Discovery at Cuffley and Sub-KC
Alkane Resources Limited has announced exploration results from its Costerfield property in Victoria, Australia, highlighting the discovery of a new high-grade zone in the Cuffley Lode as well as drilling results from the Sub-KC domain at depth below the Augusta mine, as reported by The Manila Times.
The company said 23 new holes were drilled in an unmined area between the historical Cuffley north and south high-grade panels, and 17 additional holes targeted the Sub-KC domain at depth. A new grade pod with areas of very high grade gold and antimony was identified in the Cuffley infill area, in a sparsely drilled zone previously thought to contain low grade due to the influence of a crosscutting fault.
Top intercepts from the Cuffley area include 580.9 g/t gold and 24% antimony over 0.61m (ETW 0.54m) in hole AD270, 168.9 g/t gold and 33.5% antimony over 0.9m (ETW 0.78m) in AD265, 124 g/t gold and 48.6% antimony over 0.23m (ETW 0.22m) in AD275, and 60.1 g/t gold and 15.2% antimony over 1.26m (ETW 1.17m) in AD292. A high-grade interval of 1360 g/t gold over 0.25m was reported within the AD270 intercept.
In the Sub-KC domain, results included 28.2 g/t gold over 0.99m (ETW 0.82m) in CSK044, 192 g/t gold over 0.17m (ETW 0.07m) and 73.2 g/t gold with 18.8% antimony over 0.19m (ETW 0.18m) in CSK043, and 16.1 g/t gold with 12.7% antimony over 0.37m (ETW 0.34m) in CSK048.
Structural context and target testing
Four target-testing holes were drilled to look for repetitions of the structural setup at Sub-KC. Two holes approximately 400m north of the main block found that the Lyre Fault plane had stepped eastward, while two holes approximately 300m south found an intact anticline but no ore-grade intercepts. According to the company, the Lyre Fault exhibits post-mineralisation movement, evidenced by clasts of mineralised vein material in fault gouge.
The Cuffley lode is truncated updip by the Mamushi/Flat Fault set, which offsets the mineralisation eastward by approximately 40m, and the Sub-KC deposit occupies the steeply dipping east limb of the continuation of the Cuffley Anticline.
The new high-grade pod at Cuffley is readily accessible from existing infrastructure and has been integrated into the Casterfield mine schedule for mining, according to the announcement.
Historical and corporate background
The Casterfield gold-antimony deposit was discovered in 1861, with antimony identified in the district as early as 1853. Modern mining at Costerfield has been continuous since 2006, when Australian Gold Development commenced underground operations at Augusta. Mandalay Resources purchased the Costerfield operation in 2010. Alkane Resources holds a 100% interest in the Casterfield project.
The drill program included 56 new and 16 wedged holes at Casterfield since the previous announcement. Alkane's exploration results were compiled and verified by Chris Davis, a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy.
Company comment
Alkane Resources Managing Director and CEO Nic Earner said: "This discovery of unmined high-grade material directly adjacent one of Casterfield'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."
The company highlighted that the antimony content is critical for defence and renewable energy supply chains, and said the new Cuffley pod supports the 'repeatable structural repetition' model.
The Manila Times reported that Alkane Resources' share price has gained over 80% in the past 12 months, outperforming the S&P/ASX 200 index.
Perspectives
- Alkane Resources: The discovery validates the company's strategy of revisiting and challenging old geological models, with high-grade material found adjacent to a historical orebody and additional target-testing underway.