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ALKANE RESOURCES LIMITED - ASX: ALK
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Description
LEINSTER REGION JOINT VENTURE (Alkane Resources Ltd - 25% Jubilee Mines NL 75%)
Three prospects – LEINSTER DOWNS, MIRANDA and McDONOUGH LOOKOUT– are subject to a farm-in agreement with Jubilee Mines NL (Jubilee). Jubilee has earnt a 75% interest in the properties by spending $4.5 million. Jubilee has completed extensive programmes of ground electromagnetic surveys, aeromagnetic surveys, diamond core and RC drilling and geological mapping. Jubilee is specifically targeting komatiite channel facies hosted nickel sulphide mineralisation at Miranda, McDonough Lookout and Leinster Downs. Encouraging environments for massive nickel sulphide accumulation were observed at all three locations, particularly at the Taurus prospect within the Miranda tenement where the following intercepts were reported:
- TAD004 9.0 metres @ 0.57% nickel from 351.0 metres and 0.15 metres @ 2.90% nickel from 324.85 metres
- TAD005 0.2 metres @ 8.1 % nickel from 245.3 metres
Several other holes intersected disseminated sulphide mineralisation with grades in the range 0.5% to 1.0% nickel. At Leinster Downs disseminated sulphides were also intersected in four holes which tested channel facies ultramafic flow sequences with 0.5% to 1.0% nickel recorded over several metres.
NULLAGINE (Alkane Resources Ltd retains a 60% in the diamond potential)
In October 2006, Alkane and the Randolph Syndicate reached agreement with Consolidated Minerals Limited (CSM) to jointly float a new company, BC Iron Limited (BCI), to acquire 100% of all minerals within 14 exploration licences in the East Pilbara region of Western Australia. The BCI agreement excludes diamonds and an option granted to Vaalbara Resources Pty Ltd to acquire an 80% interest in gold, silver and uranium and Witwatersrand style mineralisation in the three Alkane-Randolph tenements (EL’s 46/522-524).
The combined tenements cover approximately 1500km2 and include a number of Tertiary aged palaeochannel systems which host extensive outcrops of iron rich pisolitic accumulations with similarity to the Channel Iron Deposits (CID) currently being mined at Robe River in the west Hamersley Range.
The project is centred about 200 kilometres southeast of Port Hedland and 100 kilometres north of Newman. The nearest existing significant infrastructure is the Newman to Port Hedland (BHPBilliton) iron ore railway which is located 50 to 100 kilometres to the west. The Fortescue Metals Group Cloud Break and Christmas Creek iron deposits and their proposed rail link to Port Hedland, are located 20 to 30 kilometres to the south.
The Project is made up of three prospect areas each comprising palaeochannels with infill material which is highly prospective for CID. Previous work in the region by Alkane concentrated on diamond exploration between 1992 and 1998. The programs focused on existing and palaeo-river systems using airphoto and satellite image interpretation, stream sediment sampling, detailed and reconnaissance mapping, and stratigraphic drilling of the channels. Based on the detailed mapping, the drilling intersections and a standard specific gravity of 2.6 tonnes per cubic metre, BCI determined that a potential for 40 million tonnes per vertical metre of iron rich pisolitic material may exist within the main Bonnie Creek palaeochannel system. This provides an exploration target of between 200 million tonnes (5m thick) and 600 million tonnes (15m thick) of iron rich channel deposit within this system. Other, but smaller, potential exists within the nearby Shaw River and Nullagine River systems.
BCI successfully listed on the ASX on 15 December and plans a major RC drilling program to be scheduled as soon as practical to complete an initial assessment of the systems. This program should enable BC Iron to focus on the areas with potential to achieve the goal of identifying significant tonnages of direct shipping quality product.
