Alkane Resources (ASX: ALK) has confirmed the copper-gold potential of the Glen Hollow Prospect at its Bodangora Project in New South Wales, with reconnaissance core drilling offering further encouragement the project may host a new porphyry copper-gold complex.
Highlight intersections include 7.8 metres at 1.04% copper and 0.23 grams per tonne (g/t) gold from 368.2 metres, including 0.6 metres at 10.5% copper and 2.45g/t gold from 370.2 metres, and 60.1 metres at 0.1% copper and 0.15g/t gold from 81.4 metres, including 15.9 metres at 0.16% copper and 0.33g/t gold from 81.4 metres.
Exploration to date, and in particular drilling, has tested a very small portion of what is seen as a very prospective intrusive complex covering 12 square kilometres.
Defining the potential for a new porphyry copper-gold complex at Bodangora is that several key geological features associated with these types of systems have been confirmed including:
- Visible, multi-phase, multi-styled copper-gold mineralisation;
- Large multi-phase intrusive complex with shonshonitic affinities;
- Extensive potassic alteration of the intrusive complex; and
- Late stage mineralised syenite dykes.
Another defining factor of the project's potential is that detailed mapping of the Comobella area shows several magmatic and petrographical similarities to areas of porphyry copper-gold systems elsewhere in the Molong Volcanic Belt, such as Newcrest Mining's (ASX: NCM) large deposits at Cadia-Ridgeway.
Subsequent soil geochemistry and induced polarisation surveys identified a number of prospective areas which were evaluated by broadly spaced reverse circulation drilling in early 2011.
The best results were returned from the Glen Hollow prospect with intersections of 46 metres at 0.9g/t gold and 0.25% copper from 60 metres, including 18 metres at 1.7g/t gold and 0.45% copper from 85 metres.
The geochemical database for the samples will be analysed in detail to identify any alteration vectors present.
A program of reverse circulation drilling is set to begin later in the March quarter with these holes sited to assist in further clarifying the key geological aspects of the system.
Alkane also plans to undertake an extensive series of petrological studies and sulphide mineral analyses to assess geochemical vectors for porphyry mineralisation.