Highlights

• Alchemy Resources has concluded lithium-focused gravity survey at the Cherry, Hickory, Mesquite and Pecan prospects across Karonie.
• The company expects the survey results after completion of ongoing data processing in March.
• Regional soil geochemical sampling is underway across high priority lithium and gold targets at the company’s Western Australian projects.
• Also, high resolution drone magnetics has begun on priority lithium gravity anomalies at Hickory and on regional gold targets at Karonie.

Alchemy Resources Limited (ASX:ALY) has shared an update relating exploration development at its Western Australian projects, namely, Lake Rebecca and Karonie.  

Focusing on the Roe Hills and Manhattan Prospect areas, the company has kicked off project-wide soil sampling on the high priority lithium targets across the Karonie and Lake Rebecca project. It is to be noted that these prospects are contiguous with the Manna deposit prospects of ASX-listed firm Global Lithium Resources.

Alchemy will also carry out soil sampling on the Lake Rebecca Prospects, which reflected prospective “Goldilocks Zone” geology following a site visit by a group of geologists in November 2022.  

Notably, ALY has concluded gravity data collection at the 5.4km x 1.6km corridor towards Pecan while data processing is underway. Further, drone magnetics has been initiated at the site for targeting on the Hickory gravity corridor and other zones being flown on potential gold bearing structures to the south of Aldiss Mining operations of Silver Lake Resources (ASX:SLR).

Image source: Company update  

Soil sampling campaign at Karonie and Lake Rebecca

Manhattan prospect - Alchemy held shallow rotary air blast drilling for gold exploration in 2018. The prospect is located along the Claypan shear, which extends up towards the nearby 1.7Moz Lake Roe gold deposit of Breaker Resources. Despite this location, the prospect has witnessed limited gold exploration. However, there has been no modern exploration targeted at lithium.

The company has designed the latest multi-element soil sampling campaign (on a 400m x 400m offset grid) to test for lithium pathfinder anomalies adjacent to the buried granite that lies underneath Lake Roe.  

Roe Hills Prospect - The campaign is designed to secure a complete dataset on the western portion of the Cardunia granite located adjacent to Global Lithium Resources’ (ASX:GL1) Manna deposit. 

The latest campaign is designed to extend and infill lithium pathfinder anomalies identified during the first-pass soil sampling campaign conducted in the year 2019.

Lake Rebecca – Last year, Alchemy geologists held a reconnaissance visit to the project, resulting in the mapping of several feldspar-rich granite dykes throughout the tenement package.

It is to be noted that this tenement package sits next to the small regional granite intrusions within the interpreted Goldilocks Zone for pegmatite formation. During the recent field reconnaissance visit, the team also observed a coarse-grained quartz-feldspar pegmatite.

The latest campaign is designed to test for lithium anomalism on an offset grid spanning 400m X 400m. This program is targeting areas with known amphibolite facies metamorphic grade rocks, considered the suitable conditions for the formation of Lithium-Caesium-Tantalum (LCT) pegmatites.  

The company expects the latest campaign to be the first of many lithium targeted exploration programs across the project, which has never witnessed exploration for lithium.

Image source: Company update  

ALY shares traded at AU$0.015 on 09 March 2023.