announcement - is this good?

Would appreciate someone with greater expertise than mine having a look at the grades. Market wasn't bowled over. tia

ALKANE EXPLORATION LIMITED 2003-04-03 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Drilling at the Wyoming Prospect within the Tomingley Gold Project
near the Company's Peak Hill gold operation in the central west of
New South Wales commenced late February. A diamond core drill and an
air core drill were positioned at Wyoming One and Wyoming Three
respectively but progress was slow initially due to heavy rain in the
region. The widespread rain also delayed the arrival on site of the
RC drill which did not commence operations until mid-March.

The core rig has completed two holes (NQ core) targeting the area of
WY 376 intersection ("keel mineralisation") at the north end of
Wyoming One. The holes were designed to provide an understanding of
the geological controls prior to the major RC resource definition
drilling programme. Hole WY 409D deviated to the north at depth,
intersecting hangingwall mineralisation and a broad alteration zone
with minor quartz veining within andesitic volcaniclastic rocks.
WY 411D swung to the south but intersected the hangingwall zone,
contact mineralisation and an extensively altered porphyry containing
visible gold (sampling of the porphyry is still in progress). These
holes suggested that the "keel" zone is controlled by a cross cutting
structure, and remains a definite target.

The RC resource definition programme commenced and 12 holes have been
completed at Wyoming One. Results are available for three holes to
date. WY481 and 483 were drilled to the north to intersect a possible
cross cutting structure in the "keel" zone (WY482 was abandoned due
to a lost bit and redrilled as WY483). Intensely altered and veined
porphyry was intersected throughout WY481 with the structure
intersected between 208 219 metres. WY480, the first of the infill
resource definition drill holes, intersected the hangingwall zone
from 33-42 metres and strongly oxidised contact and porphyry
mineralisation between 57 and 92 metres.

Wyoming One results of samples grading greater than 1g/t gold
received to date are:

INTERCEPT EOH
HOLE EAST NORTH AZIMUTH (m) GRADE INTERVAL (m) TARGET ZONE
NO (degrees) (g/t Au) (m)

WY409D 614205 6393375 270 2 2.80 148-150 276 Wyoming 1
and 6 1.67 177183
including 1 5.83 181182
and 2 1.59 204-206
and 2 1.87 220-222
WY411D 614210 6393370 267 6 4.56 158164 370 Wyoming 1
and 8 2.79 197-205
including 3 5.67 202205 Sampling
unfinished
WY480 614150 6393300 270 9 3.52 3342 219 Wyoming 1
and 33 1.17 5790
WY481 614100 6393285 360 156 1.71 63219 237 Wyoming 1
including 15 7.02 90105
WY482 614075 6393265 360 39 3.47 153192 231 Wyoming 1
including 6 15.60 156162

All holes drilled at a nominal inclination of -60 degrees or, -65
degrees

Gold analysis by 30g fire assay from 1 metre half core or 3 metre
composites of RC samples.

Two large diameter core (PQ/HQ) geotechnical holes (WYGT 001 and WYGT
002) have also been drilled. These holes cored from surface to assist
with developing mining parameters for the Wyoming One ore body.

The aircore drill has completed 55 holes at Wyoming Three. This
drilling was designed to examine the potential for extensions to the
east, west and north of the known mineralisation, and also to provide
additional information on the orientation of some of the existing
mineralised zones. Several new zones of quartz veining and alteration
were identified, expanding the potential of the area. Results have
been received for 45 holes with many 3 metre composite samples
returning plus 0.5g/t gold and several generating substantial
intercepts. Many holes failed to penetrate the extensive quartz
veining and these zones will be drilled by RC as part of the resource
definition drilling programme.

Wyoming Three results of samples grading greater than 0.5g/t received
to date are:

INTERCEPT EOH
HOLE EAST NORTH AZIMUTH (m) GRADE INTERVAL (m) TARGET ZONE
NO (degrees) (g/t Au) (m)

WY418 614250 6394144 180 9 0.54 30-39 59 Wyoming 3
WY419# 614250 6394160 180 15 0.65 2136 60 Wyoming 3
including 3 1.18 30-33
WY421# 614225 6394160 180 12 2.05 3345 45 Wyoming 3
including 3 3.58 4245
WY425 614175 6394200 180 21 0.55 1233 60 Wyoming 3
WY426# 614175 6394200 180 8 0.50 5159 59 Wyoming 3
WY428# 614150 6394160 180 3 0.52 2730 30 Wyoming 3
WY430# 614150 6394190 180 2 0.72 7577 77 Wyoming 3
WY431 614150 6394220 180 30 0.72 2151 67 Wyoming 3
including 9 1.72 4251
and 3 3.99 4851
WY434 614125 6394220 180 15 2.67 4257 77 Wyoming 3
WY435 614125 6394240 180 3 2.70 7578 82 Wyoming 3
WY441# 614100 6394180 180 4 1.51 5761 61 Wyoming 3
WY442 614100 6394220 180 3 0.66 6063 79 Wyoming 3
WY445 614100 6394300 180 12 0.86 4557 59 Wyoming 3
including 3 2.41 5457
WY446 614075 6394300 180 6 0.60 27-33 94 Wyoming 3
WY447# 614075 6394316 180 5 1.02 6065 65 Wyoming 3
WY455# 614050 6394300 180 3 0.83 2124 75 Wyoming 3
and 3 0.67 7275
WY456 614050 6394320 180 9 1.36 6372 74 Wyoming 3
including 3 3.11 69-72
WY458 614125 6394300 180 3 0.54 4245 63 Wyoming 3
WY459 614075 6394140 180 6 1.09 63-69 93 Wyoming 3

All holes drilled at a nominal inclination of -60 degrees.

Gold analysis by 30g fire assay from 3 metre composites. One metre
resplit check sampling of the mineralised zones is in progress.

# Drill hole ended in mineralisation

Enquiries: Ian Chalmers
TECHNICAL DIRECTOR
Tel: 08 9328 9411
Fax: 08 9227 6011
Email: [email protected]

Unless otherwise stated this report is based on information compiled
by Mr D I Chalmers, (FAusIMM, FAIG), a director of the Company, who
is a competent person as defined in The Australian Code for Reporting
of Identified Mineral Resources and Ore Reserves, September 1999, and
accurately reflects information compiled by the competent person.