IT is a different story at Audax’s neighbour in Edward Street where Alkane Exploration appears to be setting itself for a third burst of activity after two upward surges saved it from the embarrassment of sinking into single-digit territory following the failure to launch the Dubbo zirconia project in New South Wales.
Excellent gold intersections from drilling at its Wyoming (or Tomingley) discovery near Dubbo saw the stock surge up to 48 cents (from around 18 cents) late last year, and then up again to 56c in a second burst of buying in June.
Over the past few weeks and despite steady background chatter of continued good results from site, Alkane has slipped to around 45 cents.
The company says it is rushing to deliver, by October, a conceptual mine plan for Wyoming which has, so far, revealed at least 100,000 ounces of gold and almost certainly much more.
The immediate target is said to be 500,000 ounces, and one million is not out of the question as exploration extends across a series of look-alike geological structures.
Good as it may be, Briefcase is extremely confident that Alkane will not be extending its work into a curious rectangle of land annexed from its ground but smack in the centre of the Wyoming claims.
This, it appears, is an old goldmine, used by the RAAF in the months after World War Two to dump its unused anti-aircraft munitions, with a drill rig likely, in the words of one observer, to have the potential to create an instant open-cut.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.