The discovery of the Wyoming gold deposits within the Tomingley Gold Project (TGP) area, north of Alkane’s Peak Hill Gold Mine, has demonstrated that the Lachlan Fold Belt is still capable of delivering substantial and apparently new styles of gold deposits.
After committing to develop the Peak Hill Gold Mine in 1996, Alkane took the view that the LFB within the Central West of NSW was one of the most prospective regions in Australia in which to explore. The cash flow generated by Peak Hill has enabled the Company to maintain a moderate exploration and development effort at a time when risk capital was becoming increasing difficult to access.
This effort was initially directed towards evaluating the Peak Hill sulphide system, the strategically significant Dubbo Zirconia Project and more recently, the discovery of the Wyoming gold deposits. A major exploration effort is planned for Wyoming in the first six months of this year, while Dubbo will be advanced towards a commitment to develop early in 2004.