What's Happening?
Alkane Resources has announced significant findings from its exploration activities at the Tomingley Gold Operations in New South Wales, Australia. The company is conducting underground drilling to expand resources at the site, focusing on the Roswell
Deposit and nearby prospects such as El Paso. The Tomingley Gold Mine, operational since 2014, includes both open-pit and underground mining with a processing facility capable of handling one million tonnes per annum. Recent drilling efforts have concentrated on a seismic reflector beneath the Roswell Deposit, revealing gold-arsenic-enriched hydrothermal breccias and veining. The Roswell underground resources are estimated at 5.5 million tonnes with a grading of 2.6 grams per tonne gold, corresponding to an endowment of approximately 476,000 ounces of gold.
Why It's Important?
The discovery of new gold zones at Tomingley Operations is crucial for Alkane Resources as it enhances the potential for resource expansion at the site. This could lead to increased gold production, boosting the company's revenue and market position. The findings also underscore the importance of continued exploration and development in the region, which could attract further investment and support local economic growth. Additionally, the expansion of resources at Tomingley contributes to the global gold supply, impacting market dynamics and pricing.
What's Next?
Alkane Resources plans to continue its exploration efforts at Tomingley, focusing on both near-mine and regional prospects. The company aims to further characterize the mineralization identified at the Tomingley One and Tomingley Two prospects. A second phase of drilling is underway to test the upper and lower portions of the Inferred domain, expected to be completed by Q3 2026. Near-mine exploration has recommenced with planned diamond core drill holes to test epithermal gold targets generated from an Induced Polarisation survey.
