Alchemy (ASX:ALY) completes lithium-focused maiden RC drilling at Karonie project

Highlights

• Alchemy has completed first-pass RC drilling at the Karonie project, targeting multiple high priority lithium targets.
• The drilling intersected multiple pegmatite zones, confirming the company’s interpretation of a substantial system developing at depth at Hickory.
• The company expects final assays in December.
• ALY plans to commence first-pass lithium-gold exploration programs at Lake Rebecca.

Alchemy Resources (ASX:ALY) has wrapped up maiden reverse circulation (RC) drilling at its Karonie Lithium-Gold Project. The drilling program focused on multiple high-priority lithium targets across the project.

Overview of the drilling program 

The drilling program was aimed to test the outcropping pegmatites identified from recent mapping and the zones lying under thin alluvial cover to the north. The campaign comprised 4,092m of drilling via 30 holes.

The subsurface geology consisted of formations including the Archean volcanic basalts, intrusive pyroxene phyric dolerites, younger granitic pegmatites and feldspar porphyries which crosscut the older stratigraphy.

Image source: ALY update 

The pyroxene phyric dolerites tend to thicken toward the north as they approach a north-east striking shear zone.

While the target host rock for Lithium-Caesium-Tantalum Mineralisation (LCT), i.e., the pegmatites which are fractionated internally, appears to thicken when they intersect the coarser grain dolerites.

Drill holes’ geological logging: defined multiple zones of pegmatites

As per Alchemy, drilling intersected multiple pegmatite zones with downhole thickness from 1 to 27 metres. The observation has confirmed the company’s interpretation of a substantial system developing at depth at Hickory and to the north under shallow alluvial cover.  

Alchemy believes that the pegmatites exist as several steep dipping stacked lodes defined in drilling over 700m strike beyond the previously mapped outcrops.

Image source: ALY update 

The results extend mapped pegmatites in drilling and outcrop at Hickory to approximately 2km, with interpretation signalling it to extend at least 150m from the surface.

It outlines a very important zone of interest that remains open undercover to the north and west.

What’s next at Karonie and Lake Rebecca projects?

Alchemy has sent the drill samples from the program to ALS Kalgoorlie laboratory for analysis, and their results are expected in December 2022. The follow-up programs are also in the queue and will commence once the assay results have been interpreted.

Additionally, the company will be continuing detailed mapping in the areas north of Hickory for the further enhancement of geological model and will be using geological surveys (radiometric or gravity) to map out potential extensions of the pegmatites under cover to the north.

The company also plans to commence heritage survey planning before drilling at the Pecan Prospect.

Meanwhile, plans are underway to commence reconnaissance mapping and sampling of Lake Rebecca tenure pending heritage approvals.

ALY shares were trading at AU$0.029 in the early hours of 15 November 2022.