Alchemy Resources Limited (ASX: ALY) ('Alchemy') is pleased to announce that all necessary approvals have been granted and all contractors secured in order to commence the Phase 1 drill program at the Karonie Project in mid-April 2021.
The objective of the drill program is to infill and extend the three main discovery zones at KZ5, Parmelia and Taupo which sit directly along strike from Silver Lake Resources (ASX: SLR) Aldiss Mining Operations. A fourth target area of interest is located at Warrior to the south-west of Parmelia, to test a large coincident magnetic/gravity high.
Chief Executive Office Mr James Wilson commented: 'We are excited to get back on the ground at Karonie where we have traced mineralisation 400-500m along strike at each of KZ5, Parmelia and Taupo - all of which remain open in all directions. We also see excellent exploration upside potential, especially as Parmelia and Taupo haven't really been drill tested below 100m vertically'.
ABOUT THE KARONIE PROJECT
The Karonie Project contains more than 80km of strike extent of Archean greenstone belt in the Eastern Goldfields. The Project has a high-quality geological setting, strategically located between major, regional-scale fault zones, the KeithKilkenny 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, which hosts the world-class Karari-Carosue Dam gold deposits 75km to the north.
The Karonie Project is strategically located directly along strike to 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 there is already substantial gold endowment in the area.
Shallow drilling carried out by previous explorers indicates that the Project area has a complex regolith with a stripped Archean profile overlain by reworked sediments, wind-blown sands and 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.
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