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Alchemy Resources (ASX: ALY) begins diamond drill testing of gold targets at Karonie

September 05, 2023 06:46 AM BST | By Sonal Goyal
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 Alchemy Resources (ASX: ALY) begins diamond drill testing of gold targets at Karonie
Image source: Company website

Highlights

  • Alchemy has commenced a diamond drilling program targeting the Challenger Prospect within its Karonie Project, Western Australia.
  • RC program is planned for the Western Brown Prospect with preparations underway.
  • Lithium and rare earth focused soil sampling at Taupo North is anticipated to be completed shortly.

Exploration company Alchemy Resources Limited (ASX: ALY) has commenced a diamond core drill program at the Challenger prospect within its Karonie Gold and Lithium project, located near Kalgoorlie.

The drill program would comprise two diamond core holes at the prospect. The targeted holes have been selected on the basis of the assessment of historic drilling and mapping conducted in 2021. 

Data source: Company update

More about Challenger prospect

The Challenger prospect lies along strike from the French Kiss open pit to the NW (north-west). Silver Lake Resources (ASX:SLR) is the operator of the pit.

Previous drilling at the prospect delivered anomalous intercepts of up to 16 metres @ 1.00g/t gold. Aircore drilling in the area has identified a substantial Au-Bi-Mo-Te-W-Sb anomaly, contemplated as the finest pathfinder for mineralisation.

The company has begun the drilling program with holes oriented to the NE.

Progress on other lithium and gold projects

  • Alchemy informed that lithium and rare earths soil sampling at Taupo North and Hickory area at Karonie is due for completion.
  • Preparations have started to commence reverse circulation (RC) program at Western Brown.
  • At Taupo North, the heritage survey access requests for lithium focused drill program are underway.
  • The company intends to assess soil sampling results and begin follow-up drilling planning on lithium targets.
  • ALY also aim to complete MRE (mineral resource estimate) for the Overflow Project in New South Wales.

ALY shares traded at AU$0.011 apiece on 5 September 2023.


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