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Alkane Resources Ltd

Alkane Resources produces 48,969 ounces of gold in FY19 and ends with strong balance sheet

Alkane is a gold producer through its Tomingley operations and also owns a construction-ready rare earths project.

TGO open pit
ALK holds 15.3% in CAI and continues to seek further investment opportunities

Alkane Resources Ltd (ASX:ALK) produced 11,555 ounces of gold in the June quarter to total 48,969 ounces in FY2019 from its Tomingley Gold Operation (TGO) within its Tomingley Gold Project, NSW.

Quarterly production was above forecast and within the recent guidance along with all-in sustaining costs (AISC) of $807 per ounce.

Guidance for FY20 is production of 27,000 to 32,000 ounces of gold at an AISC of $1,300 to $1,450 per ounce, in line with the existing underground business case.

At the end of the June quarter, cash, bullion and listed investments totalled A$80.8 million.

READ: Alkane Resources reveals Exploration Target for Roswell, San Antonio, El Paso

Alkane recently defined an Exploration Target of 15.8 to 23.8 million tonnes at a grade ranging between 1.7 to 2.2 g/t gold at its Tomingley Project.

The target is for the combined Roswell, San Antonio and El Paso prospects and could represent the future of the TGO.

A resource drill out program of 60,000 metres of reverse circulation (RC) and diamond drilling has now commenced.

 

Quick facts: Alkane Resources Ltd

Price: 0.555 AUD

Market: ASX
Market Cap: $280.88 m
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