Alchemy Resources Limited (ASX: ALY) (“Alchemy” or “the Company”) is pleased to announce it has identified additional outcropping pegmatites at its 100% owned Karonie Gold Project located east of Kalgoorlie in Western Australia. The recent mapping has now identified a pegmatite cluster and has doubled the strike length at the Cherry and Hickory prospects, and has identified multiple outcropping pegmatites at Pecan in the north.


HIGHLIGHTS

  • Field work has identified further outcropping pegmatites over the recently discovered lithium in soils anomalies at the 100% owned Karonie Project 110km East of Kalgoorlie.
  • Pegmatite cluster mapped over an initial 7km x 1.5km area.
  • At Cherry and Hickory Prospects, pegmatites now defined over a 1.5km x 2km area, doubling the previous mapped strike extent.
  • At Pecan prospect, outcropping pegmatites have been identified over a strike length of 400m. Outcrops coincide with soil anomalies.
  • Rock-chip assays returned significant pathfinder anomalism with Rubidium grades up to 5880ppm, Tantalum up to 122ppm and Caesium up to 221ppm. The ratio analysis of the multi-element data indicates fractionated and highly evolved Lithium-Caesium-Tantalum (LCT) pegmatites over the entire 7km strike.
  • Large infill soil geochemistry program planned to commence in late May 2022.
  • Regional Soils program commencing concurrently in late May 2022.

Chief Executive Officer Mr James Wilson commented:

“The mapping has now identified a cluster of pegmatites at Karonie. At Hickory and Cherry, we’ve doubled the strike length of mapped pegmatites and at Pecan we’ve discovered multiple pegmatite outcrops across a 1km wide area. We expect the infill soils will zero in on zones which sit under the thin surface cover, and this will help us plan the next steps. The rock-chip assays are all showing very high tenor pathfinder anomalism which plots within the highly evolved and fractionated granite chemistry, telling us that we are exploring in exactly the right spot. Our next steps will be the commencement of infill soils and detailed structural mapping due to start imminently to zero in on target zones for drilling later this year.”

KARONIE PEGMATITE UPDATE

Reconnaissance field mapping at the Cherry-Hickory-Mesquite and Pecan prospects has further extended the known pegmatite occurrences at the Project. Several pegmatite dyke clusters have been identified, indicating the presence of multiple zones which outcrop within the target area. The mineralogy of these bodies appears similar to occurrences identified in earlier zones. Understanding the structural and geochemical controls on these bodies will be a key in defining areas for drill testing. Rock chip results from recent sampling continue to exhibit exceptionally strong pathfinder anomalism with the relevant ratio analysis indicative of evolved and fertile pegmatites with high Tantalum, Rubidium and Caesium results.

Alchemy is preparing field crews to commence infill soil sampling on the priority targets, which is expected to commence in late May 2022.