(GLOBE NEWSWIRE via COMTEX) --
PERTH, Australia, July 13, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) ('Alkane' or 'the Company') is pleased to announce the latest exploration results for extension and infill drilling of the Brunswick South deposit, located 400m south of the previously mined Brunswick vein and 200m from planned underground access at its Costerfield Operation in central Victoria, Australia.
Program Summary
- An additional 91 holes targeting the Brunswick South deposit have been drilled since Alkane's previous update (ASX announcement 15 October 2025 titled 'Costerfield Resource and Reserve Statement)
- Confidence in grade continuity has been supported by the drilling with the identification of a high antimony and gold grade connection between the recently discovered gold dominant zone at depth and the historical surface workings.
- Drilling is continuing to identify extensions to the deeper gold dominant zone (Kiwi zone) with recent geological interpretation indicating the setting for mineralisation is similar to that of the Youle deposit currently being mined.
- Additionally, parallel veining has been intercepted approximately 200m to the west of Brunswick South with follow-up drilling scheduled to commence shortly.
- An updated Mineral Resource Estimation with initial Ore Reserve is due to be released later in the year.
Brunswick South Assay Highlights
- Brunswick South Vein: - 50.1g/t gold and 26.2% antimony over 2.17m (ETW 1.08m) in BD468
- 109.9g/t gold and 3.1% antimony over 0.65m (ETW 0.62m) in BD433
- 50.2g/t gold and 33.3% antimony over 0.86m (ETW 0.62m) in BD424
- 39.8g/t gold and 0.7% antimony over 1.3m (ETW 1.15m) in BD408
- 25g/t gold and 0% antimony over 1.7m (ETW 1.64m) in BD513 (Kiwi zone)
- 21.6g/t gold and 6.7% antimony over 1.65m (ETW 0.92m) in BD496
Note. ETW refers to the estimated true width of the veining.
Alkane Managing Director & CEO, Nic Earner, said:
"Focused extension and infill drilling at Brunswick South over the previous year has produced highly encouraging results. This newly defined deposit not only contains pockets of high gold endowment, but critically a significant quantity of antimony. Excitingly Brunswick South can be brought online without extensive access requirements as it is situated 200m from existing development. We are commencing development towards Brunswick South in the current quarter and are looking to establish it as a primary production source for Costerfield."
Costerfield Gold-Antimony Field
Alkane Resources Ltd 100%
The Costerfield gold-antimony deposit was discovered in 1861, antimony having been already identified in the district as early as 1853 as prospectors attracted to the McIvor (Heathcote) alluvial gold rush began to explore the surrounding hills for the primary deposits. Several lodes along a 3km corridor were rapidly opened up, the bulk of historical production coming from leases at the northern end of the field; the Costerfield (Main), Bombay and Minerva mines. Production from these mines primarily took place in two phases, between 1861-1883 and 1903-1924, and a short-lived attempt at redeveloping the mine occurred between 1933-1939.
Modern mining has been continuous since 2006, when Australian Gold Development commenced underground operations at Augusta, at the southern end of the field. AGD's Costerfield operation was purchased by Mandalay Resources in 2010, and extraction of the vertically continuous vein system has progressively moved north beneath the Costerfield, Minerva and Bombay group of mines, where Mandalay's high-grade Youle and Shepherd lodes were discovered.
The Brunswick deposit was discovered in early 1863 (initially called the New Brunswick) and saw limited prospecting through the early life of the field. It was not until the investigations of Mid-East Minerals and the Geological Survey of Victoria between 1966-1971 that the extent of mineralisation at the deposit was intently explored via diamond drilling and the sinking of an exploratory shaft which saw the development of two levels later throughout the 1970s. Australian Gold Development later developed an open cut mine on the Brunswick Reef, extracting oxide gold in 1995-1997. Mandalay Resources mined the Brunswick Reef below the historic workings via underground development in 2018, while developing north from Cuffley to the newly discovered Youle Deposit.
Figure 1. Regional map of the Costerfield Project in GDA2020 grid showing Alkane tenements and the main corridors of mineralisation identified, highlighting the location of the Brunswick South deposit.
A small, near-surface resource delineated by AGD at the time of open-cut mining exists approximately 400m south of the main deposit, which indicated strong structural continuity for the Brunswick deposit outside of the mined area. This Brunswick South deposit remained resistant to significant extension via diamond drilling down-dip, until mid-2025 when a campaign of three diamond holes all intersected high-grade mineralisation over the span of 175m just below the level of the Cuffley-Brunswick access, prompting immediate intensive infill and extension drilling (ASX announcement 15 October 2025 titled 'Costerfield Resource and Reserve Statement'). The previous high grade intercepts included:
- 76.6 g/t gold over 0.49m (ETW 0.44m) in BD387;
- 265.0 g/t gold and 0.7% antimony over 0.29m (ETW 0.17m) in BD388; and
- 52.3 g/t gold over 1.69m (ETW 1.58m) in BD391
Deposit Geology
The Brunswick Deposit is located at the apex of the Costerfield Dome, between the Augusta and Youle deposits at Costerfield and offset approximately 500m west of the main corridor of mineralisation. The Costerfield Formation host rocks are uniformly siltstones above approximately 900RL (300m below surface), transitioning to thin bedded and fine-grained turbidites below this level. The mineralisation in the north is hosted by a vertical shear that occupies the hinge of the gentle Brunswick Anticline, crossing to an adjacent parasitic syncline in the new southern portion of the deposit. Mineralisation in the vertical, shear hosted part of the deposit tends to be antimony-rich and proportionally deficient in quartz compared to most other worked Costerfield veins, while retaining gold grades comparable to the rest of the field.
