Alkane Resources Ltd (ASX:ALK) has entered into an agreement to acquire two packages of exploration tenements in New South Wales’ Macquarie Arc from Sandfire Resources Ltd (ASX:SFR) for more than 2.7 million Alkane shares (worth $1.9 million).
The projects acquired will be 100 per cent Alkane owned with no underlying royalties or liabilities and both are considered highly prospective for world-class gold-copper porphyry deposits.
Alkane Managing Director Nic Earner said: “The addition of these tenement packages will see us continue to build on our track record of exploration success in New South Wales.
“We will be drawing on our decades of experience, particularly the extensive geological knowledge accumulated at Boda & Kaiser, to conduct cost effective evaluation of these new prospective areas.”
The ‘Comobella North’ Project is now included into Alkane’s Northern Molong Porphyry Project (NMPP) and is positioned adjacent and north of the NMPP tenement group.
Comobella North covers 64 square kilometres of the same volcanics and intrusives that host the Boda and Kaiser inferred resources (a total of about 15 million ounces of gold equivalent).
Comobella North represents a strategic acquisition by Alkane which now owns tenure covering the entire 15-kilometre prospective northwest trrending Boda-Kaiser corridor.
The Southern Junee Porphyry Project (SJPP) is a group of tenements covering 235 square kilometres of the southern extension of the Junee-Narromine volcanic belt of the Macquarie Arc.
The geology comprises of buried intrusive complexes of shoshonitic (alkalic) affinity in a similar geological setting as at the world-class Northparkes copper-gold mine.
Alkane beleives that the extensive geological knowledge accumulated by the discovery and evaluation of the Boda-Kaiser porphyry system will enable cost effective evaluation of these new prospective areas.
