Alchemy Resources (ASX: ALY) discovers new zones of pegmatites at Taupo North

August 28, 2023 11:30 AM AEST | By Sonal Goyal

Alchemy Resources (ASX: ALY) discovers new zones of pegmatites at Taupo North — Image source: Company website

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Highlights

Alchemy has received assay results for Karonie lithium drilling campaign.

The assay results from Taupo North outline elevated lithium and pathfinder anomalism across several holes.

The company has submitted heritage survey requests for future drilling at Taupo North and expects the survey to be completed in the existing quarter.

Alchemy Resources Limited (ASX: ALY) shared that it has received reverse circulation (RC) drill program results from all holes at the Karonie. Significant results have been reported from Taupo North and Hickory as zones of anomalous lithium, and substantial pathfinder mineralisation is intercepted in several holes at these deposits.

An infill soil sampling program is progressing at Taupo North to get details about the areas to the east and the south toward Hickory to define the geochemical anomalism over a 4km x 3km footprint. The company updated that samples have been sent to the laboratory as a part of the infill soil sampling program.

Alchemy has submitted heritage survey requests for a follow-up future drill campaign at the Taupo North. The company has commenced planning for follow-up drilling on lithium targets, and it will begin after the completion of detailed lithium and rare earths soil sampling on Taupo North.

Alchemy informed that Karonie gold exploration has commenced with the diamond core drilling and RC drilling on the Challenger and Western Brown prospects, which is expected to begin at the beginning of next month.

As of 30 June 2023, the company had cash on hand of AU$5.0 million.

ALY shares traded at AU$0.013 apiece, at the time of writing on 28 August 2023.

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