Alkane Resources (ASX: ALK) has entered into an agreement to acquire two packages of exploration tenements in the Macquarie Arc, New South Wales from Sandfire Resources (ASX:SFR) for 2,781,438 Alkane shares (being $1,900,000 worth of shares).
The two projects are considered highly prospective for world class Au-Cu porphyry deposits.
The Comobella North project is included in the Northern Molong Porphyry project, covering 64km2, and the Southern Junee Porphyry project covers 235km2.
Alkane is confident of further consolidating Central West New South Wales’ reputation as a significant gold production region, with their extensive geological knowledge accumulated by the discovery and evaluation of the Boda-Kaiser porphyry system.
Following the announcement, shares of Alkane Resources were up 1%.