grade sulphide cemented breccia below previous drilling by a further 100m. The breccia remains open vertically with drilling planned to continue to define its dimensions.

In addition, assay results were received for three other diamond core drill holes from the current Boda program. The drilling continues to intersect extensive zones of Au-Cu mineralisation with increasing molybdenum (Mo) grades flanking the potassic alteration. Significant intercepts include:

KSDD0151,249.1m grading 0.18g/t Au, 0.12% Cu from 6m
incl113m grading 0.39g/t Au, 0.16% Cu from 764m
also81m grading 0.40g/t Au, 0.32% Cu from 967m
KSDD016308m grading 0.18g/t Au, 0.20% Cu, 31ppm Mo from 582m
incl42m grading 0.56g/t Au, 0.54% Cu, 130ppm Mo from 764m
and106m grading 0.15g/t Au, 0.15% Cu, 17ppm Mo from 970m
incl22m grading 0.38g/t Au, 0.31% Cu, 13ppm Mo from 1018m
and30m grading 0.27g/t Au, 0.31% Cu from 1130m
KSDD01987m grading 0.18g/t Au, 0.11% Cu from 189m
and445m grading 0.23g/t Au, 0.10% Cu from 312m
incl44m grading 0.36g/t Au, 0.20% Cu from 377m

At Boda Two, assay results were received from two diamond core drill holes defining a gold rich pyrite zone (KSDD023) on the eastern margin of a new zone of extensive coppergold porphyry mineralisation (KSDD030). Significant intercepts include:

KSDD023520m grading 0.24g/t Au, 0.03% Cu from 645m
KSDD0301,483m grading 0.15g/t Au, 0.10% Cu from 241m
incl16m grading 0.64g/t Au, 0.24% Cu, 15ppm Mo from 382m
also41m grading 0.32g/t Au, 0.21% Cu from 377m

Drilling continues at Boda and Boda Two, testing extensions and adding definition to the identified mineralised systems. An air-core drilling rig and one high-capacity RC drilling rig will be mobilised onsite next month supporting the ongoing diamond core drilling at Boda, Boda Two, as well as regional targets within the NMPP. Further assay results are expected to be released when available.

Alkane Managing Director, Nic Earner, said: “These latest results give further insight into both the high-grade brecciated zone and the sheer size of the Boda complex and adjacent complexes within the Northern Molong Porphyry Project.

“Our drilling program continues with the aim of both in-filling and expanding the mineralised system. We expect that the ongoing drilling program will validate the Company’s growing confidence in the scale of the high-grade zone at Boda.

“Along with the Company’s nearby Tomingley Gold Operations (TGO), Alkane is actively working towards its stated ambition of becoming Australia’s next multi-mine gold producer.”

Alkane’s Technical Director, Ian Chalmers, is providing a detailed update on Boda, and Alkane’s ongoing exploration program, at the NSW Mining Exploration and Tenures Forum on 3 May 2021.

The presentation, while technical in nature, will be lodged on the ASX platform. The Company looks forward to providing further insight and drilling results from Boda in the coming weeks and months.