Alchemy Resources (ASX:ALY) buoyed on gravity survey results yielding pegmatites at Hickory

February 07, 2023 12:01 PM AEDT | By Shwetambri Chauhan

Alchemy Resources (ASX:ALY) buoyed on gravity survey results yielding pegmatites at Hickory — Image source: ALY ASX update

Hickory gravity survey generates multiple new pegmatite targets

The high-resolution ground gravity survey was conducted in December 2022 with custom data processing by Perth-based consultancy NewGen Geo, to analyse variations in the earth’s gravity field that arise due to differences in rock density. Lower density pegmatites intruded into higher density metamorphosed mafics at Hickory are likely to be recorded as a gravity low response.

For interpreting the northern extensions and outlining new targets for follow up work, the gravity data as well as known pegmatite locations from drilling and mapping were used. Multiple previously unknown pegmatite targets have been generated.

Now, the ASX-listed company is planning to expand the gravity survey mapping the prospective structures under cover for an area of 5.4km x 1.6km towards the Pecan prospect. It will extend to the west and east of the current mapped pegmatites.

Alchemy plans expanded gravity survey

As per the processed gravity data, the pegmatites intercepted in the 2022 Hickory drilling continue striking north towards the favourable structures. Further, the potential for pegmatites within the favourable north-east trending structures will be assessed in the survey. Structural weaknesses play a significant part in the formation of Lithium-Caesium-Tantalum (“LCT”) pegmatite systems.

Data Source: ALY ASX Update

ALY shares were trading at AU$0.017 midday on 7 February 2023.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

Two ASX Listed Stocks Giving Bullish Indications

Full Name

Mobile

By submitting your details above and clicking on the 'Download Report' button, you confirm that you are happy for one of the representatives of Kalkine Media or its group entities to contact you to discuss the services, consent to - our Terms & Conditions, and to receive marketing offers, including to be contacted by email or phone, as set out in our Privacy Policy. Any calls will be made by Kalkine group's telemarketing entities on our behalf or on behalf of Kalkine group entities.