Alkane Resources Limited Reports Consolidated Earnings Results for the Six Months Ended December 31, 2014
Feb 25 15
Alkane Resources Limited reported consolidated earnings results for the six months ended December 31, 2014. For the period, the company reported revenue of $56,949,000. Profit before income tax was $3,742,000 against $4,383,000 a year ago. Profit is attributable to owners of the company was $3,337,000 against $4,071,000 a year ago. Earnings per share diluted attributable to the ordinary equity holders of the company was $0.8 against $1.1 per share a year ago. Net cash flows from operating activities was $21,908,000 against net cash outflows from operating activities of $2,699,000 a year ago. Purchase of property, plant and equipment was $4,137,000 against $52,680,000 a year ago.
Alkane Resources Ltd Discovers New Porphyry Gold-Copper Zone in NSW
Jan 21 15
Alkane Resources Ltd. announced that drilling has identified a new zone of porphyry style gold-copper mineralization at the Duke Prospect of its Kaiser Project in New South Wales' Central West region. Mineralization and alteration within the Duke Prospect cover an area of 450 meters by 200 meters. Alkane has the right to earn a 100% interest in Kaiser following expenditure of 500,000 on exploration prior to 23 December 2015. KSRC010: 16 meters at 0.87% copper 0.57 grams per tone gold from 126 meters including 4 meters at 1.45% copper 0.78 g/t gold from 128 meters and 3 meters at 1.52% copper 1.13 g/t gold from 139 meters and 14 meters at 0.63% copper 0.58 g/t gold from 151 meters within 112 meters at 0.36% copper 0.24 g/t gold from 115 meters; and KSRC011 54 meters at 0.33% copper 0.14 g/t gold from 72 meters including 5 meters at 1.15% copper 0.45 g/t gold from 73 meters and 79 meters at 0.37% copper 0.22 g /t gold from 134 meters including 3 meters at 0.85% copper 0.52 g/t gold from 198 meters. The Kaiser Project lies within the broader Bodangora Project where similar porphyry style gold-copper mineralization associated with the Comobella Intrusive Complex (CIC) was identified by drilling in 2012 and highlights the potential of the area to host significant mineralization. The recent drilling program comprising 1672 meters in 7 holes targeted two prospect areas. McGregor where porphyry style mineralization was identified in early 2014 based on the initial reinterpretation of the geological model; and Duke where structural interpretation of historical ground magnetic data and alteration vectoring identified a target area which had been poorly tested by previous explorers. The Central Zone is the most significant area of new mineralization with historic drilling by CRA Exploration intersecting the margins of the target area. This new zone is best represented in KSRC010 which intersected several higher grade zones of mineralization; the Western Zone which is best represented by KSRC009 (12 meters at 0.2% copper and 0.82 g/t gold from surface). This is separated from the Central Zone by a north-south fault. Mineralization is associated with magnetite bearing alteration with ground magnetic data indicating the zone remains untested to the north and is open at depth; and the Eastern Zone a sub-vertical zone of mineralization separated from the Central Zone by an un-mineralized later diorite intrusive. Mineralization is associated with magnetite bearing alteration and was intersected in the top of hole KSRC010 (32 meters at 0.14% copper and 0.24 g/t gold from 26 meters) and at depth in historic Newcrest drill hole NKD002 (86 meters at 0.26% copper and 0.43 g/t gold from 421 meters). An initial reverse circulation drilling program undertaken in early 2014 and comprising five holes for a total of 1,094 meters tested the previously known Kaiser and Kaiser East prospects and identified alkalic porphyry styled mineralization at the previously unknown McGregor prospect to the west. Ongoing assessment of existing exploration data incorporating where possible additional sampling of historic drill core has continued to highlight the association of existing mineralization in the region with a hydrothermal alteration zonation typical of an alkalic porphyry gold-copper mineralized system. The Kaiser Project (EL6209) is located at the northern extent of the Molong Volcanic Belt and is encompassed by Alkane’s Bodangora Project. The Molong Volcanic Belt is a well-defined geological region considered highly prospective for and host to several economically important examples of porphyry gold-copper mineralisation e.g. Cadia Valley alkalic porphyry deposits. Kaiser lies within the Bodangora Project where similar porphyry style gold-copper mineralization associated with the Comobella Intrusive Complex (CIC) was identified by drilling in 2012. The CIC is a 4 kilometers by 3 kilometers monzonite intrusive with associated alteration and skarn mineralization located about 7 kilometers northwest of Kaiser. Alkane has a large tenement holding in the northern Molong Belt a region emerging as highly prospective for alkalic porphyry gold-copper mineralization. Multiple targets occur within the Bodangora Kaiser and adjoining Finns Crossing projects. The discovery of a new zone of porphyry gold-copper at the Duke Prospect of the Kaiser Project is encouraging and demonstrates the potential of the broader Bodangora Project to host significant mineralization. This new mineralization is best represented in the central zone with one section showing 16 meters at 0.87% copper and 0.57 g/t gold along with several higher grades of mineralization. Adding to the interest this has similarities to Newcrest’s Cadia-Ridgeway gold-copper mine – a large scale mining operation in New South Wales’ Cadia Valley. Over 7.5 million ounces of gold has been produced from Cadia Valley since commercial production commenced in 1999. The discovery comes amidst a sustained rally in gold with prices in Australian dollar reaching A1585 an ounce.
Alkane Resources Ltd Completes RC Drilling Program at the Kaiser Project in NSW
Jan 21 15
Alkane Resources Ltd. reported a 1672m RC drilling program has been completed at the Kaiser Project in NSW to test targets peripheral to the known Kaiser gold-copper mineralisation. A new zone of porphyry-style gold-copper mineralisation has been identified at the Duke Prospect. The Kaiser Project lies within the broader Bodangora Project, where similar porphyry-style gold-copper mineralisation associated with the Comobella Intrusive Complex (CIC) was identified by drilling in 2012 and highlights the area's potential to host significant mineralisation.