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Alkane Resources — Capital/Financing Update 2021
Oct 21, 2021
48579_rns_2021-10-21_6b4dd9e7-c3ba-4920-b145-78f7ff8b6d3c.pdf
Capital/Financing Update
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ASX and MEDIA RELEASE
22 October 2021
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Mineralised System Continues to Grow at Boda
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Assay results have been received for a further 19 core and RC drill holes testing the extensive gold–copper mineralisation at Boda, Boda Two, Boda Three and Kaiser within the Northern Molong Porphyry Project (NMPP).
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Drilling at Boda to delineate the strike and dip extent of the porphyry gold-copper mineralisation continues. The drilling to date has defined numerous mineralised subvertical and northwest striking, intrusive related-hydrothermal breccias central to the Boda gold-copper porphyry system. Significant results are:
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KSDD040 155m grading 0.26g/t Au from 110m and 848m grading 0.29g/t Au, 0.17% Cu from 337m incl 103m grading 0.77g/t Au, 0.41% Cu from 671m incl 19m grading 1.36g/t Au, 0.51% Cu from 701m also 14m grading 1.42g/t Au, 1.03% Cu from 753m
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KSDD042 676m grading 0.39g/t Au, 0.16% Cu from 116m incl 1m grading 9.38g/t Au from 281m also 30m grading 1.29g/t Au, 0.21% Cu from 312m also 11m grading 1.24g/t Au, 1.66% Cu from 547m and 60m grading 0.86g/t Au, 0.52% Cu from 622m incl 11m grading 2.88g/t Au, 1.03% Cu from 622m incl 1m grading 18.6g/t Au, 1.70% Cu from 627m
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KSDD045 91m grading 0.23g/t Au, 0.05% Cu from 37m and 679m grading 0.30g/t Au, 0.15% Cu from 161m incl 21m grading 1.11g/t Au, 0.28% Cu from 250m also 72m grading 0.75g/t Au, 0.30% Cu from 405m also 8m grading 2.17g/t Au, 0.90% Cu from 803m BOD055 62m grading 0.93g/t Au from 214m incl 24m grading 1.99g/t Au from 240m incl 6m grading 5.24g/t Au from 258m
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These recent results are part of a nominal 50m x 100m drill hole grid sequence for the purpose of calculating a maiden resource estimate for Boda in the first quarter of 2022.
: NIC EARNER, MANAGING DIRECTOR, ALKANE RESOURCES LTD, TEL +61 8 9227 5677
: NATALIE CHAPMAN, CORPORATE COMMUNICATIONS MANAGER, TEL +61 418 642 556
: PAUL RYAN, CITADEL-MAGNUS, TEL +61 409 296 511
CONTACT INVESTORS MEDIA
Level 4, 66 Kings Park Rd, West Perth WA 6005, AUSTRALIA (PO Box 768, West Perth WA 6872, AUSTRALIA) Telephone: +61 8 9227 5677 Facsimile: +61 8 9227 8178 www.alkane.com.au [email protected]
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The outcropping Duke Zone at Kaiser, located 1.5km northwest of Boda, is approximately 250m wide and over 800m in strike length. The Duke zone was further tested with four drill holes and recent results include significant intercepts of:
KSDD036 9m grading 0.35g/t Au, 0.12% Cu, 38ppm Mo from 138m and 205m grading 0.17g/t Au, 0.17% Cu, 22ppm Mo from 290m incl 66m grading 0.24g/t Au, 0.30% Cu, 27ppm Mo from 290m also 8.8m grading 0.25g/t Au, 0.34% Cu, 171ppm Mo from 399m and 250.2m grading 0.18g/t Au, 0.11% Cu from 575.8m KSDD037 2m grading 4.94g/t Au from 185m and 3m grading 1.98g/t Au from 417m and 30m grading 0.71g/t Au from 461m incl 2m grading 4.02g/t Au from 474m and 201m grading 0.25g/t Au, 0.16% Cu from 796m incl 12m grading 0.77g/t Au, 0.28% Cu from 898m KSDD038 451m grading 0.21g/t Au, 0.12% Cu from 9m incl 82m grading 0.40g/t Au, 0.31% Cu from 310m and 174m grading 0.12g/t Au, 0.13% Cu from 557m and 53m grading 0.32g/t Au, 0.10% Cu from 1,062m incl 3m grading 2.33g/t Au , 0.71% Cu from 1,103m KAI039 120m grading 0.23g/t Au, 0.16% Cu from 6m incl 12m grading 0.42g/t Au, 0.40% Cu from 81m and 1m grading 1.23g/t Au, 0.06% Cu from 187m
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Drilling at Boda Two and Boda Three further confirmed the extensive gold-copper mineralisation, with significant intercepts of:
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KSDD035 159m grading 0.11g/t Au, 0.10% Cu from 0m incl 9m grading 0.37g/t Au, 0.24% Cu from 0m and 73m grading 0.09g/t Au, 0.11% Cu from 324m and 42m grading 0.22g/t Au, 0.16% Cu from 605m
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BOD053 185m grading 0.13g/t Au, 0.20% Cu from 100m Incl 32m grading 0.31g/t Au, 0.33% Cu from 122m
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- Boda Two and Boda Three prospects are currently defined by a 1,100m by 500m coincident gold-copper soil and magnetic high footprint with separate conductive IP anomalies. Further drilling is planned targeting high-grade zones within the broad lowgrade mineralisation.
Alkane Resources Limited (ASX: ALK) announces its latest drill results from 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 Managing Director, Nic Earner, said: “Our systematic evaluation of Boda continues to deliver results. The mineralised system is growing, as is our understanding the nearby Duke and Kaiser deposits. We will continue to use these results to plan and deliver the forward drilling program, with further extensions expected.
The information we are gathering is expected to put us in a position to declare a maiden resource estimate for Boda in the first quarter of 2022.”
