Alchemy Resources (ASX:ALY) shares welcome additional pegmatites outcrops at Karonie

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Alchemy Resources (ASX:ALY) shares welcome additional pegmatites outcrops at Karonie

Pegmatite outcrop samples
Image source: ALY update, 27 May 2022

Highlights

  • Latest fieldwork on Alchemy’s Karonie tenement area has delineated additional outcropping pegmatites over lithium in soil anomalies.
  • The previously mapped strike extent has doubled on the Chery and Hickory prospects as pegmatites are now defined over 1.5kmX2km.
  • The rock chip assay results returned significant pathfinder anomalism and indicated fractioned and highly evolved lithium-caesium-tantalum pegmatites over the 7km strike.
  • The Company is set to commence infill soil sampling and detailed structural mapping to zero in on target zones for drilling later this year.

Alchemy Resources Limited (ASX:ALY) is riding high on its latest update on the identification of a cluster of pegmatites at the Karonie gold project in Western Australia. Further fieldworks on its flagship project have returned additional outcropping pegmatites over the recently discovered lithium in soil anomalies.

The mapping program by the Company has delineated the pegmatite cluster over an initial 7km x 1.5km area and doubled the strike length at two of the lithium prospects on the project.

Related read: Alchemy Resources (ASX:ALY) shares soar 63% on multiple lithium anomalies at Karonie

As lithium explorers have become the darling of the investing world nowadays, the bourse cheered the upbeat update. ALY shares jumped 7.4% to AU$0.029 during the early hours of trade on 27 May 2022.

Field mapping identifies additional pegmatites

After the discovery of lithium and pathfinder anomalism at the project, Alchemy led a reconnaissance field mapping operation over the Cherry, Hickory, Mesquite and Pecan prospects on the Karonie tenement.

The mapping program further extended the known pegmatite occurrences at the project. The team delineated several pegmatite dyke clusters, which indicate the presence of multiple zones outcropping within the target area.

Lithium prospects on the Karonie Project with GSWA mapped granite bodies

(Image source: ALY update of 27 May 2022)

Also read: Why shares of Alchemy Resources (ASX:ALY) have more than doubled so far in 2022?

Alchemy feels that understanding the structural and geochemical controls on the identified outcrop bodies will be crucial in determining the areas for drill testing.

Rock chip results from recent sampling continue to show exceptionally strong pathfinder anomalism. The relevant ratio analysis indicates evolved and fertile pegmatites with high tantalum, rubidium, and caesium results.

Fieldworks double the strike length

Alchemy’s team identified additional outcropping pegmatites at Cherry and Hickory during the ground truthing for the lithium anomalies. A total of six outcrops were mapped, with a cumulative strike length of >1.4km.

The individual outcrops have been identified with strike lengths ranging from 150 to 1,000 metres, with thin cover hiding other places. Earlier, the strike length identified was 900m.

The plotted pegmatites lie close to the soil anomalies, which is significant. A thin soil cover is present on the portions of the Cherry and Hickory anomalies.   

Related read: Know about Alchemy Resources’ (ASX:ALY) advanced gold and battery metal projects 

New mapping results on Cherry and Hickory (Image source: ALY update of 27 May 2022)

At Pecan, two zones of outcropping pegmatites were observed during the ground truthing of the anomalies. The outcrops correspond to the soil anomalies in the area with a surface strike extend of nearly 200m in each area.

Rock chip multi-element supports anomalism

The rock chip sampling assay returned results that support the presence of significant pathfinder element anomalism. The assay results returned rubidium values up to 5880ppm, caesium values up to 221ppm, tin up to 15.5ppm and tantalum values up to 122ppm.

Related read: Alchemy Resources (ASX:ALY) highlights Karonie development in March quarterly report

What’s next on Karonie?

  • Alchemy plans to undertake infill soil sampling on a 100mX40m pattern on Cherry and Hickory. The program is expected to commence by the end of May 2022.
  • The Company has planned a detailed mapping of pegmatite outcrops along the 7km prospective strike length along with the four identified prospects on the project. Mapping is due in mid-June 2022.
  • ALY will carry out regional soil sampling from Karonie East down to south-eastern tenement extent at E28/2940 in late-May 2022.
  • The Company will continue advancing Heritage Access Agreements for future drilling programs and evaluating regional prospectivity of southern Karonie tenements.

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