Alchemy Resources Limited (ASX: ALY) has outlined a large north-south trending geochemical anomaly located to the east of the existing mining operations at Aldiss.
The new anomaly was identified in final assays from the Karonie East aircore drill programme.
CEO, James Wilson, said the large geochemical footprint stretches over two areas of ~950m strike in the north and 4,300m strike in the south adjacent to areas of historic drilling which failed to reach basement rocks or to penetrate the younger cover.
“The drill programme has intersected numerous zones of mineralisation close to areas that were previously drilled on wide spaced RAB lines which failed to penetrate the near surface cover.
“Importantly with our recent drilling, the new mineralised intercepts were logged in saprolite, so we haven’t tested the primary bedrock zone of mineralisation from these areas. This will be a key target in follow-up drilling later this quarter.”
Phase 2 of Alchemy’s planned drilling was focussed on the Karonie East target area as a priority target, after the high-resolution magnetics flown in 2021 pin-pointed multiple high tenor structures in proximity to the existing deposits and open pits at the adjacent Aldiss Mining Operations currently operated by SLR.
The programme aimed to test the 10km long corridor AC and consisted of 112 holes for a total of 6,357m of drilling. The program was split into two zones, in the north and south of the trend.
Karonie East – Northern Zone
in this area were designed to test a magnetic feature which runs along the northern zone over a 2km strike length. A north-east trending structural dislocation occurs which Alchemy believes is a key control on mineralisation in the region.
Assays returned numerous zones of anomalous gold (>0.1g/t Au) over a strike length of approximately 950m, with a best intercept of 2m @ 2.7g/t Au (48m) in KEAC009, including 1m @ 3.99g/t Au from 48m logged in saprolite. Follow-up reverse circulation (RC) drilling is planned to test the mineralisation at depth and into fresh rock.
Karonie East – Southern Zone
Holes in this area were designed to test a series of magnetic features which run along the southern zone over a 5km strike length and returned anomalous results (>0.1g/t Au) over a 4,300m strike extent.
Single metre assays of the quartz gravels in KEAC045 returned 2m @ 3.79g/t Au (from 84m), including 1m @ 5.24g/t Au from 84m and 1m @ 2.34g/t Au from 85m (previously 4m @ 1.59g/t Au from 84m). Analysis and panning of the quartz gravel in KEAC045 returned a small specimen of visible gold.
Alchemy considers the Southern zone an important and high priority target which has been overlooked by previous explorers.
Current drill line spacing is between 300-600m, which is not adequate to test the short strike length, with infill aircore drilling proposed. Planning for follow-up RC drilling to test the mineralised intercepts at depth is also currently underway.
