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The 9.1 million tonnes grading 1.8 grams per tonne gold for 520,000 ounces is contained in two deposits 6km apart including the Purple Heart resource of 338,000oz grading 2.4gpt.
The resource was estimated on previous drilling undertaken by Barrick and, more recently, Nordgold, with the latter deciding not to exercise an option over the project earlier this year.
Nordgold's exit followed expenditure of US$2.8 million at the project including 10,500m of drilling on, according to Alicanto, "one small portion" of the 300sq.km project.
Alicanto has also said previous explorers Newmont and Barrick Gold Corp spent in-excess of $25 million at Arakaka.
What exactly Alicanto plans to do next wasn't stipulated in the resources estimate announcement.
It said its "drilling program focussing on our core project targets within the Greater Falun project in Sweden are continuing".
Alicanto started the current quarter with A$3.2 million cash.
It raised $1.4 million last quarter by issuing new shares at 5.5c each, with Ray Shorrocks of Draig-Bellevue and Auteco-fame joining the board as non-executive chairman "in conjunction" with the fundraising.
Steve Parsons and Hamish Halliday, also of Draig-Bellevue and Auteco-fame were already involved with Alicanto prior to Shorrocks' arrival, with Halliday subsequently exiting and Parsons having a "corporate consultant" role.
Shares in Alicanto were up 7% to 15c in morning trade, capitalising the company at $42 million.
