Alchemy Resources (ASX:ALY) begins drilling on Karonie lithium targets - Kalkine Media

Highlights

• The RC drilling would test multiple high-priority targets located ~8km to the south of Global Lithium Resources (ASX: GL1) Manna deposit.
• The campaign would assess lithium pathfinder targets at the Hickory, Mesquite and Pecan prospects along the 5,400m gravity anomaly corridor.
• The company would also test the Taupo North target with pegmatites logged in historic holes that have never been assayed for lithium.

Alchemy Resources Limited (ASX:ALY) has kicked off a lithium-focused reverse circulation (RC) drill program at its wholly owned Karonie lithium-gold project. 

The drilling campaign, which is likely to take ~three weeks to complete, would cover 42 holes for up to 5,000m.

More on Lithium-focused RC drill program

The campaign would target the large gravity lows and interpreted pegmatite structures.   

The campaign would test multiple high-tenor lithium pathfinder targets at the Hickory, Mesquite and Pecan prospects along the 5.4km long gravity anomaly corridor. Holes here would be drilled to a depth of up to 132m downhole.

The company highlights that known outcropping pegmatites occur at the Hickory and Pecan prospects, trending north-south and north-east, respectively.

Data source: company update

At Taupo North located nearly 3km west of the Hickory prospect, the company plans to test targets where historic drilling identified pegmatites. These historic holes have never been assayed for lithium.

Overview of Karonie Project

Alchemy Resources is engaged in the exploration and development of its Australian assets, focused on base metals, battery metals and gold.

The Karonie project, which sits nearly 110km east of Kalgoorlie, covers a tenement package of approximately 1,150sq km. The targets to be tested under the current program are ~8km to the south of the Manna deposit owned by ASX-listed company Global Lithium Resources.

The Karonie belt has never been explored for lithium until now. It is to be noted that the majority of the Karonie tenure lies adjacent to the prospective “Goldilocks zone” for LCT bearing pegmatite formation.

ALY stock information

ALY shares traded at AU$0.019 at the time of writing on 13 June 2023. The company has a market capitalisation of more than AU$22 million.