High Grade Continuity North West of Boda - Alkane Resources Ltd
Level 12, 37 Bligh Street +61 2 8233 6168 contact@irmau.com

High Grade Continuity North West of Boda

Alkane announces 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 the Company believes has the potential to be a large, tier one gold-copper project. Alkane also operates the nearby Tomingley Gold Operations (‘Tomingley’).

Gold-copper mineralisation is now outlined over a 3km strike length from Boda Three to Kaiser.

Drilling is testing Boda Two, Boda Three, the area between Boda and Kaiser (Korridor Prospect) and other regional targets within the NMPP.

Drilling at Boda is on a nominal 50m x 100m drill hole grid sequence for the purpose of calculating a maiden resource estimation for Boda in Q1 2022.

At Boda significant results included:

BOD059906.7m grading 0.45g/t Au, 0.18% Cu from 309m
incl219m grading 0.28g/t Au from 309m (gold only flanking zone)
also672.7m grading 0.51g/t Au, 0.23% Cu from 543m
incl115m grading 1.98g/t Au, 0.53% Cu from 864m
incl2.8m grading 13.0g/t Au, 1.59% Cu from 901.5m
also33m grading 4.06g/t Au, 1.29% Cu from 946m
incl6m grading 11.2g/t Au, 1.81% Cu from 968m
BOD059 – 0.6m grading 24.2g/t Au, 3.69% Cu from 970.6m – Chalcopyrite-actinolite-magnetitehematite dusted albite hydrothermal breccia
KSDD043927m grading 0.31g/t Au, 0.16% Cu from 159m
incl157m grading 0.31g/t Au from 159m (gold only flanking zone)
also754m grading 0.31g/t Au, 0.19% Cu from 332m
incl74.7m grading 0.92g/t Au, 0.36% Cu from 680m
incl12m grading 3.01g/t Au, 0.65% Cu from 732m
also38m grading 0.60g/t Au, 0.79% Cu from 875m
incl9m grading 1.04g/t Au, 1.40% Cu from 839m
also6m grading 1.26g/t Au, 0.12% Cu from 1080m
KSDD044302m grading 0.38g/t Au, 0.14% Cu from 212m
incl60m grading 0.84g/t Au, 0.34% Cu from 298m
and141m grading 0.23g/t Au, 0.16% Cu from 723m

At the previously untested northwest trending 800m long Korridor Prospect between the Boda and Kaiser results also identified porphyry type gold-copper mineralisation:

BOD06564m grading 0.43g/t Au, 0.12% Cu from 174m to end of hole
incl8m grading 1.42g/t Au, 0.28% Cu from 205m
BOD066226m grading 0.25g/t Au, 0.10% Cu from 12m to end of hole
incl6m grading 1.06g/t Au, 0.30% Cu from 114m
also6m grading 1.58g/t Au, 0.11% Cu from 189m

Boda Two and Boda Three prospects are defined by a 1,100m by 500m coincident gold-copper soil and magnetic high footprint with separate conductive IP anomalies. Drilling continues to confirm extensive gold-copper mineralisation, with significant intercepts of:

KSDD04842m grading 0.40g/t Au, 0.21% Cu from 179m
incl6m grading 1.67g/t Au, 0.73% Cu from 196m
and36.4m grading 0.43g/t Au, 0.15% Cu from 280.6m
incl1m grading 3.58g/t Au, 0.22% Cu from 313m
and152.3m grading 0.12g/t Au, 0.11% Cu from 399m
and43.7m grading 0.38g/t Au, 0.21% Cu from 581m
and20.8m grading 0.18g/t Au, 0.14% Cu from 667.2m
and43m grading 0.41g/t Au, 0.21% Cu from 737m
and43.7m grading 0.38g/t Au, 0.21% Cu from 581m
incl11m grading 1.03g/t Au, 0.47% Cu from 743m
and14m grading 0.60g/t Au, 0.21% Cu from 1300m

Further drill hole traverses are planned to test the Boda mineralisation footprint for an additional 100 metres to the northwest where visually encouraging mineralisation was intersected.

The Kaiser Prospect and its Duke Zone is estimated from drilling to be approximately 250m wide and striking over 800m. A 13,000m RC drilling program using a 100m x 100m drill hole grid sequence to 300m vertical depth is planned to commence in January for the purpose of a shallow resource estimation.

The mineralisation at Korridor connects the gold-copper mineralisation mapped at Kaiser to the Boda Prospect, demonstrating the 15km northwest structural corridor as a fertile transverse zone for porphyry mineralisation emplacement. BOD065 and BOD066 both ended in mineralisation and extending these holes with a diamond core tail is in progress.

Alkane Managing Director, Nic Earner, said: “These drill results show the extension of the high-grade system to the north west of Boda.

“With the gold-copper mineralisation at Korridor appearing to connect Kaiser to Boda, we’re looking at a system over 3km in length.

“We look forward to bringing shareholders more results as well as our initial resource model in the coming quarter.”