Alkane Resources Limited has discovered a new high-grade gold-antimony zone at the Cuffley Lode within its Costerfield operation in central Victoria, Australia, returning an intercept of 580.9 g/t gold and 24% antimony over 0.61 metres in hole AD270.

The discovery followed a 23-hole diamond drilling program totaling 3,255 metres in an unmined area between the historical Cuffley north and south high-grade panels. The new grade pod was identified in a sparsely drilled zone previously thought to contain lower grades due to a crosscutting fault. Standout assays from the Cuffley infill drilling included hole AD265, which intersected 168.9 g/t gold and 33.5% antimony over 0.9 metres, and hole AD292, returning 60.1 g/t gold and 15.2% antimony over 1.26 metres.

Alkane also completed 17 holes targeting the Sub-KC domain at depth below the deposit, where intercepts included hole CSK044 returning 28.2 g/t gold over 0.99 metres and hole CSK043 hitting 73.2 g/t gold and 18.8% antimony over 0.19 metres. The newly identified Cuffley grade pod is readily accessible from existing infrastructure and has already been incorporated into the Costerfield mine schedule.

“This discovery of unmined high-grade material directly adjacent one of Costerfield’s top-shelf historical orebodies showcases the importance of Alkane’s directive of revisiting and challenging old models and preconceptions surrounding mineralisation to extract value. We will continue seeking this new mineralisation alongside generating new targets within our leases.”

— Nic Earner, Managing Director & CEO

The Costerfield gold-antimony operation has a continuous modern mining history dating back to 2006, with extraction progressively moving north from the initial Augusta series of lodes to Cuffley and N Lode in 2014, Brunswick in 2018, and the Youle and Shepherd lodes in 2019. Alkane operates a portfolio of three producing assets across Australia and Sweden, comprising the Tomingley gold mine in New South Wales, the Costerfield gold and antimony operation in Victoria, and the Björkdal gold mine in Sweden.

Following the operational update, Alkane shares closed at $1.835, up 2.23% on trading volume that reached 1,116% above the 50-day average of 535,212 shares. Alkane plans to advance exploration areas at the Costerfield operation through to an Indicated Resource and expects to provide further reserve and resource updates over the coming months.

Read the full announcement: New High-Grade Domain Discovered at Cuffley