Insights

Here’s why the Alkane Resources (ASX:ALK) share price rocketed 24% today

This ASX minerals explorer is going for gold and copper.
The post Here’s why the Alkane Resources (ASX:ALK) share price rocketed 24% today appeared first on The Motley Fool Australia. –

The Alkane Resources Limited (ASX: ALK) share price exploded today following a drilling update.

Just before the market close, shares in the company were trading at 97 cents a pop, up 23.72% on yesterday’s closing price of 78 cents.

Alkane Resources is a gold explorer and producer that operates multiple mining sites in New South Wales.

Why are Alkane shares on the move?

Alkane Resources told ASX investors it has intersected high-grade gold and copper mineralisation at the company’s Boda prospect.

Boda is located within Alkane Resource’s Northern Porphyry Project in central west NSW. The company believes this expedition could become a large tier 1 gold-copper project.

Alkane Resources said the gold mineralisation stretched over 3km in between exploration sites known as Boda Three and Kaiser.

Meanwhile, high levels of gold and copper mineralisation were also identified at other sites known as the Boda Two, Boda Three and the Korridor Prospect.

The company plans to drill more holes to test the overall gold and copper mineralisation at the exploration sites.

Alkane Resources also produces gold at its Tomingley Gold Operations. This mine exceeded expectations in the 2021 financial year.

Management commentary

Commenting on the drilling update, Alkane Resources managing director Nic Earner said:

These drill results show the extension of the highgrade system to the north west of Boda.

With the gold-copper mineralisation at Korridor appearing to connect Kaiser to Boda, we’re looking at a system over 3km in length.

We look forward to bringing shareholders more results as well as our initial resource model in the coming quarter.

Alkane Resources share price snapshot

The Alkane Resources share price is down 1.53% over the past 12 months but up 6% in the past month.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 9% to investors in the past year.

The post Here’s why the Alkane Resources (ASX:ALK) share price rocketed 24% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Alkane Resources right now?

Before you consider Alkane Resources, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Alkane Resources wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Dexus (ASX:DXS) share price edges lower despite valuation lift

Why is the Whitehaven (ASX:WHC) share price having such a stellar end to the week?

Why Afterpay, Corporate Travel, Dubber, and EML shares are falling

Here are the 3 most heavily traded ASX 200 shares this Friday

What’s happening with the CBA (ASX:CBA) share price this week?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!