Here’s how Alchemy Resources (ASX:ALY) is progressing at Karonie lithium-gold project - Kalkine Media

Highlights

• Alchemy has its 1,190 sq. km Karonie Project in Western Australia, with RC drilling at the Hickory prospect indicating that the area sits within a lithium-caesium-tantalum pegmatite system.
• Potential lithium-caesium-tantalum pegmatite has also been identified at two new prospects - Red Oak and Alder.
• The company is undertaking further exploration work across the project including soil sampling and magnetics.

Alchemy Resources (ASX: ALY), a listed mineral exploration company, is said to be using "innovative exploration" practices for mining of minerals. The company has multiple fully and partly owned projects in the Australian states of Western Australia and New South Wales.

Today, let us know more about Alchemy’s fully owned, Western Australia based Karonie Project.

Karonie Project

Notably, the tenements (total 1,190 sq.km) are in close proximity to the Aldiss Mining Centre of ASX-listed miner Silver Lake Resources, with the Randalls processing plant also nearby. The tenements also cover the under-explored, gold endowed Claypan Shear Zone, close to the Lake Roe deposit of another ASX-listed company Breaker Resources NL. Alchemy has 13 exploration licences for the site, alongside two licence applications.

The company recently focused on mapping of new lithium prospects at Cherry, Hickory and other prospects, alongside sampling and drilling. RC drilling at Hickory has suggested that it is within a fertile lithium-caesium-tantalum pegmatite system. Detailed mapping and rock-chip sampling have been undertaken and finished at multiple prospects, which suggest numerous additional pegmatites, according to the company’s latest half yearly report.

Cherry and Hickory

More outcropping pegmatites have been identified at the two prospects. Numerous additional outcrops have been mapped with a combined strike extent of >1.4km while and the strongest zones of tantalum mineralisation (122ppm Ta) occur at the northern end of mapped pegmatites at Hickory.

An infill soil sampling program has also been undertaken at two prospects - Cherry and Hickory. Assay results of more than 550 samples suggest a high-level lithium, beryllium, tantalum and tin anomaly (Hickory's north).

New Prospects - Red Oak and Alder

Alchemy has said that indications of potential lithium-caesium-tantalum pegmatite are present in the southern tenement areas, identified by the regional soil sampling program.

Assay results of samples collected were given for 4-acid digest multi-element analysis. There is beryllium, rubidium and tin anomalism, alongside lower-level lithium and tantalum at the prospects named Red Oak and Alder.

Assay results of RC drill testing of high priority lithium targets at Hickory are in the below picture.

The picture below shows the best results from the first-pass RC drill testing of multiple high priority lithium targets at Karonie.

Source: Alchemy Resources’ ASX announcement dated 14 March 2023

Alchemy has completed lithium-focused gravity survey at the Cherry, Hickory, Mesquite and Pecan prospects. The company has also commenced Project-wide regional soil sampling program across the project. 

The company’s shares on ASX were trading at AU$0.014 at the time of writing on 24 April 2023, with market cap over AU$17 million.