Alkane Resources Increases Reserves at Two Gold Mines, Up to 13.3%

en.Wedoany.com Reported - Alkane Resources has simultaneously increased ore reserves at its two operations, the Costerfield gold-antimony mine in Victoria and the Tomingley gold mine in New South Wales, offsetting depletion from mining and production during the year.

Ore reserves at Costerfield increased by 13.3% to 170,000 ounces of gold (170koz), while contained antimony increased by 40.2% to 15,000 tonnes (15kt). The updated reserves support a six-year mine life, with production planned through 2032.

This growth was achieved despite mining depletion of 61koz of gold and 2kt of antimony during the year. The company attributed the increase to exploration and grade control work at several deposits including Brunswick South, Kendal, Cuffley and Augusta, as well as an upward revision to the gold price assumption.

Costerfield's updated mineral resources total 1.993 million tonnes (1.993Mt) at a gold grade of 6 grams per tonne (g/t) and an antimony grade of 2.1%, with measured and indicated categories combined containing 387koz of gold and 42kt of antimony. A further 969kt of resources at a gold grade of 3.6g/t and an antimony grade of 1.3% are classified as inferred resources. The resource growth came from conversion and upgrading at Brunswick South and True Blue, as well as exploration results at Kendal and Cuffley.

At Tomingley, ore reserves increased by 3.2% to 641koz. This result was achieved after deducting approximately 95,000 ounces of mining and production depletion, with the company adding 115,000 ounces through drilling at the Roswell deposit and adjusting cut-off grades based on higher long-term price assumptions.

Tomingley's updated mineral resources total 17.302Mt at a gold grade of 2.1g/t, containing 1.184Moz of gold, including 11.408Mt of indicated resources and 5.894Mt of measured resources.

Roswell was the main contributor to the resource growth, with its underground resources increased through extensional development drilling. In FY2026, the company completed 43,856 metres of core drilling at Tomingley; as development progresses, underground drilling continues to expand the resource base and delineate reserves.

Tomingley's ore reserves stand at 11.401Mt at a gold grade of 1.7g/t; resources and reserves at the San Antonio open pit remain unchanged, pending completion of grade control drilling.