Alchemy Resources Limited (ASX: ALY) has obtained positive assay results from rock-chip and soil sampling at the 100% owned Karonie Project in Western Australia.
The recent gravity survey suggested that the known pegmatites could extend well beyond those structures seen in the recent drill programme which intersected visual spodumene. Ground truthing of the high priority target areas revealed lepidolite and spodumene in surface outcrops. Rock-chip assays returned peak values of 2,723ppm Li20, 167ppm Cs, 62.8ppm Ta205 and 2,390ppm Rb. Multi-element soil sampling has been completed on the Roe Hills and Taupo areas, returning highly encouraging results.
New pegmatites have also been mapped at Taupo which will be followed up near term.
This is a really exciting development. This is clearly a huge pegmatite system with outcropping lithium mineral confirmed for the first time,” CEO, James Wilson, said.
“The area remains open to the west and south within our 100% owned tenure and is completely untested by drilling. The regional soil sampling and historic hole mapping have also identified multiple new pegmatites and geochemical targets to test which will be added to our regional exploration plans to follow-up in 2023.”
Interpretation of recently completed gravity surveys identified gravity lows trending towards the north from the existing pegmatite drill intercepts with known pegmatite locations from drilling and mapping used to interpret the extensions.
Multiple previously unknown pegmatite targets have been interpreted as well as numerous large gravity lows, which have been flagged as priority target areas for testing. Importantly, known outcropping pegmatites occur at both Hickory and Pecan, trending north-south and north-east/south-west respectively.
The gravity survey data shows analogous targets trending under the alluvial channel linking the two prospect areas over a five km strike extent.
Field checking of the gravity targets was completed in early May 2023 and 12 rock-chip samples were taken from various locations around the high priority target areas. A previously unmapped pegmatite was discovered and was found to contain coarse lepidolite and traces of spodumene.
Importantly, the lepidolite/spodumene rock-outcrop is located at the southern end of the high priority gravity target area. No drilling has ever been conducted in this area which is the largest of four high priority target areas with a strike length of approximately 2.5km to the north, towards Pecan Prospect.