North-west trending, steeply dipping faults intersect the Brunswick shear and delineate high-grade shoots within the orebody. This relationship is well understood in the northern part of the deposit where open-cut mining took place and is expected to be important in the south. Bedding-parallel laminated quartz veins and faults are common and influence ore grades at a local scale, the lode structure typically crosses these structures without significant offset or deviation until the Kiwi Fault is reached. The Kiwi Fault is a bedding parallel, laminated quartz fault where seen on the western limb of the Brunswick Anticline, which increases in late, brittle damage and bifurcates into a duplex stack (with the Rooster Fault as its footwall) as it flattens out over the crest of the anticline. In the northern end of the Brunswick deposit where the Brunswick shear intersects the Kiwi Fault where it is almost horizontal, mineralisation splits into several parallel, vertical veins bound between the Kiwi and Rooster fault planes that can achieve high grades albeit with limited ore panel heights. In the new southern area where the Brunswick Shear intersects the fault in a position where it dips moderately westward, mineralisation appears to roll into the fault plane and continue down-dip in a fashion analogous to the Kendal vein system and high-grade Youle Lode in the northern end of the Costerfield Main Corridor. The mineralisation so far encountered proximal to and within the Kiwi Zone differs significantly to the antimony-rich shear seen above, being predominantly free from stibnite and rich in quartz. The gold-rich quartz veining is multiple-generation, containing early brecciated quartz healed by a later quartz matrix.
Below the Rooster Fault, low-tenor mineralisation in the northern part of the deposit continues down dip in a vertical shear of similar character to that above, offset approximately 80m to the west. This area to the south has not been drill tested to date, and the mineralised Kiwi Fault plane is still being explored to determine the extent of mineralisation.
Drilling Results
Since the previous release, 91 extension and infill holes have been completed, totalling 28,421m of diamond drill core. In addition to extending the new high-grade zone, further infill of the existing historic resource was conducted to identify possible economic continuity between the two areas, which appears to be the case. Of the drilled holes, 10 intercepts have resulted in assays grading above 10g/t AuEq1 over a diluted mining width of 1.8m:
- BD468 - 50.1g/t Au & 26.2% Sb over 2.17m (ETW 1.08m) (Figure 6)
- BD433 - 109.9g/t Au & 3.1% Sb over 0.65m (ETW 0.62m)
- BD424 - 50.2g/t Au & 33.3% Sb over 0.86m (ETW 0.62m)
- BD408 - 39.8g/t Au & 0.7% Sb over 1.30m (ETW 1.15m)
- BD513 - 25g/t Au & 0% Sb over 1.70m (ETW 1.64m) (Figure 7)
- BD496 - 21.6g/t Au & 6.7% Sb over 1.65m (ETW 0.92m)
- BD435 - 50.3g/t Au & 27.3% Sb over 0.55m (ETW 0.32m)
- BD445 - 34.2g/t Au & 0% Sb over 0.74m (ETW 0.69m)
- BD430 - 32.3g/t Au & 0% Sb over 0.93m (ETW 0.71m)
- BD423 - 11.4g/t Au & 7.1% Sb over 1.54m (ETW 0.96m)
The drilling in hand has identified two main economic zones:
- An upper shoot of high-grade antimony-gold mineralisation at the central-southern end of the deposit, reaching from BD468 approximately 80m from surface down to BD496 at around 280m below surface (~200m panel height), and;
- A lower panel of gold-dominated mineralisation with a strike length approaching 400m, located below the Penguin Fault, down to and including the Kiwi Fault ("Kiwi Zone" in this release)
Additional ore-grade intercepts were made centrally within the existing near-surface resource, building confidence in the economic extents of the deposit as a whole. A general trend observed amongst the economic-grade intercepts was the transition from antimony-rich intercepts in the upper level of the deposit to gold dominated with lesser antimony approaching and within the Kiwi Zone. This trend is also observed in the Youle/Shepherd system at a deeper level, which suggests that the zonation may occur on a per-deposit basis rather than a field-wide gradient.
Many intercepts of smaller-scale splay veins associated with the Brunswick South structure were found, the most notable of which was in BD463W2 with 288g/t Au over 0.16m (ETW 0.14m) located approximately 10m west of the main Brunswick South structure. These splays are likely to be systematically followed up with additional holes from underground drilling platforms when mining reaches Brunswick South.
In addition to intercepts made on the main system a previously unknown line of mineralisation was identified near surface, approximately 200 metres west of, and striking parallel to, the Brunswick deposit. This Brunswick West target appears to dip 60-70 degrees east and is projected to intercept the Kiwi Zone down-dip of where currently tested. While mineralisation is sporadic on the structure (small-scale structural complexity and low drilling angles are contributing factors), an intercept of 8.4g/t gold and 1.3% antimony over 0.32m (ETW 0.31m) was drilled in BD475 and is the deepest traverse of the line at ~220m below surface.
Figure 2. Long Section of the Brunswick South deposit with major vein target envelopes displayed, recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons.