DUBBO ZIRCONIA PROJECT (Australian Zirconia Ltd (AZL) 100%)
The Dubbo Zirconia Project (DZP) is located 20 kilometres south of the large regional centre of Dubbo, approximately 400 kilometres northwest of Sydney in the Central West Region of New South Wales. The DZP is based upon one of the world’s largest in-ground resources of the metals zirconium, hafnium, niobium, tantalum, yttrium and rare earth elements.
Over several years the Company has developed a flow sheet consisting of sulphuric acid leach followed by solvent extraction recovery and refining to produce several products. This flow sheet has been trialled to Mini Pilot Plant level, to recover a suite of zirconium chemicals, zirconia, a niobium-tantalum concentrate and a yttrium-rare earth concentrate which are used in the expanding ceramic, catalyst, electronics, engineering ceramic, and specialty glasses and alloys industries.
TOMINGLEY GOLD PROJECT (Alkane Resources Ltd 100%)
The Tomingley Gold Project (TGP) extends over 60 kilometres from near Parkes in the south, to north of Tomingley in the Central West of New South Wales and covers a narrow sequence of Ordovician volcanic rocks. The Wyoming Prospect, within the TGP, is situated about 14 kilometres north of the Company’s Peak Hill Gold Mine and immediately north of the historic 70,000 ounce gold producing Myalls United Mine (McPhails).
ORANGE DISTRICT EXPLORATION JOINT VENTURE - ODEJV (Alkane Resources Ltd 100%, subject to Newmont Australia Limited earning an initial 51%)
In August 2005, Alkane reached agreement with Newmont Australia Limited (Newmont) to farmin to Alkane’s Orange Project which includes the Molong and Moorilda tenements located near the city of Orange in the Central West of New South Wales, adjacent to Newcrest Mining Ltd’s Cadia Valley Operations (~30Moz total resources).
PEAK HILL GOLD MINE (Alkane Resources Ltd 100%)
The Peak Hill Gold Mine is located 400km north west of Sydney between the large regional towns of Parkes and Dubbo in the Central West of New South Wales. After completing a feasibility study in 1993 the development of the oxide mine was delayed by native title and environmental issues until 1996, with the first gold poured in October of that year. Mining ceased late 2002 but production will continue through to 2006.
WELLINGTON (Alkane Resources Ltd 100%)
The Wellington Project is centred 15 kilometres to the southeast of the town of Wellington. The project hosts several targets, including the Federal gold and Galwadgere copper-gold prospects. The Galwadgere deposit, which has been the focus of most of the recent exploration effort, is located adjacent to favourable infrastructure, being three kilometres from the main Western Railway, near to power and water.
BODANGORA (Alkane Resources Ltd 100% (subject to 2%NSR and buy back option to Rio Tinto Exploration Pty Limited))
EL 4022 is located 15 km north-east of Wellington, and about 25 km north of Alkane’s Wellington (Galwadgere) prospect. The tenement includes part of the northern end of the Ordovician aged Molong Volcanic Belt (MVB) before it is covered by younger sediments of the Great Australian Basin. The MVB hosts the monzonite intrusive gold-copper deposits of the Cadia Valley Operations (~20M oz) of Newcrest and several other advanced exploration projects.
CUDAL Alkane Resources Ltd 100% (subject to 2%NSR and buy back option to Rio Tinto Exploration Pty Limited))
The two exploration licences (EL 4155 & 5851) centred 25 km west of the city of Orange, adjacent to Alkane’s Molong prospect and the Cadia Valley Operations of Newcrest. The tenements are located on an outlier of MVB andesitic volcanics, separated from the main belt to the east by the Columbine Mountain Fault, another major crustal structure. Remnants of a Tertiary basalt sheet are scattered throughout the tenements.
Mine For
gold, nickel, diamonds, iron, silver, uranium, zirconia, niobium, tantalum, rare earths
Location of operation(s)
New South Wales, Western Australia
Address
129 Edward Street
PERTH, WA, AUSTRALIA
Phone
+61 8 9227 5677
Website
Last Updated
06/05/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.