Alchemy Resources Limited (ASX: ALY) has identified five high priority drill targets during field mapping at its 100% owned Karonie Gold Project in Western Australia.
The field mapping was part of a review focussed on defining the drill targets from “camp scale” prospective areas that were defined in the Karonie Structural Review which was completed earlier this year.
The field work produced the new drill targets along the prospective corridor immediately south of the Aldiss Mine currently operated by Silver Lake Resources.
CEO, James Wilson, said the targets include the new greenfields “Western Brown” lake target which has seen no exploration of any kind over a 2km x 2km area.
Other targets range from the early stage to semi advanced targets at Challenger and Esplanade which have seen no modern exploration since the early 2000s.
The detailed mapping programme has identified some excellent walk-up drill targets to test in the second half of 2021,” Mr Wilson said.
“We are excited to get rigs back on the ground in an area which hasn’t seen any modern exploration in 10 to 20 years. The identification of the new greenfields Western Brown target is also very promising, and this area is now a priority target for RC drilling in coming months.
“Western Brown is a large lake target with classic geological and geophysical indicators and has had no exploration of any kind. Near term we expect to get drone magnetics flying to better refine our targeting prior to drilling in the second half of this year.”
Alchemy has completed detailed structural and lithological mapping on the southern tenements in the Gilmore-Esplanade- Batavia areas with a view to defining new targets and refining existing areas. Better historic high-grade results from these areas include 3m @ 14.6g/t Au, 1m @ 17.8g/t Au and 8m @ 2.1g/t Au.
The company believes that a better understanding of the controls on mineralisation obtained from surface mapping, combined with utilising bedrock geology from the numerous drill holes in this area, has significantly improved the understanding of controls on mineralisation in the area.
The results of the mapping exercise outlined five discrete high priority targets to test as part of the upcoming Phase 2 drill programme at Karonie. Analysis of historic drilling shows that previous explorers were targeting broad near-surface targets.
Western Brown is a newly defined 2km x 2km greenfields target with no previous exploration. The target is defined by a magnetic dolerite that is disrupted by a major NE-striking fault corridor, a common structural control on mineralisation throughout the Karonie province. To the southwest, a significant number of discoveries have been made including SLR’s French Kiss open pit and Kairos Minerals’ Lady of the Lake and Lingering Kiss Prospects. The intersection point of the fault corridor and the magnetic dolerite is interpreted to be situated in the middle of a large salt lake that has never been drill tested.
