Alchemy Resources Limited (ASX: ALY) has commenced a Reverse Circulation (RC) drill programme at the 100% owned Karonie Gold Project, located 110km east of Kalgoorlie.
Phase 3 of Alchemy’s planned drilling has commenced and will consist of approximately 3,000-4000m of RC drilling to test multiple targets at Gilmore, Karonie East and KZ5.
The drill programme will include holes at Gilmore, which was targeted as a result of high-resolution magnetics and detailed mapping in 2021.
Gilmore is located along a NE-striking fault corridor that intersects fractionated magnetic dolerites. Historic RAB drilling was deemed ineffective and unable to penetrate the transported cover to test the basement geology, and the limited RC drilling was never followed up.
The programme is EIS co-funded.
At Karonie East, infill drilling is planned both along strike, and at depth, of the previous aircore intercepts. The recent aircore programme successfully outlined gold in the saprolite horizon, and the current holes are planned to test for bedrock mineralisation below these zones and along strike.
A single RC hole at KZ5 will test a historic untested electro-magnetic (EM) plate located along strike of the existing resource.
CEO, James Wilson, said mineralisation remains open to the north and the EM plate sits in the position now interpreted to represent the northern strike extent of mineralisation.
We are excited to be back out at Karonie drill testing our priority targets at Gilmore where there has been no RC follow-up of mineralised intercepts since 2002,” Mr Wilson said.
“At Karonie East we are testing mineralisation at depth, following up on the success of our recent aircore programme.
“At KZ5 an untested EM plate lines up with our revised interpretation of mineralisation, which could add further strike length to the resource.
“Overall, our activities are proceeding in line with our 2022 objectives, testing existing walk-up and advanced stage targets at Karonie.”