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Northern Molong Porphyry Project (NMPP)
Alkane Resources Ltd 100%
The Project is located in central west NSW at the northern end of the Molong Volcanic Belt of the Macquarie Arc and is considered highly prospective for large scale porphyry and epithermal gold-copper deposits.
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Exploration in the NMPP has identified five discrete magnetic/intrusive complexes – Kaiser, Boda, Comobella, Driell Creek and Finns Crossing – within a 15km northwest trending corridor. The corridor is defined by intermediate intrusives, lavas and breccias, extensive alteration and widespread, low-grade, gold-copper mineralisation.
A major RC and diamond core drilling program commenced in July 2020 and was designed to test the dimensions and extensions to the large low-grade mineralised envelope as well as any internal high-grade zones at Boda. In addition, the drilling is testing other known gold-copper mineralisation occurrences and co-incident IP anomalies within the 15km monzonite intrusive corridor that extends from Boda Three to Finns Crossing.
Assays were received from the current drilling program testing Boda, Boda Two, Boda Three, Kaiser and other regional targets comprise of 11 RC drill holes and 8 diamond core holes for a total of 12,394 metres.
Note: Due to potential overlap of hole designators a new system has been adopted:
Holes (RC and core) at Boda are defined by BOD
Holes (RC and core) at Kaiser are defined by KAI
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Boda Prospect
The Boda gold-copper porphyry system is a series of near vertical, northwest striking, intrusive related breccias hosted within a thick sequence of shallowly east dipping andesite lavas. These magmatic breccias tend to hydrothermal in nature with a matrix comprising of calcite-quartz ± actinolite ± magnetite ± chalcopyrite ± pyrite (Boda discovery hole KSDD003 - 502m @ 0.48g/t Au, 0.20% Cu from 211 metres; ASX Announcement 9 September 2019 ) zoning to higher gold-copper grades when associated with a chalcopyrite ± pyrite dominant cement (KSDD007 - 96.8m grading 3.97g/t Au, 1.52% Cu from 768 metres; ASX Announcement 23 March 2020 ). The breccias are truncated by late-mineral monzonite intrusives associated with quartz + chalcopyrite veining and post-mineral dolerite and dacitic dykes.
Recent drilling has indicated that the northeast shoulder of the Boda gold-copper mineralisation has a shallow blanket of epithermal gold mineralisation associated with colloform quartz-carbonate veining and abundant pyrite. The epithermal gold mineralisation often includes very high gold grades, as announced below (KSDD042 – 1m grading 9.38g/t Au from 281m).
Drilling continues to focus on testing the northwest trending mineralisation at Boda with 50m spaced southwest orientated drilling traverses with nominal 100m spaced drill holes. Drill hole assays for three RC drill holes and four diamond core drill holes for a total of 5,322 metres were received. Significant intercepts from diamond core drilling include:
KSDD040 155m grading 0.26g/t Au from 110m and 848m grading 0.29g/t Au, 0.17% Cu from 337m incl 103m grading 0.77g/t Au, 0.41% Cu from 671m incl 19m grading 1.36g/t Au, 0.51% Cu from 701m also 14m grading 1.42g/t Au, 1.03% Cu from 753m KSDD041 72m grading 0.29g/t Au, 0.06% Cu from 4m and 89m grading 0.29g/t Au, 0.06% Cu from 176m and 52m grading 0.21g/t Au, 0.18% Cu from 372m incl 12m grading 0.48g/t Au, 0.47% Cu from 383m and 136m grading 0.28g/t Au, 0.17% Cu from 723m incl 11.9m grading 0.87g/t Au, 0.48% Cu from 732.1m KSDD042 676m grading 0.39g/t Au, 0.16% Cu from 116m incl 1m grading 9.38g/t Au from 281m also 30m grading 1.29g/t Au, 0.21% Cu from 312m also 11m grading 1.24g/t Au, 1.66% Cu from 547m also 11m grading 2.88g/t Au, 1.03% Cu from 622m incl 1m grading 18.6g/t Au, 1.70% Cu from 627m KSDD045 91m grading 0.23g/t Au, 0.05% Cu from 37m and 679m grading 0.30g/t Au, 0.15% Cu from 161m incl 21m grading 1.11g/t Au, 0.28% Cu from 250m also 72m grading 0.75g/t Au, 0.30% Cu from 405m also 8m grading 2.17g/t Au, 0.90% Cu from 803m
Significant intercepts from RC drilling include:
BOD054 142m grading 0.21g/t Au, 0.15% Cu from 21m incl 9m grading 1.09g/t Au, 0.43% Cu from 28m BOD055 30m grading 0.16g/t Au, 0.13% Cu from 132m and 62m grading 0.93g/t Au, 0.05% Cu from 214m incl 6m grading 5.24g/t Au from 258m
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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The Boda prospect is being tested along southwest trending traverses spaced 50m apart with nominal 100m spaced drill holes to determine the strike and dip extensions of the northwest trending Boda mineralisation. At least four mineralised intrusive breccias have now been identified central to the Boda system that remains open along strike. The current program continues to improve confidence for a maiden resource estimation, expected in the first quarter of 2022. Planned trial downhole electromagnetic surveying has been further delayed to late 2021 due to continuous border closures.
Kaiser Prospect
The historic Kaiser copper workings are located on a northwest trending swarm of monzonite dykes within mafic to andesitic volcanics. Early exploration in the area had focused on the Kaiser workings and drilling defined a steep east dipping, high grade gold-copper zone over a strike length of 100m and 30m width from the surface to a depth of 90m. Historic drilling by other exploration companies and more recently, Alkane, defined a broad area of extensive alteration with two main zones of calc-potassic alteration and associated gold-copper mineralisation in the Kaiser Zone, centred over the Kaiser workings, and the Duke Zone, 200m to the northeast and parallel to the Kaiser zone.
