Alchemy Resources Limited (ASX: ALY) ('Alchemy' or 'the Company') is pleased to announce the completion of high-resolution UAV magnetic surveys at the 100% owned Karonie Project in Western Australia.
The aim of the survey was to refine Alchemy's gold exploration drill targeting in these areas and to generate new targets.
The surveys were conducted over structures to the north of the existing Taupo and KZ5 resources at Karonie East, and to the south at the new greenfields Western Brown and Gilmore targets. At the new Karonie East target, the work identified several magnetic and structural features demanding immediate investigation due to their geological similarity to the adjacent Aldiss Mine deposits.
Alchemy believes these areas have been poorly tested due to the large amount of historic drill testing which did not reach bedrock. Drill testing is planned for early 2022, pending heritage clearance later in November 2021. Alchemy is also pleased to advise that it has been successful in securing an EIS grant from the Western Australian Department of Mines, Industry and Regulation ('DMIRS') to co-fund drilling at the Western Brown and Gilmore target areas. Alchemy acknowledges this significant support from the DMIRS. Chief Executive Officer
Mr James Wilson commented: 'The UAV magnetics has generated very significant targets to test in our upcoming exploration programs. The highly competitive EIS co-funding grant adds weight to the prospectivity as it is determined by an independent panel of experts. We look forward to getting boots on the ground to start testing these high-quality targets, which have not seen significant exploration in over 20 years'.
KARONIE DRONE MAGNETIC SURVEYS
The geophysical surveys at Karonie were designed to provide greater detail on the trends of mineralisation observed in recent drilling. Understanding the structural framework of the area has been a key focus over the last nine months that has been supported by recent detailed field mapping. Ground truthing of the historical reconnaissance drilling has shown a significant amount of previous RAB drilling to be ineffective or too wide spaced to target short strike length but high-grade structures. The high-resolution magnetic survey has significantly refined the location of the magnetic dolerite host rock, as well as north-south and north-east trending structural features, which are key elements of the mineralising events at Karonie.
KARONIE RESOURCE TARGETS
Two surveys were conducted around the Aldiss Mining Centre to better understand the structures that control mineralisation at the Karonie Project. Data from the northern Karonie survey area will be used to aid understanding of the mineralisation controls for the Taupo and KZ5 resources 1. Results show a structural jog to the north of KZ5, which correlates with a historic EM plate from a survey in the mid-2000s and which has never been followed up.
ABOUT THE KARONIE PROJECT
The Karonie Project contains more than 40km of strike extent of Archean greenstone belt in the Eastern Goldfields of Western Australia. The Project has a high-quality geological setting, strategically located between major, regional-scale fault zones, the Keith-Kilkenny and Claypan Faults. The fault zones are interpreted to be deep-seated, domain-bounding structures within the highly gold-endowed Kurnalpi Terrane, and in a position that hosts the world-class Karari-Carosue Dam gold deposits 75km to the north. The Karonie Project is strategically located directly along strike of Silver Lake Resources (ASX: SLR) Aldiss Project and along strike to the south of Breaker Resources (ASX: BRB) Lake Roe gold project. The project is in close proximity to existing processing plants and given the already substantial gold endowment in the area, Alchemy will focus its near-term exploration efforts on the discovery of high-grade gold mineralisation adjacent to these areas. Shallow drilling carried out by previous explorers indicates that the Project has a complex regolith with a stripped Archean profile overlain by reworked sediments, wind-blown sands, paleo-drainage channels and salt lakes. Consequently, the shallow cover is very complex and areas with shallow gold anomalism require deeper RC drilling and diamond core drilling to adequately test identified targets.
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 an 80% 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), and Sandfire Resources Limited (ASX: SFR) are continuing to advance gold and base metal exploration, respectively
Contact:
James Wilson
Tel: 08 9481-4400
Email: james@alchemyresources.com.au
ALCHEMY RESOURCES LIMITED 
