Highlights

• Alchemy Resources has kicked off lithium-focused maiden drilling at its Karonie Lithium-Gold Project.
• The target strike for drilling corresponds to an extensive system of pegmatites indicated by soil sampling and field mapping programs.
• Initially, the program will test high-priority lithium targets at the Hickory and Cherry prospects, soon to be followed by follow-up programs.
• The drilling campaign will also cover a stratigraphic line across Hickory to Cherry. Read on to know why!

Alchemy Resources Limited (ASX:ALY) has marked a major development in its quest to unlock the lithium potential of its flagship Karonie Lithium-Gold Project. That is to say, the company has embarked upon a reverse circulation (RC) drilling program at the project.

Wholly owned by the company, this project sits 110km east of Kalgoorlie, within the Eastern Goldfields region of Western Australia.  

Alchemy is an Australia-focused exploration company with its portfolio focused on gold, base metals, and nickel-cobalt.

Drilling to test high-priority lithium targets

Terming this initial phase of lithium-focused drilling as a major milestone, Alchemy Chief Executive Officer, Mr James Wilson, said that the initial program has been planned to test multiple high-priority lithium pathfinder targets at the Cherry and Hickory prospects, and that planning for follow-up programs is already ongoing.

Image source: Company update: 24 October 2022; image source: © Adwo | Megapixl.com

The drill program will comprise 33 RC holes for a depth of nearly 3,000m-5,000m. The campaign is designed to target a strike length of 1,200m of the pegmatites that have been indicated by recently completed detailed soil sampling and field mapping.

The holes are planned to be drilled downhole at a depth of up to 150m, with spacings of 80m in order to provide adequate crossover to establish dyke orientation. 

Planned RC drilling at Cherry and Hickory Prospects (Source: Company update, 24 October 2022).

In addition, the campaign will cover a stratigraphic line across Hickory to Cherry in order to establish whether there lie additional pegmatites under the thin surface cover.  

The target of the program will be the Uniaxial Solidification Textured (UST) pegmatites at the Hickory Prospect’s northern end, where both higher-tenor lithium and pathfinder-element anomalism are found. Drilling will also test the pegmatites under the transported cover to the north along strike.

The company expects first assays by the end of the year.

Stock information - ALY shares were trading at AU$0.026 in the early hours of 24 October 2022, up nearly 2% from the last close.