Highlights
- Ground truthing has found lepidolite and spodumene outcropping at surface
- Latest results have confirmed the presence of surface lithium mineralisation with assay result of 2,723ppm lithium oxide, 167ppm caesium, 2,930ppm rubidium and 62.8ppm tantalum pentoxide
- New pegmatites are close to the area where November 2022 RC drilling intersected spodumene at Hickory
Alchemy Resources Ltd (ASX:ALY) -- an exploration company with interests in gold, base and battery metals -- has announced the discovery of new pegmatite bodies with lepidolite and spodumene on new gravity target areas. The assay result from rock chip sampling at Alchemy's WA-based Karonie Project has determined the presence of surface Li mineralisation (2,723ppm lithium oxide, 167ppm caesium, 2,930ppm rubidium and 62.8ppm tantalum pentoxide).
The gravity survey indicated that the known pegmatites could stretch beyond the structures that emerged during the recent drilling program, which intersected visual spodumene. The multi-element soil sampling on the Roe Hills and Taupo areas has also returned very positive results, says the company.
The next steps would include finalisation of drill planning to test gravity target areas (Hickory, Mesquite and Pecan), continuation of ground truthing (Roe Hills, Taupo and Mesquite), and assessing the ground survey potential to delineate buried pegmatites (Taupo and Roe Hills).
Source: Company update
Shares soar 11%
Triggered by the update, ALY shares gained over 11% to trade at AU$0.020 at the time of writing on 19 May 2023.
More to come..