Diversified miner focused on gold and critical minerals essential to the world’s net-zero carbon emissions goals Alkane Resources [ASX:ALK] has provided an update for its shareholders on its gold operations at Tomingley, based in central west New South Wales.
Alkane says Tomingley has produced 16,641oz of gold in the third quarter, fiscal 2023, and 54,431oz of gold so far in the whole of the financial year.
The miner also wished to revisit its guidance for the year, which it says is heading for the upper end of its initial guidance of 62,000–70,000oz gold production.
ALK’s share price went up more than 2.5% after publishing the update, worth 79 cents a share at the time of writing.
This week, the group’s stock price has moved up 12%, and more than 10% across the past month.
Year-to-date the miner is trading at a 47% increase.
Source: TradingView
Alkane outlines 2023 gold production
Earlier today, gold and diverse rare earths producer Alkane put out an announcement that outlined the latest on gold production at its Tomingley Gold Operation in central west New South Wales.
Alkane said that the gold operation managed a production count of 16,641oz of gold for the third quarter of the current fiscal year, and adding that to the full year so far, the operation has managed a production total of 54,431oz so far in FY2023.
Looking at its production rate in the year so far, the gold and diverse minerals miner said that it will see its Tomingley operation deliver gold production at the higher end of its initial guidance, which overall remains within 62,000–70,000oz at an all-in sustaining cost of $1,550–1,800 per oz.
The group intends to release more information in the upcoming quarterly report, which isn’t due for release until later in the month.
Alkane’s Managing Director Nic Earner— said:
‘Tomingley is performing well and remains on track to meet full year guidance. With approval received in February to extend the life of Tomingley, at increased production rates, we’re progressing the development of the Roswell underground ready for ore production before the end of the calendar year.
‘I look forward to updating overseas investors on Alkane’s continued success and plans for the future.’
Late last month, Alkane provided results from diamond drilling at Boda Two, which enabled the group to confirm extensive mineralisation at the site, zones of high-grade gold pyrite within the gold-copper mineralisation.
The group has two high-capacity diamond core drilling rigs in operation in the Boda area with two more high-capacity RC drill rigs to come this month. The new rigs will accelerate the group’s updated resource estimations for both Boda and for Kaiser, which are expected to be completed in the fourth quarter of 2023. They will also enable initial drilling of other regional targets.
Also, earlier last month, Alkane managed to acquire 100% of two packages of exploration tenements in the Macquarie Arc, New South Wales from Sandfire Resources Ltd [ASX:SFR] for 2,781,438 ALK shares ($1,900,000 worth of shares).
These new acquisitions are considered highly prospective for world class Au-Cu deposits, which will add to Alkane’s growing share of exploration in NSW.
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