Alkane Resources Extends Tomingley's Gold Potential to New Depths with Structural Discovery

• A drill hole at Roswell was extended to 1,392 metres depth and intersected a seismic reflector target roughly 400 metres below current resources, confirming gold-bearing hydrothermal breccias and quartz veining, with visible gold observed in one breccia.
• Underground infill drilling at Roswell's Western Monzodiorite returned results including 5.9 metres at 31.0 g/t Au, supporting conversion of the domain from Inferred to Indicated resource classification.
• Near-mine exploration at the El Paso prospect returned 17 metres at 4.02 g/t Au, including a sub-interval of 0.5 metres at 77.5 g/t Au.
• First-time RC drilling at the Westray prospect confirmed gold and arsenic mineralisation in the Mingelo Volcanics stratigraphy, returning 6 metres at 0.59 g/t Au from 143 metres depth.
• A second phase of underground drilling at the Western Monzodiorite, targeting upper and lower portions of the Inferred domain, is underway with completion expected by the third quarter of 2026.

Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) is an Australia-based gold and antimony producer with three operating mines across Australia and Sweden. Its wholly owned assets include the Tomingley open pit and underground gold mine in Central West New South Wales, the Costerfield gold and antimony underground operation in Central Victoria, and the Bjorkdal underground gold mine in northern Sweden. The company also holds the Boda-Kaiser gold-copper porphyry project in New South Wales, for which a Scoping Study has outlined a potential development pathway. Near-mine and regional exploration continues across all three operating sites.

A Gold-Bearing Structure Confirmed at Depth Beneath Roswell

Alkane extended a previously completed drill hole at its Roswell underground deposit from 1,002 metres to a total depth of 1,392 metres, targeting a reflector identified through reprocessed 2D seismic survey data in 2024. At this depth, approximately 400 metres below Roswell's current resources, the hole intersected the seismic reflector as a zone of hydrothermal breccias and quartz veining hosted in volcaniclastic metasediments. Visible gold was observed in one of the breccias. The reflector spans more than five kilometres in strike length and dips at around 30 degrees to the east, interpreted by the company as a major fault or conduit for upwelling gold and arsenic-enriched hydrothermal fluids into the Tomingley gold system.

Significant gold intercepts from the extended hole (RWD061) include 8.7 metres at 1.15 g/t Au from 1,104 metres depth, 0.3 metres at 11.4 g/t Au from 1,209 metres where visible gold was noted, and 2 metres at 5.90 g/t Au from 1,232 metres hosted in the Western Monzodiorite. 

Managing Director and CEO Nic Earner commented: 

"Our continuing exploration at Tomingley reveals both extensions to our deposits, which remain open at depth and along strike, as well as new areas of mineralisation. This drilling demonstrates the significant resource expansion potential across the mine site."

Further drilling is planned above and below RWD061 to test where the conduit structure intersects more favourable host rocks, specifically the andesite and the Western Monzodiorite, where higher gold grades and broader intercepts have historically been observed at Tomingley. A structural flexure in the reflector within the Cotton Formation metasediments is also identified as a target for future drilling.

Roswell Infill Drilling Returns High-Grade Results and Supports Resource Upgrade

Alkane completed a programme of underground diamond core drilling through the mid-section of Roswell's Western Monzodiorite domain, comprising 21 holes totalling 4,019 metres at a grid spacing of approximately 15 metres by 20 metres. The programme targets conversion of the domain's Inferred Resources, currently estimated at 408,000 tonnes at 1.9 g/t Au, to an Indicated classification. Indicated Resources carry a higher degree of geological confidence than Inferred ones, which supports their potential conversion into Ore Reserves for mine planning purposes.

Results confirmed multiple high-grade gold zones along the western margin of the approximately 30-metre-thick monzodiorite body. The strongest intercept came from hole ROSUG657D, which returned 5.9 metres at 31.0 g/t Au, including 2.1 metres at 78.4 g/t Au. Other notable results include 17.4 metres at 4.30 g/t Au from ROSUG644D, 10.1 metres at 3.81 g/t Au from ROSUG647D, and 3.5 metres at 16.1 g/t Au from ROSUG425D. Roswell's total underground resource currently stands at 5.5 million tonnes at 2.6 g/t Au for 476,000 ounces of gold.

A second phase of infill drilling is now underway, targeting the upper and lower portions of the Inferred domain, with completion expected by the third quarter of 2026. Results from this programme will inform an updated Mineral Resource Estimate for the Western Monzodiorite domain.

El Paso and Westray Extend Near-Mine and Regional Exploration

Seven diamond core holes were completed at the El Paso prospect, totalling 1,964 metres. Hole EPD020 returned 17 metres at 4.02 g/t Au from 82 metres, including 3.8 metres at 14.1 g/t Au and 0.5 metres at 77.5 g/t Au, along with a second zone of 8 metres at 2.10 g/t Au from 133 metres. Additional holes returned lower-grade results, with EPD021 delivering 9.6 metres at 0.80 g/t Au from 60 metres. Alkane noted that the drilling orientation was not optimal given a revised geological interpretation developed during this programme, and future drilling will be collared from the west to better test the updated model.

The revised interpretation at El Paso replaces a single moderately dipping dacite sill with three distinct dacite lavas striking north-northeast and dipping sub-vertically to the northwest. Additional mud rotary diamond core drilling is planned to test extensions to the known mineralisation under this revised model. One hole, EPD024, was drilled to test for an offset to the dacite northwest of a significant fault, but did not intersect dacite.

At the Westray prospect, one RC drill hole was completed to 194 metres, the first time the prospect had been tested by RC or diamond drilling. The hole intersected approximately 100 metres of sericite alteration with quartz veining and elevated gold and arsenic from 95 metres downhole, returning 1 metre at 2.49 g/t Au from 115 metres and 6 metres at 0.59 g/t Au from 143 metres. Further exploration at Westray will focus on identifying a larger volcanic host body that intersects the mineralised structure.

Milestones and Next Steps

Results from this programme advance Alkane's work on three concurrent fronts at Tomingley: deep structural testing beneath Roswell, resource classification improvement within the Western Monzodiorite, and early-stage exploration at El Paso and Westray. The second phase of infill drilling at the Western Monzodiorite is underway and expected to conclude by the third quarter of 2026. Surface diamond core drilling has commenced at the Wyoming Three deposit and the northern extensions of the Caloma andesite host. Four diamond core holes at the Glen Isla epithermal gold targets, generated from a 2025 Induced Polarisation survey, are planned for the second quarter of 2026. A 1,600-metre deep diamond core hole targeting a potential copper-gold porphyry beneath the Peak Hill epithermal deposits is also planned. Near-mine drilling at the Tomingley One and Tomingley Two prospects is scheduled to resume with two additional diamond core holes.

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