Figure 3. Brunswick South Deposit Plan Section with recent drill traces and > 6g/t AuEq new intercepts labelled. Older significant drill intercepts are displayed as smaller, unlabelled icons.
Figure 4. Cross section of the Brunswick South deposit with the Costerfield Leapfrog geology model sliced at 5200N, where the greatest number of new high-grade intercepts are located. The spread of intercepts away from the model slice is due to the strike of the Brunswick South deposit being approximately 15 degrees east of mine grid north (as seen in Figure 3).
Figure 5. Core tray photograph of the Brunswick South intercept of BD468 (50.1g/t gold and 26.2% antimony over 2.17m - ETW 1.08m) exhibiting the shear-associated, stibnite rich character typical to the Brunswick deposit above the Kiwi Zone. Zonation of sulphide wallrock alteration, from fine grained arsenopyrite proximal to the high grade veins to more distal blebby aggregates of pyrite may also be discerned. Photomicrographs of gold clusters within quartz and stibnite from the richest segment of the intercept are also shown.
Figure 6. Tray photograph and gold grades of the Kiwi Zone in drillhole BD513. The mineralisation is quartz-dominated in contrast to the upper Brunswick South structure, and occurs at a low angle to the west-dipping bedding, following the Kiwi Fault plane. This is dissimilar to K-R mineralisation beneath Brunswick Main where vertical veins are bound between the hangingwall and footwall planes of the fault slice due to the flattening of the Kiwi and Rooster Fault structures, being more aligned with a Youle-like geometry.
Future Plans
The information presented in this release has been integrated into the Costerfield mine schedule, and the commencement of capital development to access the area is scheduled for Q3 2026. Several targets have emerged as priority for further testing, which include:
- Further down-dip on the Kiwi Fault structure, which has not been effectively tested below 800RL to date. Applying the Youle thrust-hosted model to the structure, changes in dip and strike may host further economic pods of mineralisation, and Shepherd-like vertical veins suspected in the footwall are also being tested for.
- The gap in close-spaced drilling between the Brunswick and Brunswick South deposits will be tested in the near future, as the presence of grade pods here will likely influence the positioning of capital development.
- Southern extension or repetition of grade pods. BD407, the southernmost testing hole of this program stepped out 100 metres south of the previous bounding hole and intersected the Brunswick shear at 4884N. This intercept returned 9.4g/t gold over 0.30m (ETW 0.30m), demonstrating that the system has strong structural continuity and may form further shoots of economic mineralisation in this direction.
- A previously unknown mineralised structure was intercepted near surface from western drilling platforms. The best result to date from this structure is 8.4g/t gold and 1.3% antimony over 0.32m (ETW 0.31m) in BD475. Structural and grade continuity where tested to date is somewhat weak, although interpretation shows the vein to have an easterly dip, leading to an intersection axis close to the Brunswick South to Kiwi Zone transition. The highest prospectivity on this structure is likely towards the south, which will be further tested later in the year when private land access is favourable.
An updated Brunswick South resource will be announced as part of Alkane's upcoming Resource and Reserves Statement.
This document has been authorised for release to the market by Nic Earner, Managing Director & CEO.
ABOUT ALKANE - www.alkres.com - ASX:ALK | TSX: ALK | OTCQX: ALKRY
Alkane (ASX:ALK; TSX:ALK; OTCQX:ALKRY) is an Australia-based gold and antimony producer with a portfolio of three operating mines across Australia and Sweden. The Company has a strong balance sheet and is positioned for further growth.
Alkane's wholly owned producing assets are the Tomingley open pit and underground gold mine southwest of Dubbo in Central West New South Wales, the Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria, and the Bjorkdal underground gold mine northwest of Skelleftea in Sweden (approximately 750 km north of Stockholm). Ongoing near-mine regional exploration continues to grow resources at all three operations.
Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study. The Company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia's reputation as a significant gold, copper and antimony production region.
Competent Persons Statement
Certain information in this announcement relating to Exploration Results has been previously released to the ASX. Alkane confirms that it is not aware of any new information or data that materially affects the information included in those market announcements and that all material assumptions and technical parameters underpinning the estimates and Exploration Results in those announcements continue to apply and have not materially changed.
The information in this report that relates to the Costerfield Exploration Results is based on, and fairly represents, information compiled and verified by Mr Chris Davis. Mr Davis is a Chartered Professional (Geology) of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Member of the Australian Institute of Geoscientists (MAIG).
Mr Davis has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves" (JORC Code).
For the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101'), the scientific and technical information contained in this announcement relating to the Costerfield Exploration Results has been prepared under the supervision of, and approved by, Mr Chris Davis, who is a "qualified person" as defined in NI 43-101. Mr Davis is employed by Alkane as Chief Geologist and, as an employee of Alkane, is not considered independent of Alkane within the meaning of NI 43-101.
Mr Davis consents to the inclusion in this report of the matters based on his information in the form and context in which they appear.
Cautionary Note Regarding Forward-Looking Information and Statements
This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively Forward-Looking Information). Actual results and outcomes may vary materially from the amounts set out in any Forward-Looking Information. As well, Forward-Looking Information may relate to: future outlook and anticipated events; expectations regarding exploration potential; production capabilities and future financial or operating performance, including AISC, investment returns, margins and share price performance; production and cost guidance and the timing thereof; issuing updated resources and reserves estimate and the timing thereof; the potential of Alkane to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
Forward-Looking Information is generally identified by the use of words like "will", "create", "enhance", "improve", "potential", "expect", "upside", "growth" and similar expressions and phrases or statements that certain actions, events or results "may", "could", or "should", or the negative connotation of such terms, are intended to identify Forward-Looking Information.