The Duke and Kaiser Zones show many similarities to the Boda prospect including their alteration assemblages and zonation with a northwest trend to the hydrothermal system. Recent drilling targeting the Duke Zone comprised of three diamond core drill holes (KSDD036-38) and one RC drill hole (KAI039) for a total of 3,425 metres which returned significant intercepts of:
KSDD036 9m grading 0.35g/t Au, 0.12% Cu, 38ppm Mo from 138m and 205m grading 0.17g/t Au, 0.17% Cu, 22ppm Mo from 290m incl 66m grading 0.24g/t Au, 0.30% Cu, 27ppm Mo from 290m also 8.8m grading 0.25g/t Au, 0.34% Cu, 171ppm Mo from 399m and 250.2m grading 0.18g/t Au, 0.11% Cu from 575.8m incl 27m grading 0.31g/t Au , 0.13% Cu from 492m KSDD037 2m grading 4.94g/t Au from 185m and 9m grading 0.40g/t Au, 0.05% Cu from 210m and 4m grading 0.50g/t Au, 0.13% Cu from 235m and 17m grading 0.35g/t Au from 329m and 13m grading 0.63g/t Au from 411m incl 3m grading 1.98g/t Au from 417m and 30m grading 0.71g/t Au from 461m incl 2m grading 4.02g/t Au from 474m and 23m grading 0.17g/t Au, 0.13% Cu from 756m and 201m grading 0.25g/t Au, 0.16% Cu from 796m incl 12m grading 0.77g/t Au, 0.28% Cu from 898m and 10m grading 0.24g/t Au, 0.20% Cu from 1,044m KSDD038 451m grading 0.21g/t Au, 0.12% Cu from 9m incl 82m grading 0.40g/t Au, 0.31% Cu from 310m and 174m grading 0.12g/t Au, 0.13% Cu from 557m and 32m grading 0.21g/t Au, 0.10% Cu from 803m and 53m grading 0.32g/t Au, 0.10% Cu from 1,062m incl 3m grading 2.33g/t Au, 0.71% Cu from 1,103m KAI039 120m grading 0.23g/t Au, 0.16% Cu from 6m incl 12m grading 0.42g/t Au, 0.40% Cu from 81m and 1m grading 1.23g/t Au, 0.06% Cu from 187m
The recent drilling continues to intersect similar gold-copper grades commonly observed at the Boda prospect. The Duke Zone mapped by drilling is approximately 250m wide, striking over 800m and open
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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along strike and at depth. The gold-copper mineralisation outcrops and has potential for a large tonnage low grade shallow resource 1.5km northwest of the Boda discovery.
Boda Two and Boda Three Prospects
Boda Two and Boda Three prospects are defined by coincident high magnetic and gold - copper soil anomalies combined for an estimated 1,100m x 500m footprint. An electrical geophysics survey (3D-IP) identified a strongly conductive target at the Boda Two prospect and a smaller, separate conductive feature at Boda Three (ASX Announcement 19 May 2020). The Boda Two anomaly was initially drill tested with KSDD022 intersecting strong pyrite mineralisation with impressive gold grades of 292m @ 0.64g/t Au from 867 metres (ASX Announcement 11 November 2020). Recent drilling at Boda Two and Boda Three has identified an extensive zone of low-grade gold-copper porphyry mineralisation.
Drilling continues to test the interpreted north-south striking mineralisation at Boda Two and Boda Three with 100m spaced west orientated drilling traverses with wide drill hole spacing ranging between 150 – 300m. Assay results were received for five RC drill holes and one diamond core drill hole for a total of 2,953 metres. Significant drilling intercepts from one diamond core drill hole and one RC drill hole completed at Boda Three include:
KSDD035 159m grading 0.11g/t Au, 0.10% Cu from 0m incl 9m grading 0.37g/t Au, 0.24% Cu from 0m and 73m grading 0.09g/t Au, 0.11% Cu from 324m and 42m grading 0.22g/t Au, 0.16% Cu from 605m and 8m grading 0.08g/t Au, 0.22% Cu from 605m
BOD053 185m grading 0.13g/t Au, 0.20% Cu from 100m
Significant intercepts from four RC drill holes at Boda Two include:
BOD052 32m grading 0.09g/t Au, 0.11% Cu from 332m incl 2m grading 0.53g/t Au, 0.33% Cu from 357m KSRC045 146m grading 0.10g/t Au, 0.10% Cu from 185m and 9m grading 0.17g/t Au, 0.18% Cu from 474m and 9m grading 0.18g/t Au, 0.18% Cu from 499m and 10m grading 0.20g/t Au, 0.14% Cu from 524m
The drilling to date at Boda Two and Boda Three continues to identify a broad gold-copper mineralisation with internal high-grade zones associated with weakly developed hydrothermal breccias of magnetite ± pyrite ± chalcopyrite. The initial phase of widely spaced drilling shows many encouraging similarities to Boda including the existence of low-grade gold-copper mineralised breccias at Boda Two and Three that zone to high grades at the Boda prospect. These breccias will be targeted with a second phase of drilling next year.
Other Regional Targets
Five strong conductive IP anomalies were generated by the 2020 IP geophysical survey ( ASX Announcement 6 May 2020 ). The Duke Zone (Kaiser), Boda Two and Boda Three were recently drill tested, and all intersecting significant gold-copper mineralisation. Two other conductive anomalies approximately 2km north of Kaiser at the Cactus prospect were tested by two RC drill holes for a total of 694 metres. Both drill holes intersected only distal propylitic alteration hosted in andesitic lavas with little mineralisation.
There is currently very limited drilling between Boda and Kaiser prospects of approximately 800m and drilling is underway to test this corridor.
