Alchemy (ASX:ALY) unearths further lithium potential at Karonie ahead of maiden drilling in October

Highlights

• Alchemy Resources’ infill soil geochemistry program has highlighted high-tenor lithium anomalism at its Karonie project.
• The samples were collected from the Cherry, Hickory and Pecan prospects.
• The results indicated the presence of coherent and coincident lithium, beryllium, tin, tantalum, niobium, and rubidium across the three target areas.
• Alchemy plans to commence its maiden Reverse Circulation (RC) drill program at the Hickory project in early October this year.

Alchemy Resources Limited (ASX:ALY)  has further strengthened its lithium exploration program across its 100%-owned Karonie Project in Western Australia.

In a significant update, the company has announced exciting assay results from an infill soil sampling at the Cherry, Hickory and Pecan prospects. The assay results received for 793 infill soil samples have highlighted coherent and coincident lithium, beryllium, tin, tantalum, niobium, and rubidium across the three areas.

The sampling targeted the areas on a 100m x 40m offset grid pattern along the prospective “Goldilocks Trend” along a strike length of over 7km.

Source: © 2022 Kalkine Media®, Data Source: Company’s update

Significant lithium and coincident pathfinder anomalism

Cherry and Hickory prospects:

The two prospects show two relatively distinct trends which remain open in all directions.

The infill soil sampling was aimed at further enhancing the understanding of the high-tenor anomalism identified in April 2022 in the regional spaced 400m x 400m soil geochemistry.

Source: Company’s update

A total of 551 samples were analysed for their geochemistry based on the 4-Acid digest multi-element analysis for 48 elements. The analysis has highlighted a high-level lithium, beryllium, tantalum, and tin anomaly in the north end of the Hickory Prospect, displaying common pathfinder elements for lithium, caesium and tantalum (LCT) pegmatites.

The soil sampling area has transported colluvial sands on their edges. These areas appear to mask geochemical response on the outskirts of the prospect, highlighting that the anomalism is open to the north, south, east and west under cover.

Future soil sampling may be necessitated by bedrock sampling to penetrate the younger, transported surface cover.

Pecan prospect:

At Pecan, the company executed the sampling program over an area of 1600m x 1500m on a 200m x 50m grid.

The company analysed 242 samples for their geochemistry, highlighting the presence of scattered but coincident common LCT-pegmatite pathfinder elements like beryllium, gallium, niobium and rubidium.

The soil sampling assay results may indicate additional zones under shallow cover based on the multiple discrete anomalies encountered outside the mapped pegmatite outcrops.

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RC drilling at Hickory in October  

Alchemy plans to undertake the first phase of lithium-focused drilling at the Hickory prospect, backed by the previously compiled infill soil sampling, detailed mapping and rock chip sampling data.

The drilling program will initially target the high-tenor anomalism or the Uniaxial Solidification Textured (UST) pegmatites located at the northern end of the Hickory prospect.

The program is planned to entail 33 RC holes for ~3000-5000m in early October. To establish dyke orientation, up to 150m deep holes will be drilled with 80m spacing between them.

Road ahead for Alchemy’s lithium exploration endeavours

Source: © 2022 Kalkine Media®, Data Source: Company’s update

Alchemy shares traded at AU$0.021 on 21 September 2022.