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Alkane Resources Ltd

Alkane Resources’ managing director appointed to Genesis Minerals Board of Directors

The company’s latest drilling program has yielded broad, shallow high-grade intersections that demonstrate the potential for material project life extension.

Alkane Resources Ltd - Alkane Resources’ managing director appoint to Genesis Minerals Ltd board of directors
The Tomingley Gold Project covers an area of 440 square kilometres

Alkane Resources Ltd’s (ASX:ALK) managing director Nic Earner has been appointed to the Board of Genesis Minerals Ltd (ASX:GMD) as a non-executive director.

Earner’s nomination is in accordance with Alkane’s rights under the subscription agreement and underwriting agreement with Genesis Minerals dated August 2, 2019.

Alkane is Genesis’ largest shareholder, currently holding 15% of the issued capital.

The investment in Genesis remains consistent with Alkane’s strategic objective to grow its gold business, both organically through its Tomingley Gold Operations in NSW and through investment in junior Australian gold companies with projects that meet Alkane’s investment criteria.

Earner is a chemical engineer with 25 years’ experience in technical and operational optimisation and management and has held a number of executive roles in mining and processing.

High-grade gold results

Last month the company obtained further strong results from regional drilling south of the Tomingley Gold Operations (TGO) in NSW.

The company received further high-grade results from an ongoing 60,000-metre resource definition drilling program on San Antonia and Roswell prospects about 3-4 kilometres south of TGO.

Assays from the second 5,000 metres of this program returned up to 9 metres at 2.33 g/t from 24 metres and 44 metres at 2.76 g/t from 45 metres, including 3 metres at 16.6 g.t from 57 metres at San Antonio.

Quick facts: Alkane Resources Ltd

Price: 0.555 AUD

Market: ASX
Market Cap: $280.88 m
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