- The 42-hole, 5,000m RC drill program for June 2023 is designed to test high-priority gravity and geochemical targets
- Alchemy's 100%-owned, WA-located Karonie lithium (Li) and gold (Au) project is 110km east of Kalgoorlie
- Prior rock chips at the site have established the presence of surface spodumene and lepidolite
Australian exploration company Alchemy Resources (ASX: ALY) -- with interests in gold, base metal and battery metal projects -- has informed that a lithium (Li) focused reverse circulation (RC) drill program (approximately 5,000m) will begin at its fully owned Karonie Project in the second week of next month. This June drilling activity will focus on large gravity anomalies at Cherry, Hickory, Mesquite and Pecan Prospects (5km strike extent).
Notably, prior rock chips at the site have established the presence of surface spodumene and lepidolite. The new pegmatite targets are 2.5km north of the RC drilling conducted at Hickory in November last year. This previous drilling had intersected spodumene.
Source: Company update
ALY shares gain over 6%
Triggered by the company update, ALY shares traded higher by 6.250% to AU$0.017 in the early hours of 31 May 2023.
In mid-June 2023, Alchemy Resources plans to begin ~5,000m RC drilling activity at Karonie. The Li and Au project of the company is in Western Australia, and the drilling targets are ~8km south of the Manna Project of ASX-listed Global Lithium Resources.
Alchemy's 42-hole drilling program will test targets along the Cherry, Hickory, Mesquite and Pecan prospects. The drill holes will also test the Taupo North target that is 3km west of Hickory and has pegmatites logged in historic holes.
It is pertinent to note that lower density pegmatites intrude into higher density mafics at Hickory. 39 holes (depths up to 132m downhole) will be drilled at Hickory, Mesquite and Pecan. The drilling will target the down dip extent of pegmatites at the shallow alluvial cover.
Previously, an unmapped pegmatite was found on a high priority target area. It contained coarse lepidolite and spodumene, with location at the southern end. The area has never witnessed drilling, and the target is the largest of four high-priority target areas, with a strike length of ~2.5km to the north towards Pecan.
Three holes (depths up to 132m downhole) will be drilled at Taupo North. The drilling will target the down dip extent of pegmatites observed in the two historic drill holes.
Taupo Prospect location and historical drillhole re-assays (Source: Company update)
The ASX-listed explorer holds a significant land package in the Carosue Dam - Karonie greenstone belt (WA). The company has an 80% interest in the NSW-located Lachlan/Cobar Basin Projects. Alchemy's other interests in WA include the Bryah Basin Project (Gascoyne region).