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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The substantial exploration program in progress is designed to define a maiden resource at Boda, as well as to continue to define the extensive low-grade mineralised envelopes at Boda Two, Boda Three and Kaiser-Duke prospects as well as delineate any internal high-grade zones. Additionally, the drilling will continue to work up other targets to contribute to the geological and structural understanding of the 15km intrusive corridor that extends from Boda Three to Finns Crossing.
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Table 1 – Boda Drilling Significant Results – October 2021 (>0.2g/t Au and/or >0.1% Cu)
| Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | |||
| BOD054 | 690180 | 6411128 | 479 | -61 | 228 | 454 | 21 | 163 | 142 | 0.21 | 0.15 |
| incl | 28 | 37 | 9 | 1.09 | 0.43 | ||||||
| BOD055 | 690322 | 6411121 | 486 | -61 | 228 | 364 | 9 | 12 | 3 | 0.31 | 0.08 |
| and | 36 | 39 | 3 | 0.12 | 0.11 | ||||||
| and | 45 | 68 | 23 | 0.11 | 0.10 | ||||||
| and | 103 | 116 | 13 | 0.13 | 0.10 | ||||||
| and | 119 | 126 | 7 | 0.10 | 0.11 | ||||||
| and | 132 | 162 | 30 | 0.16 | 0.13 | ||||||
| and | 201 | 204 | 3 | 0.19 | 0.19 | ||||||
| and | 214 | 276 | 62 | 0.93 | 0.05 | ||||||
| incl | 240 | 264 | 24 | 1.99 | - | ||||||
| incl | 258 | 264 | 6 | 5.24 | - | ||||||
| and | 331 | 345 | 14 | 0.26 | 0.08 | ||||||
| KSDD040 | 690401 | 6411257 | 487 | -61 | 227 | 1194.7 | 110 | 265 | 155 | 0.26 | - |
| and | 277 | 280 | 3 | 0.23 | - | ||||||
| and | 316 | 322 | 6 | 0.20 | 0.07 | ||||||
| and | 337 | 1185 | 848 | 0.29 | 0.17 | ||||||
| incl | 671 | 774 | 103 | 0.77 | 0.41 | ||||||
| incl | 701 | 720 | 19 | 1.36 | 0.51 | ||||||
| also | 753 | 767 | 14 | 1.42 | 1.03 | ||||||
| KSDD041 | 690326 | 6411192 | 485 | -62 | 226 | 885.8 | 4 | 76 | 72 | 0.29 | 0.06 |
| and | 119 | 121 | 2 | 0.32 | 0.07 | ||||||
| and | 138 | 140 | 2 | 0.21 | 0.08 | ||||||
| and | 176 | 265 | 89 | 0.29 | 0.06 | ||||||
| and | 271 | 273 | 2 | 0.25 | 0.11 | ||||||
| and | 327 | 334 | 7 | 0.11 | 0.12 | ||||||
| and | 343 | 355 | 12 | 0.29 | 0.14 | ||||||
| and | 372 | 424 | 52 | 0.21 | 0.18 | ||||||
| incl | 383 | 395 | 12 | 0.48 | 0.47 | ||||||
| and | 434 | 458 | 24 | 0.20 | 0.10 | ||||||
| and | 549 | 558 | 9 | 0.17 | 0.10 | ||||||
| and | 713 | 720 | 7 | 0.09 | 0.11 | ||||||
| and | 723 | 859 | 136 | 0.28 | 0.17 | ||||||
| incl | 732.1 | 744 | 11.9 | 0.87 | 0.48 | ||||||
| KSDD042 | 690323 | 6411321 | 484 | -59 | 229 | 990.8 | 116 | 792 | 676 | 0.39 | 0.16 |
| incl | 281 | 282 | 1 | 9.38 | - | ||||||
| also | 312 | 342 | 30 | 1.29 | 0.21 | ||||||
| also | 532 | 558 | 26 | 0.68 | 0.82 | ||||||
| incl | 547 | 558 | 11 | 1.24 | 1.66 | ||||||
| also | 622 | 682 | 60 | 0.86 | 0.52 | ||||||
| incl | 622 | 633 | 11 | 2.88 | 1.03 | ||||||
| incl | 627 | 628 | 1 | 18.6 | 1.70 | ||||||
| also | 761 | 771 | 10 | 0.72 | 0.51 | ||||||
| and | 811 | 817 | 6 | 0.16 | 0.10 | ||||||
| and | 825 | 829 | 4 | 0.25 | 0.11 | ||||||
| and | 857 | 927 | 70 | 0.15 | 0.12 | ||||||
| KSDD045 | 690280 | 6411224 | 483 | -61 | 225 | 882.7 | 10 | 12 | 2 | 0.30 | 0.12 |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Table 1 – Boda Drilling Significant Results – October 2021 (>0.2g/t Au and/or >0.1% Cu)
| Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) | Table 1 – Boda Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | |||
| and | 25 | 27 | 2 | 0.28 | 0.10 | ||||||
| and | 37 | 128 | 91 | 0.23 | 0.05 | ||||||
| and | 161 | 840 | 679 | 0.30 | 0.15 | ||||||
| incl | 250 | 271 | 21 | 1.11 | 0.28 | ||||||
| also | 405 | 477 | 72 | 0.75 | 0.30 | ||||||
| also | 803 | 811 | 8 | 2.17 | 0.90 | ||||||
| KSRC044 | 690207 | 6411155 | 480 | -61 | 226 | 550 | 63 | 75 | 12 | 0.30 | 0.07 |
| and | 96 | 177 | 81 | 0.31 | 0.23 | ||||||
| and | 233 | 268 | 35 | 0.20 | 0.27 | ||||||
| and | 292 | 298 | 6 | 0.26 | 0.15 |
Gold and copper intercepts are calculated using a lower cut of 0.1g/t Au and 0.05% Cu respectively. Internal dilution (< cut off) is less than 15% of reported intercepts. True widths are estimated as approximately 50% of intersected width.
