Alchemy Resources Limited (ASX: ALY) ('Alchemy') is pleased to announce that its wholly owned subsidiary 'Goldtribe Corporation' has won the ballot for two key exploration licence applications (E28/3035 and E28/3039) which will form part of Alchemy's Lake Rebecca Project.
The applications sit along strike from Apollo Consolidated (ASX: AOP) and to the east of Saracen Mineral Holdings (ASX: SAR) Carosue Dam operations.
Historical exploration on the new tenements focussed on wide spaced regional soil geochemistry and limited drilling on parts of the tenements.
Chief Executive Office Mr James Wilson commented: 'E28/3035 and E28/3039 is key strategic tenure along strike and to the west of AOP's 1Moz Rebecca Project. It builds on our already large footprint of highly prospective tenure currently under application which sits along some of the most prolific gold endowed belts in Western Australia. The leases cover 21km2 of greenstone and intrusive units and has seen limited testing with modern exploration methods. We are excited to start working on this ground once the initial formalities are completed'.
ABOUT THE LAKE REBECCA GOLD PROJECT
Lake Rebecca is a new project under application (674km2 ) (refer ASX Announcement 20 July 2020). Alchemy's successful uncontested exploration licence applications are located to the south-east of the Saracen Mineral Holdings Limited (ASX: SAR) 4.6Moz Carosue Dam gold deposit1 , and along strike to the north of Breaker Resources Limited (ASX: BRB) 1Moz Bombora gold deposit2 in the Eastern Goldfields, WA. The applications cover prospective greenstones, granitic intrusives, and known gold bearing structures within the Bombora-Carosue Dam region which form Alchemy's exploration project referred to as the Lake Rebecca Gold Project (LRGP).
The Carosue Dam deposit is located within the Carosue Basin immediately east of the east dipping Keith Kilkenny fault, which is interpreted to trend through the western tenements of the LRGP. The tenements also cover part of the Claypan Shear Zone which hosts Breaker's Bombora deposit, and parts of a western splay off the Pinjin Fault. Despite the highly prospective geological setting previous drilling within the licences has been minimal, possibly due to transported cover and salt lake related access issues.
ABOUT ALCHEMY RESOURCES
Alchemy Resources Limited (ASX: ALY; 'Alchemy' or the 'Company') is an Australian exploration company focused on growth through the discovery and development of gold, base metal and nickel-cobalt resources within Australia. Alchemy has built a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region in Western Australia, and has a 51% interest in the Lachlan/Cobar Basin Projects in New South Wales. Alchemy also maintains its interest in the Bryah Basin Project in the gold and base metal-rich Gascoyne region of Western Australia, where Superior Gold Inc. (TSX-V: SGI; 'Superior'), and Sandfire Resources Limited (ASX: SFR; 'Sandfire') are continuing to advance gold and base metal exploration, respectively.
Contact:
Tel: 08 9481-4400
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