Alkane Resources’ Tomingley Gold operations (TGO) has produced 16,641 ounces of gold in the third quarter in the 2023 financial year, contributing to a total of 54,431 ounces in 2023 so far.
TGO is a wholly owned subsidiary of Alkane and is located approximately 50 kilometres southwest of Dubbo in central western NSW.
The project has been operating for almost a decade and Alkane Resources expect it to produce at the upper end of guidance, which remains unchanged at 62,000—70,000 oz production at an all-in-sustaining costs of $A1,550—$1,800 per oz of gold.
Alkane Resources is currently expediting a development pathway to extend the TGO mine’s life beyond 2030.
As of March 31 2023, the company’s unaudited cash, bullion and listed investments added to a total of $117.2 million.
This total consists of $92.9 million cash, $6.5 million of bullion in hand, and $17.8 million of listed investments.
Alkane’s managing director Nic Earner said TGO is performing well and remains on track to meet full year guidance.
“With approval received in February to extend the life of Tomingley, at increased production rates, we’re progressing the development of the Roswell underground ready for ore production before the end of the calendar year,” Earner said.
“I look forward to updating overseas investors on Alkane’s continued success and plans for the future.”
Alkane Resources’ most advanced exploration projects are in the tenement area between Tomingley and Peak Hill, which have the potential to provide additional ore for Tomingley’s operations.
With a major drill program ongoing at Boda, Alkane is confident of further consolidating central west NSW’ reputation as a significant gold production region.
Alkane Resources has stated further details will be in the quarterly report, which is releasing in late April.