Alchemy Resources (ASX: ALY) has commenced RC drilling on the company’s 100% owned Karonie Gold Project in Western Australia.
Drilling comprises 12 holes at three new target areas known as Cheynes, Ezmay and Monty prospects. The targeting follows a comprehensive program of geochemical sampling and re-sampling of historic holes to expand Alchemy’s knowledge of protolith geology.
“We’re excited to announce a second drill program has commenced at the Karonie Project in Western Australia, targeting gold mineralisation within proximity to Vault Minerals’ mining operations at Aldiss,” CEO, James Wilson, said.
“Alchemy also continues to progress approvals for the Japan Organization for Metals and Energy Security (JOGMEC) lithium earn in at Roe Hills, and heritage approvals for our upcoming Yellow Mountain drill programme in NSW.”
A 12-hole, 1680-metre RC drilling programme is planned to investigate three primary target areas: Monty prospect, which sits along strike to the south of the Parmelia prospect, and the Ezmay and Cheynes prospects located at Karonie East.
All three target areas are located adjacent to Vault Minerals’ Aldiss mining operations. Recently Alchemy conducted a program of re-sampling and re-assaying using multi-element geochemistry across the Karonie tenure.
The results demonstrated that mineralisation in the region follows specific geological, geochemical and geophysical trends which the company is now using to better target gold mineralisation at Karonie. In particular, the occurrence of lamprophyres and sanukitoid rock types was highlighted as a key targeting tool as gold mineralisation appears to be closely correlated with these lithologies.
Monty Prospect:
The Monty prospect sits along strike to the south from Alchemy’s Parmelia prospect which contains an existing inferred resource of 644,000t @ 1.0g/t Au for 20,700oz Au.
RC holes from Parmelia were re-logged and re- assayed with multi-element geochemistry to further understand the chemical and geological footprint of mineralised zones.
Notably, the Parmelia mineralisation exhibited lamprophyres and sanukitoid geology adjacent to the high-grade zones at Parmelia. Since the prospective geology occurs to the north at Parmelia and to the south at K4 prospect, it is interpreted that the prospective zones also trend through the Monty target area.
Ezmay and Cheynes Prospects:
Ezmay and Cheynes sit to the east of the Aldiss Mining operations in an area referred to as Karonie East. In 2021 Alchemy conducted an aircore drill program testing near-surface gold mineralisation.
The re-logged drilling indicated the presence of enriched lamprophyres on the western limb of the folded magnetic unit, adjacent to the prospective mafic lithologies in the area. Drone magnetics carried out at the time also showed significant disruption by the key north-east and north- west trending structures.
There is a 1,400m zone between Ezmay and Cheynes, which has seen minimal historic basement RC drilling, and which will be the focus of follow-up drilling if the current RC drilling programme is successful.
Upcoming
- Heritage survey requests submitted for Yellow Mountain Prospect drill program in New South Wales.
- Foreign Investment Review Board (FIRB) approval pending for JOGMEC earn in and Joint Venture.
- Challenger aircore drilling assays pending additional QA/QC work.
