Earlier this month gold producer Alkane (ASX:ALK) discovered something very, very big at its Northern Molong porphyry project (NMPP) – and now Alice Queen (ASX:AQX) says this target could extend into their ground.
The ‘nearology’ train has well and truly left the station after Alkane unveiled this incredible hit at the Boda prospect:
502m at 0.48 grams per tonne (g/t) gold and 0.2 per cent copper, 211m from surface.
It’s in the same neighbourhood as Newcrest Mining’s (ASX:NCM) mammoth 50moz Cadia operations in NSW; basically, Alkane (and others) believe this could be Cadia 2.0.
The discovery drill hole is also within 700m of Alice Queen’s Yarindury exploration licence:
Alice Queen is hunting large scale porphyry targets at Mendooran and Yarindury, also along strike from Cadia.
In early August, the explorer was already preparing to drill six high quality porphyry targets under shallow cover at Yarindury.
These completely undrilled targets were generated by Alice Queen’s technical advisor John Holliday — who actually co-discovered Cadia Valley. What a guy to have in your corner.
Holliday says Alkane has just made the best porphyry exploration discovery in the Lachlan Fold Belt, away from the three main mine centres (Cadia, Cowal and North Parkes), in the last 20 or so years.
“This has clearly further enhanced the prospectivity of the Yarindury and Mendooran tenements, which cover the same belt of rocks in areas where they have hardly been explored because of younger cover,” he says.
Now Alice Queen says that based on magnetic data, there’s a good chance the highly prospective Cadia-age rocks intersected at Alkane’s Kaiser-Boda extend into Yarindury “in a thin strip potentially 700m wide west to east, and over 5km long south to north”.
“If Alkane’s Kaiser-Boda proves to be a Cadia-scale (7km by 2km) porphyry field, then it is quite possible that significant mineralisation will extend eastwards into Yarindury,” Alice Queen says.
“As a priority Alice Queen will be surface mapping and sampling this adjacent area with a view to developing near-term drilling targets.”