Although Alkane believes that the expectations reflected in the Forward-Looking Information are reasonable, undue reliance should not be placed on Forward-Looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-Looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Alkane as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-Looking Information. Forward-Looking Information involves numerous risks and uncertainties. Such factors include, without limitation: risks relating to changes in the gold and antimony price.
Forward-Looking Information is designed to help readers understand Alkane's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Alkane assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Alkane updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.
Disclaimer
Alkane has prepared this announcement based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this announcement. To the maximum extent permitted by law, none of Alkane, its directors, officers, employees, associates, advisers and agents, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.
This announcement is not an offer, invitation, solicitation, or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever.
APPENDIX 1 - Tabulated Drilling Results
Significant intercepts from the Brunswick South infill and growth drilling programs at Costerfield
Drill Hole ID From (m) To (m) Interval (m) Estimated True Width (m) Au (g/t) Sb (%) Gold-equiv. grade diluted to 1.8 m (g/t) Interpreted Vein
BD402 257.47 258.94 1.47 1.41 1.9 0.1 1.7 Brunswick South
BD403 392.38 392.66 0.28 0.23 5.4 1.4 1.1 Brunswick South
BD404 419.23 419.37 0.14 0.12 2.3 0.1 0.2 Brunswick South
BD405 655.00 655.84 0.84 0.83 8.5 0.7 4.7 Brunswick South
BD407 644.97 645.27 0.30 0.30 9.4 0.0 1.6 Brunswick South
BD408 379.67 380.97 1.30 1.15 39.8 0.7 26.6 Brunswick South
BD409 417.99 418.11 0.12 0.09 28.4 12.7 3.0 Brunswick South
BD410 441.50 442.00 0.50 0.34 8.8 3.1 3.0 Brunswick South
BD419 189.42 189.81 0.39 0.25 1.6 0.1 0.3 Brunswick South
BD420 174.70 174.88 0.18 0.12 2.4 0.0 0.2 Brunswick South
BD420W1 172.77 173.23 0.46 0.33 0.7 0.0 0.1 Brunswick South
BD421 153.66 153.84 0.18 0.14 0.9 0.3 0.1 Brunswick South
BD422 217.45 218.78 1.33 0.73 2.3 0.1 1.1 Brunswick South
BD423 198.51 200.05 1.54 0.96 11.4 7.1 15.0 Brunswick South
BD424 176.30 177.16 0.86 0.62 50.2 33.3 44.7 Brunswick South
BD425 230.40 233.00 2.60 1.76 1.2 0.2 1.6 Brunswick South
BD426 264.14 264.42 0.28 0.18 1.5 1.5 0.5 Brunswick South
BD427 264.40 264.53 0.13 0.08 0.9 0.0 0.0 Brunswick South
BD428 244.65 245.37 0.72 0.49 2.3 0.0 0.6 Brunswick South
BD429 239.86 240.97 1.11 1.01 2.0 0.0 1.2 Brunswick South
BD430 220.47 221.40 0.93 0.71 32.3 0.0 12.8 Brunswick South
BD431 202.01 202.25 0.24 0.19 5.4 0.0 0.6 Brunswick South
BD432 180.15 182.40 2.25 1.98 2.0 0.0 2.0 Brunswick South
BD433 162.37 163.02 0.65 0.62 109.9 3.1 40.1 Brunswick South
BD434 299.58 300.53 0.95 0.55 0.5 0.8 0.7 Brunswick South
BD435 312.30 312.85 0.55 0.32 50.3 27.3 20.4 Brunswick South
BD436 285.06 290.53 5.47 3.28 18.8 7.8 37.4 Brunswick South
BD437 141.13 141.55 0.42 0.33 0.7 0.4 0.3 Brunswick South
BD438 185.40 185.90 0.50 0.29 1.0 0.0 0.2 Brunswick South
BD440 149.83 151.53 1.70 1.25 5.4 2.0 7.1 Brunswick South
BD441 186.18 186.91 0.73 0.43 7.3 2.2 3.0 Brunswick South
BD442 275.68 278.28 2.60 1.21 1.8 0.0 1.3 Brunswick South
BD443 152.06 154.52 2.46 2.40 1.7 0.1 2.0 Brunswick South
BD444 153.15 153.30 0.15 0.15 18.7 2.5 2.0 Brunswick South