| Table 2 – Boda Two/Three Drilling Significant | Table 2 – Boda Two/Three Drilling Significant | Table 2 – Boda Two/Three Drilling Significant | Table 2 – Boda Two/Three Drilling Significant | Table 2 – Boda Two/Three Drilling Significant | Table 2 – Boda Two/Three Drilling Significant | Results | – October 2021(>0.2g/t Au and/or >0.1% Cu) | – October 2021(>0.2g/t Au and/or >0.1% Cu) | – October 2021(>0.2g/t Au and/or >0.1% Cu) | – October 2021(>0.2g/t Au and/or >0.1% Cu) | – October 2021(>0.2g/t Au and/or >0.1% Cu) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | |||
| BOD052 | 690450 | 6409913 | 470 | -66 | 265 | 514 | 332 | 364 | 32 | 0.09 | 0.11 |
| incl | 357 | 359 | 2 | 0.53 | 0.33 | ||||||
| and | 384 | 396 | 12 | 0.06 | 0.10 | ||||||
| and | 402 | 408 | 6 | 0.08 | 0.11 | ||||||
| and | 482 | 511 | 29 | 0.08 | 0.13 | ||||||
| BOD053 | 690458 | 6409790 | 466 | -65 | 270 | 500 | 85 | 90 | 5 | 0.06 | 0.10 |
| and | 100 | 285 | 185 | 0.13 | 0.20 | ||||||
| incl | 122 | 154 | 32 | 0.31 | 0.33 | ||||||
| and | 319 | 325 | 6 | 0.08 | 0.10 | ||||||
| and | 339 | 356 | 17 | 0.10 | 0.12 | ||||||
| KSDD035 | 690699 | 6409646 | 453 | -65 | 268 | 990.8 | 0 | 159 | 159 | 0.11 | 0.10 |
| incl | 0 | 9 | 9 | 0.37 | 0.24 | ||||||
| and | 293 | 304 | 11 | 0.16 | 0.11 | ||||||
| and | 324 | 397 | 73 | 0.09 | 0.11 | ||||||
| and | 507 | 516 | 8 | 0.11 | 0.20 | ||||||
| and | 549 | 551 | 2 | 0.20 | 0.48 | ||||||
| and | 605 | 647 | 42 | 0.22 | 0.16 | ||||||
| and | 734 | 742 | 8 | 0.08 | 0.22 | ||||||
| and | 760 | 762 | 2 | 0.08 | 0.16 | ||||||
| KSRC045 | 690448 | 6410025 | 477 | -65 | 268 | 538 | 67 | 99 | 32 | 0.11 | 0.10 |
| and | 185 | 331 | 146 | 0.10 | 0.10 | ||||||
| and | 385 | 389 | 4 | 0.25 | 0.16 | ||||||
| and | 474 | 483 | 9 | 0.17 | 0.18 | ||||||
| and | 499 | 508 | 9 | 0.18 | 0.18 | ||||||
| and | 524 | 534 | 10 | 0.20 | 0.14 | ||||||
| KSRC046 | 690460 | 6410215 | 492 | -63 | 271 | 196* | 3 | 36 | 33 | 0.09 | 0.11 |
| and | 195 | 196* | 1 | 0.22 | 0.32 | ||||||
| KSRC047 | 690509 | 6410119 | 486 | -66 | 269 | 214 | 45 | 66 | 21 | 0.05 | 0.12 |
| and | 187 | 210 | 23 | 0.15 | 0.10 |
- hole ended in mineralisation.
Gold and copper intercepts are calculated using a lower cut of 0.1g/t Au and 0.05% Cu respectively. Internal dilution (< cut off) is less than 14% of reported intercepts. True widths are estimated as approximately 50% of intersected width.
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | Mo) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu | Mo |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | (ppm) | |||
| KAI039 | 690024 | 6412198 | 495 | -64 | 230 | 244 | 6 | 126 | 120 | 0.23 | 0.16 | - |
| incl | 81 | 93 | 12 | 0.42 | 0.40 | - | ||||||
| and | 187 | 188 | 1 | 1.23 | 0.06 | - | ||||||
| KSDD036 | 689759 | 6412546 | 501 | -65 | 227 | 827.4 | 3 | 13 | 10 | 0.20 | - | - |
| and | 36 | 40 | 4 | 0.20 | - | - | ||||||
| and | 54 | 67 | 13 | 0.20 | - | - | ||||||
| and | 138 | 147 | 9 | 0.35 | 0.12 | 38 | ||||||
| and | 188 | 192 | 4 | 0.27 | 0.07 | 20 | ||||||
| and | 216 | 224 | 8 | 0.09 | 0.18 | - | ||||||
| and | 262 | 265 | 3 | 0.17 | 0.17 | - | ||||||
| and | 290 | 495 | 205 | 0.17 | 0.17 | 22 | ||||||
| incl | 290 | 356 | 66 | 0.24 | 0.30 | 27 | ||||||
| also | 399 | 407.8 | 8.8 | 0.25 | 0.34 | 171 | ||||||
| and | 501.8 | 514 | 12.2 | 0.11 | 0.11 | 10 | ||||||
| and | 526 | 532 | 6 | 0.10 | 0.14 | - | ||||||
| and | 575.8 | 826 | 250.2 | 0.18 | 0.11 | - | ||||||
| KSDD037 | 689905 | 6412690 | 496 | -65 | 225 | 1152.8 | 22 | 27 | 5 | 0.20 | - | - |
| and | 54 | 66 | 12 | 0.20 | 0.05 | - | ||||||
| and | 138 | 143 | 5 | 0.24 | 0.05 | - | ||||||
| and | 185 | 187 | 2 | 4.94 | - | - | ||||||
| and | 210 | 219 | 9 | 0.40 | 0.05 | - | ||||||
| and | 235 | 239 | 4 | 0.50 | 0.13 | - | ||||||
| and | 274 | 279 | 5 | 0.20 | - | - | ||||||
| and | 329 | 346 | 17 | 0.35 | - | - | ||||||
| and | 411 | 424 | 13 | 0.63 | - | - | ||||||
| incl | 417 | 420 | 3 | 1.98 | - | - | ||||||
| and | 461 | 491 | 30 | 0.71 | 0.04 | - | ||||||
| incl | 474 | 476 | 2 | 4.02 | - | 10 | ||||||
| and | 701 | 707 | 6 | 0.27 | 0.08 | - | ||||||
| and | 719 | 725 | 6 | 0.07 | 0.10 | - | ||||||
| and | 756 | 779 | 23 | 0.17 | 0.13 | - | ||||||
| and | 796 | 997 | 201 | 0.25 | 0.16 | - | ||||||
| incl | 796 | 800 | 4 | 0.94 | 0.32 | - | ||||||
| also | 818 | 828 | 10 | 0.47 | 0.39 | - | ||||||
| also | 898 | 910 | 12 | 0.77 | 0.28 | - | ||||||
| and | 1005 | 1018 | 13 | 0.12 | 0.10 | - | ||||||
| and | 1044 | 1054 | 10 | 0.24 | 0.20 | 10 | ||||||
| and | 1145 | 1152.8 | 7.8 | 0.17 | 0.12 | - | ||||||
| KSDD038 | 689982 | 6412495 | 497 | -65 | 227 | 1200.8 | 9 | 460 | 451 | 0.21 | 0.12 | - |
