Alkane Resources (ASX:ALK) said underground expansion drilling around the existing resources at its Tomingley gold project in New South Wales demonstrated the potential expansion of the existing gold resource, according to a Friday Australian bourse filing.
The drilling is focused on defining extensions to resources, as well as pre-mining grade control within existing defined resources/reserves.
It drilled 91 holes for 15,439 meters in total depth at the Caloma Two deposit, testing mineralized structures separate from the defined resources. It is now evaluating the economic recovery potential of these new lodes.
It is continuing to drill at the Caloma One, Wyoming One, and Roswell deposits.
The firm's shares fell 2% in early trading on Friday.
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