BD445 174.38 175.12 0.74 0.69 34.2 0.0 13.1 Brunswick South
BD446 194.36 194.50 0.14 0.12 30.4 0.0 2.0 Brunswick South
BD447 217.82 218.35 0.53 0.26 3.1 0.0 0.4 Brunswick South
BD452 352.62 353.44 0.82 0.44 0.5 1.1 0.8 Brunswick South
BD453 310.65 311.84 1.19 0.62 18.5 3.5 9.2 Brunswick South
BD454 276.00 276.32 0.32 0.14 1.3 0.1 0.1 Brunswick South
BD455 223.00 223.50 0.50 0.28 17.4 4.6 4.4 Brunswick South
BD456 193.14 194.44 1.30 0.82 1.6 0.1 0.8 Brunswick South
BD457W1 169.25 169.60 0.35 0.26 7.8 12.5 5.5 Brunswick South
BD458 206.14 206.63 0.49 0.31 13.4 3.7 3.8 Brunswick South
BD459 182.80 182.98 0.18 0.12 9.1 3.7 1.2 Brunswick South
BD461 321.04 321.20 0.16 0.08 1.5 0.0 0.1 Brunswick South
BD463W2 184.90 185.00 0.10 0.09 43.3 0.0 2.1 Brunswick South
BD466 98.01 98.15 0.14 0.07 13.5 12.6 1.6 Brunswick South
BD467 87.64 88.00 0.36 0.21 0.1 0.2 0.1 Brunswick South
BD468 95.90 98.07 2.17 1.08 50.1 26.2 67.2 Brunswick South
BD471 160.44 160.84 0.40 0.39 38.3 0.1 8.2 Brunswick South
BD473 248.64 248.97 0.33 0.21 0.8 0.0 0.1 Brunswick South
BD475 158.52 158.72 0.20 0.15 12.4 6.9 2.4 Brunswick South
BD476 226.81 227.05 0.24 0.19 3.2 0.1 0.3 Brunswick South
BD478 78.98 79.47 0.49 0.30 0.5 0.1 0.1 Brunswick South
BD487 81.95 82.20 0.25 0.14 7.0 4.2 1.4 Brunswick South
BD489 173.56 174.10 0.54 0.46 13.0 4.8 6.3 Brunswick South
BD492 264.08 264.26 0.18 0.13 0.4 0.0 0.0 Brunswick South
BD493 321.33 322.00 0.67 0.26 0.0 0.0 0.0 Brunswick South
BD494 98.72 101.73 3.01 1.54 3.9 0.7 4.9 Brunswick South
BD495 97.31 97.81 0.50 0.26 11.7 3.1 2.7 Brunswick South
BD496 294.00 295.65 1.65 0.92 21.6 6.7 19.2 Brunswick South
BD499 277.84 278.04 0.20 0.12 0.5 0.3 0.1 Brunswick South
BD500 226.22 227.18 0.96 0.52 1.8 2.4 2.2 Brunswick South
BD501 163.81 164.30 0.49 0.46 2.8 0.0 0.7 Brunswick South
BD502 230.06 230.36 0.30 0.21 3.3 1.1 0.7 Brunswick South
BD503 280.79 282.56 1.77 1.11 1.8 0.2 1.4 Brunswick South
BD508 437.01 437.25 0.24 0.08 13.2 9.8 1.7 Brunswick South
BD512W1 209.53 209.96 0.43 0.34 1.8 0.0 0.3 Brunswick South
BD396 404.20 404.60 0.40 0.28 12.4 0.0 1.9 Kiwi Zone
BD400 446.91 447.14 0.23 0.23 75.9 0.0 9.5 Kiwi Zone
BD401 458.33 460.81 2.48 2.34 0.0 0.0 0.1 Kiwi Zone
BD414 530.00 534.37 4.37 3.55 0.0 0.0 0.1 Kiwi Zone
BD416 452.50 452.70 0.20 0.20 46.0 0.0 5.1 Kiwi Zone
BD418 449.88 450.40 0.52 0.52 2.4 0.0 0.7 Kiwi Zone
BD449 283.00 284.40 1.40 0.90 1.7 0.0 0.8 Kiwi Zone
BD450 258.45 259.13 0.68 0.12 0.4 0.0 0.0 Kiwi Zone
BD462 312.26 312.71 0.45 0.26 0.5 0.0 0.1 Kiwi Zone
BD465 216.73 217.41 0.68 0.15 2.3 0.0 0.2 Kiwi Zone
BD481AW1 438.44 439.95 1.51 1.51 0.8 0.0 0.7 Kiwi Zone
BD482 431.78 432.78 1.00 0.99 1.9 0.1 1.2 Kiwi Zone
BD483 451.76 452.62 0.86 0.85 0.6 0.0 0.3 Kiwi Zone
BD513 388.20 388.32 1.70 1.64 25.0 0.0 22.8 Kiwi Zone
BD396 425.90 426.24 0.34 0.22 27.4 0.1 3.3 Other
BD397 364.80 365.15 0.35 0.21 14.6 0.0 1.7 Other
BD400 448.10 448.40 0.30 0.27 11.7 0.0 1.7 Other
BD403 395.46 395.64 0.18 0.13 7.0 2.9 1.0 Other
BD407 74.31 74.42 0.11 0.11 17.9 13.2 3.0 Other
BD408 377.00 378.00 1.00 0.72 2.8 1.0 2.1 Other
BD410 75.96 77.86 1.90 1.22 2.6 0.0 1.8 Other
BD416 145.94 147.12 1.18 0.14 5.6 2.7 1.0 Other
BD423 201.55 201.65 0.10 0.08 24.9 4.5 1.5 Other
BD426 260.64 260.94 0.30 0.28 5.8 1.8 1.6 Other
BD430 211.10 211.93 0.83 0.72 5.7 0.0 2.3 Other
BD430 215.36 220.47 5.11 4.43 5.8 0.0 5.8 Other
BD435 301.28 301.45 0.17 0.13 13.7 11.4 3.0 Other
BD440 154.10 155.59 1.49 0.90 7.5 1.1 5.1 Other
BD440 157.67 157.81 0.14 0.09 4.9 7.4 1.2 Other
