Alchemy Resources Limited (ASX: ALY) (“Alchemy” or “the Company”) is pleased to announce it has identified a new coherent lithium and pathfinder elements anomalous corridor at its 100% owned Karonie Gold Project located east of Kalgoorlie in Western Australia. The tenements sit contiguous and 8km along strike of the Manna Lithium Deposit owned by Global Lithium Resources Limited and Breaker Resources NL (ASX: GL1 80%, ASX:BRB 20%).

  • An in-depth review of multi-element soil and drillhole geochemistry sampling data has highlighted areas of lithium and coincident indicator anomalism at the 100% owned Karonie tenements 110km east of Kalgoorlie.
  • The multi-element signatures of these soil anomalies are consistent with possible hard rock lithium mineralisation associated with lithium-caesiumtantalum (LCT) type pegmatites.
  • Lithium and pathfinder anomalism defined over an area of 7km x 1km at the new “Pecan, Mesquite, Hickory and Cherry Prospects”.
  • New anomalies sit 8km along strike and within contiguous tenure to Global Lithium Resources Limited’s (ASX: GL1) 80% owned Manna Lithium deposit (9.9Mt @ 1.14% Li20 1 ).
  • Ground truthing of anomalies has discovered outcropping pegmatites with up to 1km length which were not previously mapped by Geological Survey of WA (GSWA).
  • 4 new high priority lithium targets to test over an initial 7km x 1km zone of anomalism.

Chief Executive Officer Mr James Wilson commented: “The lithium and pathfinder anomalism identified by Alchemy’s soil sampling and recent rock chipping in proximity to Manna are an encouraging start. Mapping by our geologists has shown pegmatites in outcrop along strike of Manna which is made more significant by the fact that there’s been no pegmatites mapped in this region before. The geochemical review reaffirms the prospectivity of our large tenement package at Karonie in what has historically only ever seen gold and base metals exploration. Work is continuing to identify the other intrusive dykes in the vicinity through a program of detailed mapping and sampling.”