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  • Alkane Resources Finds More Gold At Tomingley, NSW 0 comments
    Nov 25, 2012 6:58 PM

    Multi commodity miner and explorer, Alkane Resources (ASX: ALK), has found more gold at its Tomingley Gold Project, 50 km south west of Dubbo in central west NSW.

    Results from recent drilling returned a range of strong intercepts from 1.89 g/t gold to 12.05 g/t gold over depths ranging from 30 metres to 204 metres.

    Tomingley involves three separate gold areas and this recent drilling has been on the Caloma Two deposit which is adjacent to the planned Caloma open pit.

    An RC drilling program commenced in October to define resources within the Caloma Two deposit which is located immediately to the south of the planned Caloma open pit.

    The drilling gives detail on a strike which is 100 metres wide and 300 metres long.

    With a feasibility study showing annual gold production of 50,000 to 60,000 ounces of gold a year, over a minimum mine life of 7 years

    Tomingley will commence construction when a mining lease is issued, with development approval from the NSW government given in July 2012.

    Further drilling will supplement today's results and will enable a final resource estimation for incorporation into the development schedule.

    Some of the best results in detail included:

    - PE 771 18 metres grading 3.18g/t gold from 45 metres, including 9 metres grading 5.52g/t gold from 57 metres
    - PE 774 21 metres grading 3.77g/t gold from 120 metres
    - PE 776 9 metres grading 3.86g/t gold from 51 metres

    Further RC and core drilling is scheduled to enable resource definition and incorporation into the development plan for the TGP.

    Notably, the Project received development approval from the NSW Department of Planning and Infrastructure in July 2012 and commencement of construction is awaiting approval of the Mining Lease by the NSW Division of Resources and Energy.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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