BD442 269.67 270.21 0.54 0.43 4.6 0.0 1.1 Other
BD442 271.68 272.50 0.82 0.45 4.8 0.3 1.3 Other
BD446 194.74 196.28 1.54 1.25 3.0 0.0 2.1 Other
BD446 198.52 200.46 1.94 1.55 3.1 0.0 2.7 Other
BD446 203.36 203.80 0.44 0.34 7.4 0.0 1.4 Other
BD450 245.80 245.91 0.11 0.09 67.4 0.0 3.4 Other
BD455 223.00 223.50 0.50 0.22 17.4 4.6 3.4 Other
BD458 205.06 205.74 0.68 0.59 3.2 0.1 1.1 Other
BD463 185.09 185.40 0.31 0.29 32.2 0.0 5.2 Other
BD463 187.00 187.58 0.58 0.51 4.0 0.0 1.1 Other
BD463 190.23 191.23 1.00 0.89 2.6 0.0 1.3 Other
BD463 196.78 197.38 0.60 0.54 3.9 0.0 1.2 Other
BD463W2 186.10 188.90 2.80 1.69 4.1 0.0 3.8 Other
BD463W2 192.07 192.78 0.71 0.29 6.9 0.0 1.1 Other
BD463W2 197.00 197.16 0.16 0.14 288.0 0.0 22.8 Other
BD465 226.20 226.76 0.56 0.47 4.9 0.0 1.3 Other
BD468 98.07 98.34 0.27 0.14 7.6 3.1 1.2 Other
BD473 234.31 234.45 0.14 0.12 51.4 0.0 3.5 Other
BD473 276.21 276.69 0.48 0.33 18.7 1.3 4.0 Other
BD475 146.62 146.75 0.13 0.11 18.3 4.2 1.8 Other
BD475 393.14 393.46 0.32 0.32 8.4 1.3 2.0 Other
BD476 227.75 228.16 0.41 0.35 4.9 0.8 1.3 Other
BD478 59.75 59.95 0.20 0.07 20.2 6.6 1.4 Other
BD489 174.10 174.85 0.75 0.65 8.9 0.1 3.3 Other
BD500 226.22 226.60 0.38 0.20 2.2 5.1 1.6 Other
BD502 229.01 229.60 0.59 0.74 4.9 0.1 2.1 Other
Notes
1. The AuEq (gold equivalent) grade is calculated using the following formula:
AuEq =Au (g/t) + 2.39 x Sb (%)AuEq g per t=Au g per t+Sb%x
And the AuEq factor of 2.39 is calculated:
- at a gold price of US$2,500/oz
- an antimony price of US$19,000/t
- with 2025 predicted metal recoveries of 91% Au and 92% Sb.
Prices and recoveries used: Au $/oz = 2,500; Sb $/t = 19,000; Au Recovery = 91% and; Sb Recovery = 92%
2. Composites that are not interpreted to be connected to a major vein and are below 1 g/t AuEq when diluted to 1.8m are not considered significant and are not recorded here.
Drill hole collar details from the Brunswick South drilling program at Costerfield:
Hole ID Northing Easting Elevation Depth Azimuth Dip Date Completed
BD396 5502 14989 943 444.9 83.0 -53.6 3/08/2025
BD397 5503 14988 943 488.3 230.4 -12.9 21/08/2025
BD400 5344 14386 1190 540.0 67.1 -57.3 12/10/2025
BD401 5337 14386 1191 637.6 263.3 -20.3 31/08/2025
BD402 5503 14988 944 371.4 78.6 -50.9 2/09/2025
BD403 5339 14386 1190 484.5 121.2 -47.9 10/09/2025
BD404 5343 14387 1190 547.5 265.0 -0.4 4/10/2025
BD405 4801 15237 968 698.3 102.8 -40.1 18/10/2025
BD407 4801 15237 968 985.3 82.6 -42.3 16/11/2025
BD408 5339 14386 1190 418.7 283.3 -11.6 22/10/2025
BD409 5339 14386 1190 445.1 278.8 -14.4 28/10/2025
BD410 5338 14386 1191 481.3 115.5 -41.0 7/11/2025
BD414 5343 14386 1190 620.0 127.4 -39.4 20/11/2025
BD416 5344 14385 1190 529.9 136.5 -38.2 6/12/2025
BD418 5343 14386 1190 545.3 141.7 -48.2 17/12/2025
BD419 5292 14566 1191 221.2 79.0 -53.8 21/12/2025
BD420 5292 14565 1191 195.0 95.0 -57.6 29/12/2025
BD420W1 5292 14565 1191 181.9 102.8 -54.3 20/12/2025
BD421 5292 14566 1191 195.3 102.8 -48.0 3/01/2026
BD422 5291 14564 1191 248.0 102.8 -48.0 14/01/2026
BD423 5290 14564 1191 226.5 103.5 -39.3 18/01/2026
BD424 5290 14564 1191 202.5 123.6 -54.4 22/01/2026
BD425 5398 14868 946 287.7 129.1 -48.5 13/01/2026
BD426 5398 14868 946 323.7 128.4 -40.8 8/02/2026
BD427 5397 14868 946 306.6 230.5 3.0 22/01/2026
BD428 5422 14876 946 281.4 225.7 -2.2 13/01/2026
BD429 5422 14876 945 275.6 227.2 -9.8 20/01/2026
BD430 5422 14876 946 239.8 235.8 -13.1 20/02/2026
BD431 5423 14876 946 229.9 234.0 -7.1 24/01/2026
