Deep Drilling Intersects Epithermal Mineralisation 1 km Below Proprietary Pit at Peak Hill

PERTH, Australia, Oct. 14, 2026 (GLOBE NEWSWIRE) — Alkane Resources Limited (ASX: ALK, TSX: ALK, OTCQX: ALKRY) (‘Alkane’) is pleased to announce the latest exploration results at its Peak Hill Gold Project (Peak Hill) in New South Wales.

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Intercepted mineralisation within epithermal to porphyry traditional environment:

“The NSW Critical Minerals Exploration grant supported Alkane to drill a very deep hole beneath Peak Hill, exploring for a copper-gold porphyry system. Whilst the hole did not resolve the target, it did highlight the potential for the shallow epithermal gold resource at Peak Hill to extend to a significant depth below the Proprietary pit. The drilling highlights the potential for mineralisation to continue at significant depth beneath Peak Hill and identifies a substantial area for further exploration. Follow-up drilling is set to commence in 2026 and aims to delineate scale of epithermal gold deposit whilst also providing further system information and vectoring towards a potential copper–gold porphyry system below.”

The Peak Hill Gold Project (Peak Hill) is located on a group of Mining Leases about 60 km southwest of Dubbo in the Central West of NSW, and only 10 km south of Alkane’s operating Tomingley Gold Operations (TGO) (Figure 2). Peak Hill was a fully operational open pit gold mine operated by Alkane that is currently under care and maintenance. There are four pits, the main Proprietary-Parkers Pit and three satellite pits, Bobby Burns, Crown and Great Eastern.

The oxidised cap of the Peak Hill system was mined by Alkane from 1998 to 2005. The refractory sulphide orebody beneath the pits has a JORC (2012) Inferred Resource of 1.02Mt grading 3.29g/t Au and 0.15% Cu 1 . Gold and copper metal prices have significantly increased since this resource was estimated, and the project has justified further examination.

In 2025, Alkane was awarded a NSW Critical Minerals and High-Tech Metals Exploration Program collaborative grant of $165,000 to drill a deep hole beneath the Peak Hill epithermal gold deposit to explore for a copper-gold porphyry that is likely causing the epithermal gold mineralisation at Peak Hill.