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Alkane Resources chairman lifts substantial holding to 24.762% with on-market purchases

Published: 22:11 21 Jul 2020 EDT

Alkane Resources Ltd - Alkane Resources chairman lifts substantial holding to 24.762% with on-market purchases
Alkane is transitioning to become a pure-play Australian gold company

Alkane Resources Limited (ASX:ALK) (OTCMKTS:ALKEF) chairman Ian Gandel continues to demonstrate his support for the company’s gold production and exploration strategy with on-market share purchases.

Three purchases between July 16 and 20, 2020, have increased his substantial holding to 24.762% from 23.451% previously.

These purchases of more than 11 million shares in an indirect interest were valued at almost $13.76 million and this interest now holds more than 139 million shares with another 8.1 million held in another indirect interest.

Strong newsflow, including high-grade results from regional exploration at Tomingley Gold Operations in NSW and at the nearby Boda discovery, has seen shares increase from 46.5 cents on March 17 to $1.335 on July 2 with a market cap of approximately $729.2 million today.

High-grade gold results

Last week, Alkane received results of up to 102 metres at 4.07 g/t and 62 metres at 4.01 g/t from drilling at the Roswell and San Antonio deposits south of the Tomingley operations in Central West NSW.

The results have confirmed continuity to the defined resources and are expected to lead to upgrades to the 445,000-ounce inferred resource at Roswell and the 453,000-ounce inferred resource at San Antonio.

Alkane expects to release an updated resource calculation for Roswell along with preliminary mine plans for both deposits in the December quarter of 2020.

ASM demerger

Last Thursday, Alkane’s shareholders overwhelmingly approved the demerger of Australian Strategic Materials Limited (ASM) at an Extraordinary General Meeting.

ASM will become one of Australia’s preeminent specialty materials development companies when it lists on the ASX, which is on track, and expected on or around July 30, 2020.

Alkane will become a pure-play Australian gold company with balance sheet strength, a quality production asset at Tomingley and an exciting development pathway with one of Australia’s most significant exploration discoveries at Boda.

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