Alkane Resources claims that recent drilling has revealed “Cadia-style” results at its Boda and Kaiser gold prospects in New South Wales.
The prospects form part of Alkane’s Northern Molong Porphyry project, which incorporates exploration licenses covering an area of 110 square kilometres of the northern Molong Volcanic Belt (MVB).
The northern MVB is considered highly prospective for large porphyry gold-copper mineralisation, demonstrated by Newcrest’s Cadia mine, located to the south.
Alkane’s recent drill intercept highlights at the Boda prospect includes 0.48 grams per tonne of gold at 502 metres and 0.20 per cent copper from 211 metres.
The intercepts alongside those at Kaiser, has Alkane’s managing director Nic Earner excited about the potential of the New South Wales project.
“These drill results suggest a significant and exciting discovery in a region that has a history of delivering large, low-grade and long-life gold-copper mines,” he said.
“The project area has already delivered some strong indications of a big porphyry system near surface at Kaiser and, along with the results from this diamond drill hole at Boda, we can see clear evidence of Cadia-style mineralisation and grade over hundreds of metres.”
Earner revealed that Alkane was “immediately prioritising” follow up drilling and seeking to determine the scale of this “highly encouraging discovery.”
Alkane’s exploration activity has established a geological framework for the region, which it claims highlights strong similarities with the Cadia district.
Although structurally more complex, Alkane has been able to reconstruct the geology in the area and has shown that a stratigraphic sequence very similar to Cadia exists within the project area and mineralisation is hosted by similar rock types.