Final Results Received for Boda Resource Drilling - Initial Resource Estimation Underway - Alkane Resources Ltd
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Final Results Received for Boda Resource Drilling – Initial Resource Estimation Underway

Alkane announces the final set of results from its initial resource drilling program at the Company’s Boda Prospect in Central New South Wales.

Results have been received from the final ten drill holes of the first stage of resource drilling at Boda. A maiden resource calculation for the central zone of Au-Cu mineralisation at Boda has begun and is expected to be completed in April.

The resource drilling has defined Au-Cu mineralisation centred around a 500m by 300m vertically extensive intrusive monzodiorite breccia stock, within a larger mineralised alteration zone. The north-westernmost drilling traverse has defined a bornite cemented breccia suggesting the system plunges and remains open to the north-west and at depth.

Recent assays from the north-western traverse that intersected a bornite cemented breccia include:

BOD080361m grading 0.27g/t Au, 0.15% Cu from 719.7m
incl36m grading 0.72g/t Au, 0.40% Cu from 878m
incl7m grading 1.44g/t Au, 0.63% Cu from 880m
also2m grading 1.01g/t Au, 1.92% Cu from 911m
also5m grading 1.74g/t Au, 0.12% Cu from 1025m
KSRC040D210.8m grading 0.28g/t Au, 0.14% Cu from 612m
incl6.3m grading 2.35g/t Au, 0.35% Cu from 645.7m

Other significant assays from the initial completed Boda resource drilling include:

BOD0722m grading 4.51g/t Au, 0.13% Cu from 179m
and529m grading 0.31g/t Au, 0.04% Cu from 334m (gold flanking zone)
incl1m grading 8.45g/t Au, 0.06% Cu from 557m
also4m grading 2.77g/t Au, 0.19% Cu from 825m
and11m grading 0.23g/t Au, 0.16% Cu from 1014m
and19.7m grading 0.23g/t Au, 0.15% Cu from 1238m
BOD077664m grading 0.23g/t Au, 0.11% Cu from surface
incl 163m grading 0.30g/t Au, 0.05% Cu from surface (gold flanking zone)
also30m grading 0.54g/t Au, 0.16% Cu from 506m

Initial broad spaced drilling of approximately 30,000m of the extensive mineralisation at Boda Two/Three is also complete. Further drilling, targeting zones of high grade breccia mineralisation will commence once the current drilling results have been received in Q2 2022.

Two RC drilling rigs have completed approximately 8,000m of a 13,000m drilling program at Kaiser-Duke, using a 100m x 100m drill hole grid sequence to 300m vertical depth for the purpose of a separate initial resource estimate of the near-surface material.

Induced Polarisation (IP) with Magnetotellurics (MT) survey has been completed over the north-west structural corridor area, extending 5km north-west of Kaiser. Results are expected next month.

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.

Alkane Managing Director, Nic Earner, said: “The completion of the resource drilling program is a major milestone for us as we consider our options for Boda.

“We have a significant volume of data to work with, which will allow us to finalise the initial Boda resource in April.

“We are also well advanced in a shallower drilling program at Kaiser-Duke that may enable an initial resource to be confirmed there.

“Alkane is planning further drilling in the northwest corridor of the Boda-Kaiser-Duke complex and will also be targeting higher grade zones at Boda Two and Three, once we receive our latest results. We look forward to discussing the initial Boda resource with investors shortly.”