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Major ballot win by Alchemy (ASX:ALY) for its Karonie Lithium and Gold Project, shares rise by 45% - Kalkine Media

October 04, 2022 12:42 PM AEDT | By Team Kalkine Media
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Highlights

  • Alchemy Resources Limited (ASX:ALY) has registered a significant ballot win for exploration licence E28/3207 for its Karonie Lithium and Gold Project.
  • The highly prospective project is located within the aimed “Goldilocks Zone” corridor, where lithium-caesium-tantalum (LCT) pegmatites are likely to exist.
  • Alchemy’s maiden RC drilling program, focused on lithium, will commence in October 2022 at its Hickory prospect, targeting high-tenor anomalism.
  • Shares of ALY have zoomed up by 45% post the announcement (made on 30 September 2022)

Shares of Alchemy Resources Limited (ASX:ALY) have zoomed up by over 45% to AU$0.029 after the company announced a major step ahead in activities related to its fully owned Karonie Lithium and Gold Project.

One of the emerging players in the hot battery market, Alchemy Resources on 30 September 2022 announced that its wholly owned subsidiary, Goldtribe Corporation Pty Ltd (Goldtribe), has won a ballot for a key licence application (E28/3207) related to the aforementioned project.

The location of the new licence is 120 km to the east of Kalgoorlie, next to Global Lithium (ASX:GL1) to the east and Breaker Resources (ASX:BRB) to the north.

Major ballot win for Alchemy resources

For securing the much-desired licence in this highly prospective area, Goldtribe’s application had to compete with many other interested contenders. Consequently, a ballot had to be conducted by the Kalgoorlie Mining Warden to decide priority to the ground. Fortunately for Alchemy Resources Limited, the ballot saw Goldtribe being drawn first.

Source: Company update

The application will now go through the statutory process and the company expects the title to be granted sometime later this year.

A glimpse of the Karonie Lithium and Gold Project

Currently, the Karonie project entails 12 exploration licences and 2 exploration licence applications, accounting for 1220 sq. km of the highly promising mineralised structures in the Kurnalpi terrain greenstones located 100 km to the east of Kalgoorlie.

Source: Company update

These tenements are positioned along the strike of Silver Lake Resources’s (ASX: SLR) Aldiss Mining Centre, and they are within 50 km of SLR’s Randalls processing plant. Furthermore, they stretch across 38 km of the gold-laden, underexplored Claypan Shear Zone beginning only 12 km along the strike to the south of the Lake Roe deposit of BRB.

Recently, within 8 km of the Manna lithium deposit of GL1, lithium pathfinder anomalism has been outlined.

Management commentary


Image Source: © 2022 Kalkine Media®; Data Source: ALY


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