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    ALY   AU000000ALY0

ALCHEMY RESOURCES LIMITED

(ALY)
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Alchemy Resources Limited : - Diamond Drilling Underway at Overflow, NSW

10/02/2020 | 09:57am EST

Alchemy Resources Limited (ASX: ALY) ('Alchemy') is pleased to announce the commencement of diamond drilling within the Overflow Gold and Base Metal Project in the Cobar Basin, NSW.

The Project forms part of the farm-in and joint venture agreement with Heron Resources Ltd (ASX: HRR)1.

Two deep diamond holes totalling 750m aim to expand the known extent of gold and base metal mineralisation down plunge to the south of previous high-grade gold intercepts.

The diamond drilling aims to test a target area 100m down-plunge to the south of several previous drill intercepts including: 7m @ 6.7g/t Au, 19g/t Ag, 1.9% Zn, 1.4% Pb, 0.3% Cu from 236m (TBB008)2

18m @ 2.1g/t Au, 111g/t Ag, 1.1% Zn from 245m (OFDD001)3

3m @ 7.3g/t Au, 43g/t Ag, 4.6% Zn, 4.2% Pb, 0.3% Cu from 236m (OFDD001)3

The structurally controlled polymetallic mineralisation, located on the strike extensive Overflow shear zone, displays metal zonation similar that seen at the Hera mine just 30km to the northwest. Both shear parallel and cross-cutting quartz vein sets are present, along with shallow south dipping fault zones, which are interpreted to control the shallow southerly plunge identified in current gold and base metal grade shells. Each diamond hole should take 10 days to complete with first assays expected early in December 2020.

Alchemy's Managing Director, Leigh Ryan said: 'After a significant delay due to COVID-19 restrictions Alchemy is excited about the commencement of diamond drilling at Overflow, and looking forward to extending mineralisation down plunge to the south and receiving some significant gold and base metal results in the near future.'

Contact:

Mr Leigh Ryan

Tel: +61 8 9481 4400

Email: Leigh@alchemyresources.com.au

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALCHEMY RESOURCES LIMITED -8.33% 0.011 End-of-day quote.-38.89%
HERON RESOURCES LIMITED 0.00% 0.045 End-of-day quote.-8.16%
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Financials
Sales 2021 0,01 M 0,01 M 0,01 M
Net income 2021 -0,52 M -0,37 M -0,37 M
Net cash 2021 0,92 M 0,65 M 0,65 M
P/E ratio 2021 -17,9x
Yield 2021 -
Capitalization 10,5 M 7,36 M 7,33 M
EV / Sales 2020 5 204x
EV / Sales 2021 654x
Nbr of Employees -
Free-Float 78,6%
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Managers and Directors
James Wilson Chief Executive Officer
Lindsay George Dudfield Non-Executive Chairman
Anthony Ho Independent Non-Executive Director
Liza Carpene Non-Executive Director
Jessamyn Sarah Lyons Joint Secretary
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