Sandfire Resources Started Major Drilling Program at Alchemy Owned Bryah Basin Project


Alchemy Resources Limited (ASX: ALY) is a gold exploration company that forms a part of the metals and the mining sector. As per the announcement made by the company on 16 April 2019, Sandfire Resources NL (ASX: SFR) had commenced with the aircore drilling (AC drilling) along strike to the southwest direction of De Grussa copper-gold mine. The De Grussa copper-gold deposit lies within Alchemy’s 100% owned Bryah Basin Project that lies in the Gascoyne region.

In the investor presentation on 19 February 2019, the company had highlighted that Bryah Basin is a gold and base metal JV and is funded by Sandfire and Superior Gold. In the Bryah Basin Project, Alchemy maintains its interest.

The drilling is planned to inspect a forty-kilometer strike of the Karalundi deposits. The phase 1 program of the drilling will consist of around 1,000 holes that will be drilled in the area of 1,600 metres x 100 metres. Apart from that, at an 800 metres line spacing, additional 1,000 drill holes are approved at this region, where the prospective geology and/or mineralization is located.

For the aircore drilling of Phase 1 and Phase 2 as well as follow-up reverse circulation and diamond drilling, regulatory approval has already been received. Also, throughout the work area, indigenous heritage surveys have been completed.

In early April 2019, a detailed ground gravity survey was finalized. The purpose of designing the detailed ground gravity survey was to further improve targeting of the host VMS prospect.  By the end of April 2019, the processing of the data is expected to get completed. Once the data gets processed, it will then be incorporated into the refined gravity inversion model as well as the regional gravity grids. Post including the processes data into the refined gravity inversion model and regional gravity grids, the gravity model will then be used to target VMS mineralization and in refining the Phase 2 drill program.

For the half-year period ended 31 December 2018, the company incurred a loss of $170,049. The balance sheet of the company reported an increase in the net asset base. The rise in the total asset influenced the growth in the net asset base. The total shareholders’ equity was worth $15,575,904.

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During the period, there was a significant increase in the investing activities of the company which was driven by the increased exploration expenditure. The company had generated $1,321,258 through the issue of shares. By the end of the period, the net cash and cash equivalent with the company was $1,020,537.

In the previous one year, the stock has generated a negative return of 16.60%. However, in the last five days, the stock has given a return of 16.67%. At present the shares of ALY are trading at A$0.014 (AEST: 12:31pm, 17 April 2019). ALY holds a market capitalization of A$6.17 million and approximately 440.42 million outstanding shares.


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