| incl | 34 | 40 | 6 | 0.75 | 0.09 | - | ||||||
| also | 310 | 392 | 82 | 0.40 | 0.31 | - | ||||||
| and | 484 | 486 | 2 | 0.17 | 0.16 | 10 | ||||||
| and | 508 | 534 | 26 | 0.06 | 0.10 | - | ||||||
| and | 557 | 731 | 174 | 0.12 | 0.13 | - | ||||||
| and | 803 | 835 | 32 | 0.21 | 0.10 | - | ||||||
| and | 944 | 949 | 5 | 0.20 | 0.09 | - | ||||||
| and | 1062 | 1115 | 53 | 0.32 | 0.10 | - | ||||||
| incl | 1103 | 1106 | 3 | 2.33 | 0.71 | - |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | **Table 3 - Kaiser Drilling Significant Results – October 2021(>0.2g/t Au and/or >0.1% Cu and/or >50ppm ** | Mo) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu | Mo |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | (ppm) | |||
| and | 1124 | 1131 | 7 | 0.35 | 0.06 | - |
Gold, copper, and molybdenum intercepts are calculated using a lower cut of 0.1g/t Au, 0.05% Cu and 10ppm Mo respectively. Internal dilution (< cut off) is less than 18% of reported intercepts. True widths are estimated as approximately 50% of intersected width.
| Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | Table 4 – Regional Drilling Significant Results – October 2021 | (>0.2g/t Au and/or >0.1% Cu) | (>0.2g/t Au and/or >0.1% Cu) | (>0.2g/t Au and/or >0.1% Cu) | (>0.2g/t Au and/or >0.1% Cu) |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Easting | Northing | RL | Dip | Azimuth | Total | Interval | Interval | Intercept | Au | Cu |
| (MGA) | (MGA) | (Grid) | Depth | From (m) | To (m) | (m) | (g/t) | (%) | |||
| CAC001 | 689556 | 6413804 | 481 | -65 | 45 | 360 | No significant results | ||||
| CAC002 | 690902 | 6413841 | 480 | -65 | 225 | 334 | 141 | 144 | 3 | - | 0.13 |
Gold and copper intercepts are calculated using a lower cut of 0.1g/t Au and 0.05% Cu respectively. Internal dilution (< cut off) is less than 1% of reported intercepts. True widths are estimated as approximately 50% of intersected width.
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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Competent Person
Unless otherwise advised above or in the Announcements referenced, the information in this report that relates to exploration results, mineral resources and ore reserves is based on information compiled by Mr David Meates, MAIG, (Exploration Manager NSW) who has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Meates consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
Previous Information
The information in this report that relates to exploration results is extracted from the Company’s ASX announcements noted in the text of the announcement and are available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcements and that the form and context in which the Competent Person’s findings are presented have not been materially altered.
Disclaimer
This report contains certain forward looking statements and forecasts, including possible or assumed reserves and resources, production levels and rates, costs, prices, future performance or potential growth of Alkane Resources Ltd, industry growth or other trend projections. Such statements are not a guarantee of future performance and involve unknown risks and uncertainties, as well as other factors which are beyond the control of Alkane Resources Ltd. Actual results and developments may differ materially from those expressed or implied by these forward looking statements depending on a variety of factors. Nothing in this report should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities.
This document has been prepared in accordance with the requirements of Australian securities laws, which may differ from the requirements of United States and other country securities laws. Unless otherwise indicated, all ore reserve and mineral resource estimates included or incorporated by reference in this document have been, and will be, prepared in accordance with the JORC classification system of the Australasian Institute of Mining, and Metallurgy and Australian Institute of Geoscientists.
This document has been authorised for release to the market by Nic Earner, Managing Director.
ABOUT ALKANE ‐ www.alkane.com.au ‐ ASX: ALK
Alkane Resources is poised to become Australia’s next multi-mine gold producer.
The Company’s current gold production is from the Tomingley Gold Operations in Central West New South Wales, where it has been operating since 2014 and is currently expediting a development pathway to extend the mine’s life beyond 2030.
Alkane has an enviable exploration track record and controls several highly prospective gold and copper tenements. Its most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which have the potential to provide additional ore for Tomingley’s operations.