BD432 5423 14875 946 209.1 241.6 -7.9 11/04/2026
BD433 5423 14875 946 188.1 241.9 3.4 3/04/2026
BD434 5397 14868 946 335.5 251.8 0.3 13/02/2026
BD435 5397 14868 947 347.3 262.0 -3.5 2/02/2026
BD436 5397 14868 947 320.4 221.7 3.0 27/01/2026
BD437 5381 14592 1193 166.3 221.2 9.6 6/02/2026
BD438 5382 14593 1193 233.0 224.6 11.7 4/02/2026
BD440 5379 14592 1193 229.5 90.1 -39.7 17/02/2026
BD441 5380 14592 1193 233.3 90.4 -56.0 12/02/2026
BD442 5380 14591 1193 293.5 115.0 -45.5 9/02/2026
BD443 5424 14874 947 235.0 115.0 -54.5 27/01/2026
BD444 5424 14874 946 187.4 116.0 -66.9 31/01/2026
BD445 5425 14874 945 237.6 269.2 9.0 6/02/2026
BD446 5423 14875 945 229.0 274.8 -4.2 14/02/2026
BD447 5381 14592 1193 274.9 281.2 -21.6 31/01/2026
BD449 5422 14876 945 335.8 248.6 -13.4 28/02/2026
BD450 5423 14875 945 289.1 90.4 -62.1 7/03/2026
BD452 5397 14868 946 401.3 237.8 -21.0 4/03/2026
BD453 5397 14868 946 350.6 245.7 -24.0 23/02/2026
BD454 5380 14591 1193 290.4 217.0 6.3 20/02/2026
BD455 5121 14773 1185 239.3 221.5 -5.2 5/03/2026
BD456 5121 14772 1185 236.1 116.7 -62.9 7/03/2026
BD457 5121 14771 1185 625.3 265.3 -53.0 19/03/2026
BD457W1 5121 14771 1185 175.4 265.2 -47.7 21/03/2026
BD458 5122 14773 1185 238.8 262.4 -40.0 26/02/2026
BD459 5123 14773 1185 245.0 262.4 -40.0 1/03/2026
BD461 5397 14868 946 344.8 286.6 -55.0 11/03/2026
BD462 5398 14868 945 419.9 290.5 -48.9 27/03/2026
BD463 5423 14875 945 227.5 221.6 -13.8 12/03/2026
BD463W2 5423 14875 945 209.3 226.5 -21.0 16/03/2026
BD465 5424 14874 945 274.8 257.3 -18.1 22/03/2026
BD466 5251 14634 1188 125.6 257.3 -18.1 12/03/2026
BD467 5249 14634 1188 110.6 272.0 -25.5 16/03/2026
BD468 5248 14633 1188 130.0 49.1 -42.9 18/03/2026
BD471 5425 14874 945 208.5 90.4 -56.4 26/03/2026
BD473 5398 14867 945 300.9 143.8 -50.0 3/04/2026
BD475 5123 14772 1185 600.0 285.0 -12.2 31/03/2026
BD476 5422 14875 947 250.9 231.1 -13.8 30/03/2026
BD478 5153 14710 1186 110.3 291.6 -39.8 26/03/2026
BD481A 5337 14403 1189 492.9 240.5 14.0 1/05/2026
BD481AW1 5337 14403 1189 459.1 272.5 -49.0 3/05/2026
BD482 5337 14403 1189 494.1 81.8 -58.8 19/04/2026
BD483 5337 14403 1189 518.3 81.8 -58.8 15/05/2026
BD487 5248 14633 1188 107.2 143.9 -41.3 24/03/2026
BD488 5426 14875 947 205.4 295.3 18.2 29/04/2026
BD489 5426 14876 946 206.3 310.8 -0.7 15/04/2026
BD490 5116 14773 1186 319.9 221.9 -45.5 30/04/2026
BD491 5117 14774 1186 446.3 223.6 -61.8 26/04/2026
BD492 5117 14772 1186 280.9 240.0 -51.5 11/04/2026
BD493 5118 14772 1186 413.4 240.8 -65.9 16/04/2026
BD493W1 5118 14772 1186 366.0 240.8 -65.9 18/04/2026
BD494 5153 14711 1186 125.2 261.5 -55.2 31/03/2026
BD495 5152 14710 1186 118.9 241.5 -45.9 7/04/2026
BD496 5397 14868 946 344.4 220.7 -0.5 21/04/2026
BD499 5397 14868 946 311.7 223.1 -4.4 10/04/2026
BD500 5121 14773 1185 290.3 276.0 -56.5 4/04/2026
BD501 5425 14875 945 226.4 293.9 -14.9 9/04/2026
BD502 5422 14876 946 269.5 233.1 7.1 19/04/2026
BD503 5422 14876 946 313.7 226.5 7.7 25/04/2026
BD508 5397 14868 946 500.6 211.1 2.1 5/05/2026
BD512 5427 14876 946 234.2 322.5 -1.0 4/05/2026
BD512W1 5427 14876 946 221.3 322.5 -1.0 6/05/2026
BD513 5425 14593 1193 458.6 30.2 -60.6 11/05/2026
Notes:
- Coordinate System: Costerfield Local Mine Grid
Appendix 2 - JORC Code, 2012 Edition - Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling techniques - Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Sampling of Au and Sb mineralisation is from diamond drill core (HQ2, NQ2 and LTK48) and underground channel sampling (face samples).
- Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Due to the discrete mineralisation of the deposit, not all diamond drill core was required to be sampled. Sample intervals were determined and marked on the core by Alkane geologists using the following general rules:
- Aspects of the determination of mineralisation that are Material to the Public Report. - All stibnite-bearing veins are sampled.
- In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. - Intersections of polyphase breccias, stockwork veins, laminated quartz veins or massive quartz veins were routinely sampled.
- A waste sample is taken either side of the mineralized vein (30-100 cm).
- Siltstone is sampled where disseminated arsenopyrite is prevalent.
- Fault gouge zones were sampled at the discretion of the geologist.
Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been cut in half using the orientation line or cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling. Whole core was sampled for LTK48 and Shepherd gold-rich zones. The methodology was validated by the Costerfield QA/QC protocols. No sampling instruments required calibration.
Channel samples were collected perpendicular to the dip of the mineralisation, extending from the footwall to the hangingwall. Where multiple mineralised structures were present in the face, intervening waste was also sampled. Sample lengths were measured on the face and ranged from 5 cm to 1 m across mineralisation, with typical sample weights between 1 kg and 3 kg. Each sample was collected using a geological hammer, placed into a pre-numbered sample bag with a unique identifier, and the face was labelled, dated, and photographed.
Assays were completed by On Site in Bendigo, which is independent of Alkane and holds current ISO/IEC 17025 accreditation. The general methods were as follows:
- Gold grades were determined by either fire assay (25 g charge) with an AAS finish, screen fire assay or Chrysos photon assay technology.
- Antimony concentrations were determined using an aqua regia based acid digest with an AAS finish.
Drilling techniques - Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Star West Drilling Pty Ltd and Deepcore Drilling were the drilling contractors utilised for this project, from both surface and underground drilling platforms. Diamond drilling has been predominantly completed using LM90 drill rigs utilising HQ2 and NQ2 diameters, with HQ3 employed where ground conditions or noise considerations dictate. Core orientation is performed each run, typically using an AXIS Champ Ori kit.
Drill sample recovery - Method of recording and assessing core and chip sample recoveries and results assessed. Diamond drilling was routinely checked for core loss during both drilling and sampling. Core loss blocks were added by drillers and then checked by geologists or field technicians when the core was measured, and depth marks made. If problems were encountered with recovery and core block depths, the drill shift supervisor was advised and depth marking stopped until the issue was rectified.
- Measures taken to maximise sample recovery and ensure representative nature of the samples. No relationship between grade and sample recovery has been established. Ore zones with poor recovery are redrilled until a representative sample is achieved.
- Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging - Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. All drill core was geologically logged as full core for the relevant rock quality designation, lithology, structural data, and sample intervals.
- Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. Data capture was digital into the AcQuire software using validated codes.
- The total length and percentage of the relevant intersections logged. All drill core was photographed wet with high resolution photographs stored on the site's server, which is routinely backed-up.
Sub-sampling techniques and sample preparation - If core, whether cut or sawn and whether quarter, half or all core taken. Diamond core sampling intervals were standardised wherever possible and ranged from 5 cm to 1 m in length. Diamond drill core samples have been halved for sampling (whole core sampled if representative halving was not possible) guided by the orientation line or a cut line, with a consistent side of the cut core selected for assay to ensure unbiased sampling.
- If non-core, whether riffled, tube sampled, rotary split, etc., and whether sampled wet or dry. The following sample preparation activities were undertaken by Alkane staff for both diamond drill core and underground channel samples:
- For all sample types, the nature, quality and appropriateness of the sample preparation technique. - Sample information and characteristics were measured, logged, recorded in the acQuire database and assigned a unique sample ID.
- Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. - Sample material was placed into a calico bag previously marked with the unique sample ID.
- Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. - Calico bags were loaded into plastic bags such that the plastic bags weighed less than 10 kg.
- Whether sample sizes are appropriate to the grain size of the material being sampled. - An assay submission sheet was generated and placed into the plastic bag.
- Plastic bags containing samples were sealed with a metal or plastic tie and transported to On Site in Bendigo via private courier or Alkane staff.
The following sample preparation activities were undertaken by On Site staff:
- Samples were received and checked for labelling, missing samples, etc. against the submission sheet.
- If the sample batch matched the submission sheet, sample metadata were entered into On Site's LIMS. In the event that discrepancies were noted, Mandalay Resources was contacted by On Site to resolve the discrepancy prior to further work commencing. Records of all discrepancies and corrective actions taken are recorded by the Mandalay Resources database administrator.
- A job number was assigned, and worksheets and sample bags were prepared.
- Samples were placed in an oven and dried overnight at 106°C.
- Samples were weighed and recorded.
- The entire dried sample was crushed using a Rocklabs Smart BOYD Crusher RSD Combo with a jaw closed side setting of 2 mm.
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