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Alkane Resources eyes additional resources after 4m at 38.93g/t gold at Tomingley

Alkane Resources (ASX: ALK) has intersected some high grade near surface gold at the Tomingley Gold Project, allowing the company to potentially boost the resource.

The highlights were from reverse circulation drilling at the Caloma Two deposit, and included 10 metres at 19.95 grams per tonne (g/t) gold from 92 metres, including 4 metres at 38.93g/t gold, and 5 metres at 9.07g/t gold from 51 metres.

This high grade hits are further supported by broader intersections, including:

- 15 metres at 4.13g/t gold from 48 metres;
- 14 metres at 2.40g/t gold from 214 metres; and
- 9 metres at 4.35g/t gold from 76 metres.

The outcome is gold mineralisation has now been defined within three structures in an 80 metre wide corridor over a 300 metre strike length, with further drilling to be undertaken by Alkane to further define the resource.

In other Alkane news at the project, the Caloma deposit drilling has kicked off to move resources to the high confidence category of Indicated from Inferred.

Tomingley is located in New South Wales, about 400 kilometres northwest of Sydney.

The project is based on three gold deposits strategically located 14 kilometres north of the company’s Peak Hill Gold Mine.

Tomingley has a resource of 660,000 gold ounces with a Definitive Feasibility Study at the project completed at the end of last year.

The conceptual development comprises an initial 1Mtpa open pit feed to a standard gravity/CIL gold recovery plant, producing 50,000 to 60,000 ounces per year for 7.5 years.