Alkane’s exploration success includes the landmark porphyry gold-copper mineralisation discovery at Boda in 2019. With a major drill program ongoing at Boda, Alkane is confident of further consolidating Central West New South Wales’ reputation as a significant gold production region.
Alkane’s gold interests extend throughout Australia, with strategic investments in other gold exploration and aspiring mining companies, including ~19.8% of Genesis Minerals (ASX: GMD) and ~9.7% of Calidus Resources (ASX: CAI).
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results.
JORC Code, 2012 Edition – Table 1 NORTHERN MOLONG PORPHYRY PROJECT – October 2021 Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
• Diamond core drilling was undertaken by Ophir Drilling Pty Ltd • DD sample intervals were defined by geologist during logging to honour geological boundaries, cut in half by diamond saw, with half core sent to ALS Laboratories • RC drilling was undertaken by Strike Drilling Pty Ltd • RC samples are collected at one metre intervals via a cyclone on the rig. The cyclone is cleaned regularly to minimise any contamination |
| • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
• Sampling and QAQC procedures are carried out using Alkane protocols as per industry best practice |
|
| • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• Core was laid out in suitably labelled core trays. A core marker (core block) was placed at the end of each drilled run (nominally 3m) and labelled with the hole number, down hole depth, length of drill run. Core was aligned and measured by tape, comparing back to this down hole depth consistent with industry standards. Half core is sampled with a Corewise automatic core saw. • RC Drilling – the total sample (~20-30kg) is delivered via cyclone into a large plastic bag which is retained for future use if required. A sub-sample of approximately 1kg is spear sampled from each plastic bag and composited to make a 3 metres sample interval. If strong mineralisation is observed by the site geologist this is sampled as a final 1m interval instead. The 1m intervals forming composite samples assaying ≥0.10 g/t Au or ≥0.10 % Cu are re-split using a cone splitter on the rig into a separate calico at the time of drilling and re-submitted to the laboratory for re-assay. • Gold was determined by fire assay fusion of a 50g charge with an AAS analytical finish • A multi-element suite was determined using a multi-acid digest with a ICP Atomic Emission Spectrometry or ICP Mass Spectrometry analytical finish. |
|
| Drilling techniques |
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
• Reverse circulation (RC) drilling using 110mm rods 144mm face sampling hammer • Triple tube diamond drilling with PQ3/HQ3 wireline bit producing 83mm diameter (PQ3) and 61.1mm diameter (HQ3) sized orientated core. The wedge holes were completed using NQ3 wireline bit producing 45mm diameter sized orientated core. |
18/25
Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Drill sample recovery |
• Method of recording and assessing core and chip sample recoveries and results assessed. |
• DD - core loss was identified by drillers and calculated by geologists when logging. Generally ≥99% was recovered with any loss usually in portions of the oxide zone. • Triple tube coring was used at all times to maximise core recovery with larger diameter (PQ3) core or RC precollars used in the oxide zones. • RC sample quality is assessed by the sampler by visual approximation of sample recovery and if the sample is dry, damp or wet. |
| • Measures taken to maximise sample recovery and ensure representative nature of the samples. |
• Sample quality is qualitatively logged • Core drilling completed using HQ triple tube where possible to maximise core recovery. • A high capacity RC rig was used to enable dry samples collected. Drill cyclone is cleaned between rod changes and after each hole to minimise cross-hole contamination. |
|
| • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
• There is no known relationship between sample recovery and grade |
|
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
• Each one metre interval is geologically logged for characteristics such as lithology, weathering, alteration (type, character and intensity), veining (type, character and intensity) and mineralisation (type, character and volume percentage) |
| • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography |
• Mostly logging was qualitative with visual estimates of the various characteristics. In addition, magnetic susceptibility data (quantitative) was collected as an aid for logging • All drill holes were geologically logged into Geobank Mobile, followed by validation before importing into Alkane’s central Geobank database • All drill holes were logged by qualified and experienced geologists |
|
| • The total length and percentage of the relevant intersections logged |
• All drill holes were logged in full |
|
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. |
• Core sawn with half core samples submitted for analysis |
| • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. |
• Each one metre interval is spear sampled with 3m composite samples collected in a calico sample bag and forwarded to the laboratory. Where strong mineralisation is observed by the site geologist, instead of compositing, this is individually sampled from the cone splitter on the RC rig as a 1 metre interval into a calico bag and forwarded to the laboratory. • The 1m intervals forming composite samples assaying ≥0.10 g/t Au or ≥0.10 % Cu are resplit using a cone splitter on the rig during the time of drilling and re-submitted to the |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| laboratory for re-assay. • Laboratory Preparation – the entire sample (~3kg) is dried and pulverised in an LM5 (or equivalent) to ≥85% passing 75µm. Bulk rejects for all samples are discarded. A pulp sample (±100g) is stored for future reference. |
||
| • For all sample types, the nature, quality and appropriateness of the sample preparation technique. |
• Samples were delivered by Alkane personnel to ALS Minerals Laboratory, Orange NSW. Crushed with 70% <2mm (ALS code CRU-31), split by riffle splitter (ALS code SPL-21), and pulverised 1000grm to 85% <75um (ALS code PUL-32). Crushers and pulverisers are washed with QAQC tests undertaken (ALS codes CRU-QC, PUL-QC). |
|
| • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples |
• Internal QAQC system in place to determine accuracy and precision of assays |
|
| • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling |
• Non-biased core cutting using an orientation line marked on the core • Duplicate RC samples are collected for both composite intervals and re-split intervals. |
|
| • Whether sample sizes are appropriate to the grain size of the material being sampled. |
• Sample are of appropriate size |
|
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
• All samples were analysed by ALS Minerals • Gold is determined using a 50g charge fused at approximately 1100°C with alkaline fluxes, including lead oxide. The resultant prill is dissolved in aqua regia with gold determined by flame AAS. • Other geochemical elements, samples are digested by near-total mixed acid digest with each element determined by ICP Atomic Emission Spectrometry or ICP Mass Spectrometry. RC samples that are re-split are digested by aqua regia with a ICP Atomic Emission Spectrometry for Cu only |
| • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
• No geophysical tools were used to determine any element concentrations |
|
| • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
• Full QAQC system in place including certified standards and blanks of appropriate matrix and concentration levels |
|
| Verification of sampling |
• The verification of significant intersections by either independent or alternative company personnel. |
