PERTH (miningweekly.com) – The shares of ASX-listed Alkane Minerals closed nearly 24% higher on Monday on the back of a Cadia-style porphyry gold/copper discovery in New South Wales.
Alkane MD Nic Earner said that drill results from the Boda prospect suggested a "significant and exciting" discovery in a region that had a history of delivering large, low-grade and long-life copper mines.
“The project area has already delivered some strong indications of a big porphyry system near surface at Kaiser and, along with the results from this diamond drill hole at Boda, we can see clear evidence of Cadia-style mineralisation and grade over hundreds of metres.
“Alkane is immediately prioritising follow-up drilling, seeking to determine the scale of this highly encouraging discovery.”
Alkane shares traded at a high of 48c a share on Monday, up from a low of 43c a share.