Alkane Resources in trading halt pending drill results from Boda discovery

Alkane Resources Ltd (ASX:ALK) (OTCMKTS:ALKN) (FRA:AK7) has been granted a trading halt by the ASX pending an announcement regarding drilling results from the Boda discovery in New South Wales. The company said these results were being compiled for release concurrent with the finalisation of a presentation to the NSW Mining Exploration & Tenures Forum on Monday, May 3, 2021 The halt will remain in place until the beginning of regular trade on Tuesday, May 4, or when an announcement is released to the market, whichever occurs earliest. Alkane’s market cap is approximately A$437.6 million while shares last traded at A$0.735. Quarterly gold production The company’s production for the quarter ended March 31, 2021, from its Tomingley Gold Operations (TGO) in Central West New South Wales has come in at 16,040 ounces. TGO continues to perform well and is processing underground stope material with recovery as expected. The company recorded gold sales of 15,844 ounces for revenue of A$34.9 million at an average price of A$2,203 per ounce. It has again increased its financial year 2021 guidance to 50,000-55,000 ounces at a reduced all-in-sustaining cost (AISC) of A$1,400 to A$1,550 per ounce. The TGO is to the south of the exploration program at the company’s Northern Molong Porphyry Project that includes the Boda copper-gold discovery.