PERTH, Australia, July 05, 2026 (GLOBE NEWSWIRE) -- Alkane Resources Limited (ASX: ALK; TSX: ALK; OTCQX: ALKRY) ('Alkane' or 'the Company') is pleased to announce the latest exploration results for extension and infill drilling of the True Blue deposit, located 2 km west of the active underground workings at its Costerfield Operation in central Victoria, Australia.
Program Summary
An additional 33 holes targeting the Freeman veining within the True Blue deposit have been drilled since Alkane's previous update (ASX announcement 15 October 2025 titled 'Costerfield Resource and Reserve Statement).
The new drilling predominantly targeted infill of the upper portion of the deposit and has significantly increased confidence in understanding the vein geometry and grade-controlling structures.
The higher resolution granted by the infill drilling indicates there is further veining complexity that serves to break-up a previously interpreted high-grade panel.
Current and future exploration drilling will target along-strike repetitions of mineralisation at True Blue both to the north and south, and investigate the link between it and the West Costerfield prospect.
True Blue Assay Highlights
From Freeman (700) Vein:
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57.6g/t gold and 25.4% antimony over 0.25m (ETW 0.17m) in TB055
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20.9g/t gold and 19.5% antimony over 0.31m (ETW 0.22m) in TB057
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4.3g/t gold and 6.4% antimony over 0.8m (ETW 0.63m) in TB080
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30.1g/t gold and 14.8% antimony over 0.27m (ETW 0.17m) in TB065
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From associated veins
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84.1g/t gold and 15.4% antimony over 0.48m (ETW 0.36m) in TB084 (702 splay)
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17.9g/t gold and 1.7% antimony over 3.2m (ETW 1.4m) in TB053 (705 vein)
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19.3g/t gold and 29.3% antimony over 0.22m (ETW 0.16m) in TB079
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11.2g/t gold and 5.7% antimony over 0.77m (ETW 0.54m) in TB055
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Alkane Managing Director & CEO, Nic Earner, said:
"The infill drilling of True Blue gives us the geological confidence needed to proceed with our plans for development of the deposit. The geological context gained from the drilling has also enhanced the model for further targeting along the True Blue Corridor. True Blue is certainly more complex than our original estimates, we are encouraged by the progress made and excited by the targets yet to be tested."
Costerfield Gold-Antimony Field
Alkane Resources Ltd 100%
The Costerfield gold-antimony deposit was discovered in 1861, antimony having been already identified in the district as early as 1853 as prospectors attracted to the McIvor (Heathcote) alluvial gold rush began to explore the surrounding hills for the primary deposits. Several lodes along a 3km corridor were rapidly opened up with the bulk of historical production coming from leases at the northern end of the field; the Costerfield (Main), Bombay and Minerva mines. Production from these mines primarily took place in two phases, between 1861-1883 and 1903-1924, and a short-lived attempt at redeveloping the mine occurred between 1933-1939.