Wyoming

Alkane Exploration NL have commenced a Definitive Feasibility Study on the Wyoming gold deposits, as well as undertaking additional exploration in nearby areas.

The announced resource at Wyoming is 7.13Mt averaging 2.70g/t gold (607,400 ounces).

The Compass royalty interest in the Trewilga tenement covers the Wyoming and the Caloma prospects and a substantial surrounding area.

It comprises “75 cents per dry tonne of ore treated for the first 500,000 tonnes, thence 3% of gold and other minerals recovered until 150,000 ounces are produced, thence 5% of gold and other minerals recovered.”

Caloma

Encouraging drill intercepts were recorded at the Caloma prospect, located east of and near the Wyoming mineralisation. This new prospect is reported to have a similar style of mineralisation and alteration to that present at Wyoming.

Recent drilling by Alkane at Caloma has yielded significant results, including 39 metres @ 6.76g/t gold at a depth of 6 metres. These results are extremely encouraging with high grade mineralisation at shallow depths and with generally less than 10 metres of transported clay cover.

The demonstration of additional open pitable resources such as Caloma will further improve the feasibility of developing a new mine at Wyoming with potential for feed from several deposits in this area.

Tomingley West

Percussion and diamond drilling intersected altered (haematised and sericitised) fragmental andesitic volcanics and associated porphyritic intrusives, consistent with that expected near major mineralised systems. Geophysical methods will now be used to target the mineralised source and define additional drill targets.

Final planning for a series of additional aircore or RC holes has been completed to delineate the source direction of the gold located by previous aircore drilling at the Bogan East prospect.

Ironbark

Drilling of geophysical anomalies at the Styles and Croakers prospects intersected zones with pyrite and arsenopyrite. Further exploration is being planned to evaluate other prospects where syenitic intrusives occur.