Alchemy Resources Limited announced that the maiden Reverse Circulation drill program has been completed at the 100% owned Karonie Lithium-Gold Project, located 110km east of Kalgoorlie. Geological logging has defined multiple zones of pegmatites in drillholes, with these zones up to 700m strike extent within the northern part of the Hickory Prospect. The pegmatites are interpreted to extend at least 150m from surface and remain open with varying widths from 1m up to 27m downhole.

The zone remains open along strike and to the west. The program consisted of 30 holes for 4,092m of RC drilling to test the outcropping pegmatites identified from recent mapping. Drilling targeted a significant zone of outcropping pegmatites that have been identified by field mapping.

In addition, zones were targeted under thin alluvial cover to the north. The geology consisted of Archean volcanic basalts, intrusive pyroxene phyric dolerites, younger granitic pegmatites and feldspar porphyries which cross cut the older stratigraphy. The dolerites thicken toward the north as they approach a NE striking shear zone.

The pegmatites, which are the target host rock for Lithium-Caesium-Tantalum Mineralisation ("LCT"), appears to thicken when they intersected the coarser grain dolerites and are fractionated internally. The Company cautions that visual estimates should not be considered a proxy or substitute for laboratory analysis, which is required to determine the widths and grade of the mineralisation. When these results are available, the Company will provide an update to the market.

Further drilling will be required to explore for additional pegmatites under cover to the north of Hickory towards Pecan, due to the presence of a significant alluvial channel approximately 3km in strike which masks any geochemical signature. The recent drilling at Hickory showed that the pegmatites continue under cover and Alchemy is investigating the use of geophysics including detailed deep ground penetrating radar, magnetics, ground radiometric and/or gravity surveys as a rapid way to detect prospective areas to drill test. NEXT STEPS: RC Drill samples have been sent to the laboratory for analysis.

Continue detailed mapping in the areas north of Hickory to further enhance the geological model. Planning for follow-up programs once assay results have been received and interpreted. Assess the application of geophysics, including detailed radiometric or gravity surveys, to map out potential extensions of the pegmatites under cover to the north.

Commence planning for heritage surveys prior to drill programs at Pecan Prospect. Planning underway for reconnaissance mapping and sampling of Lake Rebecca tenure pending heritage approvals.