• Drill data is compiled and collated, and reviewed by senior staff. External consultants do not routinely verify exploration data until resource estimation procedures are deemed necessary |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| and assaying | • The use of twinned holes. |
• No twinned holes have been drilled at this early stage of exploration |
| • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
• All drill hole logging and sampling data is entered directly into Geobank Mobile in the field for validation, transfer and storage into Geobank database with verification protocols in place • All primary assay data is received from the laboratory as electronic data files which are imported into sampling database with verification procedures in place. QAQC analysis is undertaken for each laboratory report |
|
| • Discuss any adjustment to assay data. |
• No adjustments made |
|
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
• Drillholes are laid out using hand-held GPS (accuracy ±2m) then DGPS surveyed accurately (± 0.1m) by licenced surveyors on completion |
| • Specification of the grid system used. |
• GDA94, MGA (Zone 55) |
|
| • Quality and adequacy of topographic control. |
• Drillhole collars DGPS surveyed accurately (± 0.1m) by licenced surveyors on completion |
|
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results.. |
• At this early exploration stage, data spacing is variable with the focus on identifying new zones of mineralisation |
| • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied |
• Early stage, reconnaissance drilling, no resource estimations being undertaken |
|
| • Whether sample compositing has been applied |
• No sampling compositing has been applied |
|
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
• Drilling suggests a broadly sub vertical geometry |
| • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material |
• Estimated true intervals at this early stage of drilling are possibly ~50% of downhole lengths |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sample security |
• The measures taken to ensure sample security. |
• All samples are bagged into tied calico bags, before being grouped into polyweave bags and transported ~1hr to ALS Minerals Laboratory in Orange by Alkane personnel. All sample submissions are documented via ALS tracking system with results reported via email • Sample pulps are returned to site and stored for an appropriate length of time (minimum 3 years). • The Company has in place protocols to ensure data security. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data. |
• No audits or reviews have been conducted at this stage |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Geology • Deposit type, geological setting and style of mineralisation. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length. |
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Geology • Deposit type, geological setting and style of mineralisation. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length. |
Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. Geology • Deposit type, geological setting and style of mineralisation. Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length. |
Commentary |
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| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
• All four licences (EL4022, EL6209, EL8261 and EL8887) in the Northern Molong Porphyry Project are owned 100% by Alkane. |
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| • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
• All exploration licences are in good standing. EL4022 expires on 13 August 2026. EL6209 expires on 11 March 2023. EL8887 expires on 6 February 2026. EL8261 expires on 30 April 2023. |
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| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• Significant historical drilling activity has been conducted within the bounds of EL4022. • BODA PROSPECT: CRA Exploration/Rio Tinto completed a small IP survey and several reconnaissance RC holes in the Boda Prospect area in 1995. The results identified sporadic, shallow low-grade intervals of gold mineralisation hosted within a sequence of monzonites, diorites and intermediate volcanics. Sampling was performed by collecting spear composites from 3m drill runs, assayed by aqua regia digest and fire assay-AAS and ICP finishes. • Amax Mining Inc/Woodsreef Mines grid sampled the residual soil profile and analysed for Cu, Pb and Zn. A coherent +250 ppm Cu soil anomaly was outlined with a strike length of over 1000m and a maximum of 1.25% Cu, in the -80-mesh sieve fraction. Grid based rock chip sampling produced up to 5.4% Cu and 42ppm Au. • Within EL6209 records show 14 AC (170m), 78 RC (7591m) and 45 DD holes (7833m) = 15,594m. • KAISER PROSPECT: Under-reporting of historical exploration drill results from the Kaiser Prospect is suggested by preliminary metallurgical test work by previous explorers and is supported by a drill hole (KSRC001) completed by Alkane. This can be partly explained by the partial digests and analogue equipment commonly used in the 1970s |
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| Geology | • Deposit type, geological setting and style of mineralisation. |
• The area is located at the northern extent of the Molong Volcanic Belt, a geological region considered highly prospective for and host to several economically important examples of porphyry Au-Cu mineralisation e.g. Cadia Valley alkalic porphyry cluster. |
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| Drill hole Information |
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length. |
• See body of announcement |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. |
• All drill holes have been reported in this announcement. |
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| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
• Exploration results reported for uncut gold grades, grades calculated by length weighted average |
| • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
• Reported intercepts are calculated using a broad lower cut of 0.1g/t Au and/or 0.05% Cu and/or 10ppm Mo although grades lower than this may be present internally (internal dilution). Internal dilution can be significant because of the type of bulk mining techniques used to extract this style of mineralisation but are limited to <18% for the purpose of calculation. • No top cut has been used. • Short intervals of high grades that have a material impact on overall intersection are reported as separate (included) intervals |
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| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). |
• It is apparent on the sections and the report descriptions that the overall geometry of the porphyry mineralisation at Boda prospect is subvertical. • True intervals are likely to be ~50% of downhole lengths |
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Plans showing geology with drill collars are included in the body of the announcement. |
| Balanced reporting |
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
• Comprehensive reporting has been undertaken with all holes listed in the included table. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
• No other exploration data is available to assist in interpretation. |
| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). |
• It is recommended that further drilling at Boda prospect to define its resource potential. Other drilling work targeting the IP anomalies will be undertaken within the licence. |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive |
• See figures included in the announcement. |
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Alkane Resources Ltd – Northern Molong Porphyry Drilling – 22 October 2021