Alkane builds confidence at True Blue with high-grade gold-antimony hits

Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) has delivered further high-grade gold-antimony results from extension and infill drilling at the True Blue deposit, 2 kilometres west of active underground workings at its Costerfield Operation in central Victoria.

Importantly, the latest program added 33 holes targeting the Freeman veining within the True Blue deposit.

The program was designed mainly to infill the upper portion of the deposit, improving confidence in the company's understanding of vein geometry and grade-controlling structures.

Standout assays from the Freeman 700 vein included:

57.6 g/t gold and 25.4% antimony over 0.25 metres in hole TB055;

20.9 g/t gold and 19.5% antimony over 0.31 metres in TB057; and

30.1 g/t gold and 14.8% antimony over 0.27 metres in TB065.

Associated veins also returned strong grades, led by 84.1 g/t gold and 15.4% antimony over 0.48 metres in TB084 from the 702 splay and 17.9 g/t gold and 1.7% antimony over 3.2 metres in TB053 from the 705 vein.

The company's most recent drilling had resolved the Freeman vein into a sheeted series of vertical north-south veins, with linking structures and localised complexity adding both geological challenges and potential upside.

Alkane managing director and CEO Nic Earner said the infill drilling had provided the geological confidence needed to progress development plans for True Blue.

"The infill drilling of True Blue gives us the geological confidence needed to proceed with our plans for development of the deposit," Earner said.

"The geological context gained from the drilling has also enhanced the model for further targeting along the True Blue Corridor. True Blue is certainly more complex than our original estimates, we are encouraged by the progress made and excited by the targets yet to be tested."

Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) had delivered a record quarterly profit of $93 million for the March 2026 quarter, driven by strong gold and antimony prices alongside increased production from its expanded three-mine portfolio.

Costerfield is a long-established gold-antimony field with historical production dating back to the 19th century and modern mining continuing since 2006.

True Blue sits within this broader mineralised system and became a major exploration focus after economic grades were encountered in drill hole TB010 in 2022.

Alkane describes itself as an Australia-based gold and antimony producer with three operating mines across Australia and Sweden, including Costerfield in Victoria, Tomingley in New South Wales and Björkdal in Sweden.

Regional map of the Costerfield Project in GDA2020 grid showing Alkane tenements and the main corridors of mineralisation identified, highlighting the location of the True Blue deposit.

Alkane plans to continue drilling at True Blue through FY26-27, with work focused on testing along strike to the north and south, at depth below the Komodo Fault, and east toward the West Costerfield prospect.

The company's updated True Blue resource will be released as part of its upcoming Resource and Reserves Statement.

In Victoria, Alkane is also awaiting results from its Nagambie drilling program, which will provide the first indication of the project's potential to support a larger antimony-gold resource.