Alkane Resources Limited (ALK) has reported a significant expansion of the mineral resource at the Storheden deposit, a key growth prospect located approximately 700 metres north of its Bjorkdal mine in northern Sweden. The update follows a 16-hole diamond drilling campaign conducted between January and March 2026, which targeted gold-bearing quartz veins along a 2.7-kilometre strike length to a depth of 464 metres. The deposit remains open in all directions, suggesting further potential for expansion.

The new resource estimate highlights a material improvement in both classification and scale. The company now reports Indicated Resources of 1.07 million tonnes at 2.51 g/t gold for 87,000 ounces, alongside Inferred Resources of 1.85 million tonnes at 2.11 g/t gold for 125,000 ounces. This represents a substantial increase from the initial Inferred Mineral Resource of 99,000 ounces reported in October 2025. The inclusion of Indicated material marks a key milestone in upgrading the geological confidence of the deposit as Alkane advances its development plans.

High-grade assay results from the recent campaign support this resource growth. Notable intercepts included 107.0 g/t gold over 0.4 metres and 50.9 g/t gold over 0.95 metres. These findings, combined with improved modelling of lithostructural controls, have provided the technical team with a clearer understanding of the vein geometry and mineralization potential within the Upper Skellefte Group.

"Storheden represents an exciting new growth prospect at Björkdal. The positive drilling results of this latest campaign begin to demonstrate the scale of the deposit, with the extent and depth continuity still unknown and open. Additionally, portions of the Mineral Resource have now been drilled to a density sufficient to estimate Indicated Resource. Encouraged by continued positive results coupled with the potential Storheden provides, Alkane will continue to define the extents of the deposit and lift confidence in resources alongside the commencement of mine development to Storheden and the progression of permitting requirements for extraction."

— Nic Earner, Managing Director & CEO, Alkane Resources Ltd

Following this resource update, the company is moving forward with multiple workstreams to integrate Storheden into its operational profile. Management is currently focused on the active development of mine plans and is concurrently navigating the necessary permitting requirements for future extraction. These efforts are expected to be detailed further in the upcoming annual NI 43-101 technical document for the Bjorkdal operation, which is scheduled for release in September 2026.

As the company continues to define the deposit’s footprint, the ongoing integration of drilling data remains central to its strategy of extending the life and scale of the Swedish operation. With geological modeling now confirming structural similarities between Storheden and the established Bjorkdal mine, Alkane is using these insights to prioritize targets for follow-up drilling, aiming to maintain momentum in resource conversion and growth as permitting and development processes proceed through the coming months.

Read the full announcement: Alkane Significantly Increases Storheden Mineral Resource