Ann: Discovers Significant Porphyry Au Cu Mineralisation at Boda, page-2

Discovery of Significant Porphyry Gold-Copper Mineralisation at Boda Prospect within Northern Molong Porphyry Project (NSW)

➢ Boda Prospect tested with one diamond core drill hole (KSDD003) 200 metres beneath a zone of gold mineralisation previously defined in RC drilling (311m @ 0.28g/t Au from 19m to EOH in KSRC018). KSDD003 assay results indicate an increase in thickness and grade of porphyry gold-copper mineralisation at depth.

Drill intercept highlights include:

KSDD003
02m @ 0.48g/t gold, 0.20% copper from 211 metres
ncl 313m @ 0.62g/t gold, 0.17% copper from 228 metres
incl 12m @ 3.28g/t gold, 0.67% copper from 419 metres and 35.8m @ 0.21g/t gold, 0.49% copper from 735 metres to EOH

➢ Kaiser Prospect assays confirm strong gold-copper porphyry mineralisation 200 meters southeast of the small near surface Kaiser deposit. Drill intercept highlights include:

KSRC027
40m @ 1.30g/t gold, 0.22% copper from 0 metres
ncl 10m @ 2.86g/t gold, 0.36% copper from 0 metres
lso 2m @ 3.24g/t gold, 0.26% copper from 25 metres

KSRC029
32m @ 0.53g/t gold, 0.27% copper from 2 metres
ncl 11m @ 1.09g/t gold, 0.40% copper from 9 metres

➢ Boda and Kaiser Prospects are part of the Northern Molong Porphyry Project (NMPP) which incorporates exploration licences covering an area of 110km2 of the northern Molong Volcanic Belt (MVB), in the Central West of New South Wales. The northern MVB, within the eastern Lachlan Orogen is considered highly prospective for large porphyry gold-copper mineralisation, as demonstrated by the world class Cadia Valley porphyry district, located to the south.

Alkane Resources’ (ASX:ALK) Managing Director, Nic Earner, said: “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. 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. Alkane is immediately prioritizing follow up drilling, seeking to determine the scale of this highly encouraging discovery”