Alkane Resources currently counts over 6,400 shareholders, many of whom are local investors. The company runs two major projects: the Tomingley Gold Project and the Northern Molong Porphyry Project.
Tomingley Gold Project
The Tomingley Gold Project, together with Tomingley Gold Operations (TGO) and the Tomingley Gold Extension Project, stretches 60 kilometres north-south along the Newell Highway in South Wales. TGO has operated since 2014. It aims to extend the life of the mine and its processing plant further through ongoing exploration. This open-cut mine could potentially produce 60,000 to 80,000 ounces of gold annually.
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Tomingley holds four open-cut pits: Wyoming One (completed in 2019), Wyoming Three (completed in 2015), Caloma One (completed in 2017), and Caloma Two (completed in 2019). TGO aims to rehabilitate the site and build a productive ecosystem that promotes sustainability.
“When we commenced mining at Tomingley in 2013, the plan was to produce 380,000 ounces from open cut and underground over seven years. We were also quietly confident that further discoveries would be made during that time to allow extension. Nine years later, entering our second decade of production and passing 500,000 ounces, our confidence has proven well founded.
Every year of operation, we’ve met or exceeded our production guidance and surpassed our original production targets. In addition, we’ve expanded our resources around the existing mine and added discoveries to the south of Tomingley, and our geological teams are seeking to expand these resources even further. As a result, our current Life of Mine plan shows about a further 700,000 ounces of planned production over the decade ahead,” said Alkane managing director Nic Earner.
The company earned a profit of 55.7 million USD in 2021. TGO’s performance drove these earnings, along with the demerger of Australian Strategic Materials (ASM). Producing gold at TGO costs around 1,320 USD per ounce.
Northern Molong Porphyry Project
The Northern Molong Porphyry Project sits 20 kilometres north of Wellington and 35 kilometres east of Dubbo in central western New South Wales. This project is well-known for producing a good amount of gold and copper. The company’s exploration of the project area shows it shares similar stratigraphic and intrusive rock sequences with Cadia Valley’s framework. It currently holds three exploration targets — Kaiser-Boda, Comobella, and Finns Crossing — all still in the early stages of defining their drill programs.
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Alkane Resources’ exploration: an environmentally-friendly take on mining
Alkane has vowed to make all its exploration, mining, processing and rehabilitation activities wildlife safe. The company also aims to create a low environmental impact by practising progressive rehabilitation and safe environmental practices. It cares for biodiversity in offset areas too, having created new native habitats for animal species affected by its mining and exploration.
By designing and redesigning operational and exploration activities for minimum environmental impact, Alkane Resources aims to reduce its footprint. The company uses low volumes of consumables. It also commits to water recycling, alongside proper waste residue treatment and storage.
The Peak Hill Gold Mine operated from 1996 to 2005. Alkane Resources’ researchers designed their mining operations to incorporate progressive rehabilitation into the project from the start. Crews created the final landform using waste rock, shaping and contouring it regularly to ensure stability.
Today, the mine hosts the Open Cut Experience, a free tourist attraction covering the history and practice of gold mining, specifically from 1889 to 1917 and 1996 to 2005. This ranks among the very few modern gold mines that remain active and open to the public.
The Open Cut Experience even reached finalist status in the 2003 NSW Tourism Awards Parkes Shire Council. Parkes Shire Council received 120,000 USD under the NSW Government’s Regional Visitor Economy Fund, which eventually funded the Peak Hill Gold Mine Visitor Experience Improvement Program.
70.3 million USD in profit, 165 million USD in revenue
Alkane Resources Ltd delivered a record A$70.3 million profit after tax and reported A$165 million in revenue despite a turbulent year for gold stocks. The company is on its way to becoming Australia’s next multi-mine gold producer, with Tomingley gold operations in Central West NSW producing nearly 67 million ounces. Their production rate rose 17% over the last financial year.
“Delivering solid production alongside exploration success is our goal, and we are proud of our achievements in FY22. In particular, the upgrade in the resource at Roswell and the initial Boda resource of over 10 million equivalent gold ounces are standout milestones,” Earner commented.
Tomingley has operated since 2014, and the company aims to extend the project’s life beyond 2030. Alkane remains committed to consolidating Central West New South Wales’ reputation as the region’s main gold producer.
Alkane Resources unveils copper enriched zone near Boda resource
Alkane Resources uncovered a copper-enriched zone at the Kaiser prospect. Drilling will continue at Kaiser, with Boda Two and Three to follow. Nearby, the Korridor prospect, about 500 metres southeast of Kaiser, has also shown encouraging results. “The initial shallow resource drilling program at Kaiser is revealing a copper enriched near-surface zone that appears to be increasing in grade to the northwest,” Earner stated.
