Alchemy Resources Ltd (ASX:ALY) has received assay results from infill soil sampling at the Karonie Project in Western Australia’s Eastern Goldfields highlighting high tenor lithium and coincident pathfinder anomalism.
There were 793 infill soil samples taken over three target areas on a 100-metre x 40-metre offset grid pattern along the prospective 'Goldilocks Trend' along a strike length of more than 7 kilometres.
Results show coherent and coincident lithium, beryllium, niobium, tin, tantalum and rubidium across these areas.
At Cherry and Hickory prospects infill soils show elevated lithium and pathfinder elements over a 2-kilometre x 1.2-kilometre zone with mineralisation open in all directions.
Results from Pecan prospect show multiple discrete anomalies outside of the mapped pegmatite outcrops which may indicate additional zones under shallow cover.
Validates exploration strategy
Chief executive officer James Wilson said: “This latest round of results continues to validate our exploration strategy at Karonie. It demonstrates the excellent potential for further success in lithium-focused exploration.
"The soil anomalies remain open in all directions so there’s excellent upside to grow the scale of this target. We view this as just the start of a significant lithium exploration campaign for Alchemy over our large 100%-owned tenure.”
Karonie Project and nearby lithium development assets.
RC follow-up planned
This soil data along with the rock chip assay data and detailed mapping has contributed to the planning of a phase 1 reverse circulation (RC) drill program, which is due to begin next month.
The program of 33 RC holes for 3000-5000 metres, will focus on the Hickory area initially, due to its significant density of pegmatites with associated strong pathfinder anomalism in rock chips and soils.
Drilling will target 1,200 metres of strike length of the pegmatites that have been identified by field mapping.
Depth of holes will be up to 150 metres downhole with spacings of 80 metres to provide adequate cross-over to establish dyke orientation.
In addition, a stratigraphic line will be drilled across Hickory to Cherry to establish if there are additional pegmatites under the thin surface cover.
An “exciting time”
“Our maiden drill program will commence in early October in what is a very exciting time for our company and our shareholders,” Wilson added.
Planning is also underway for future drill programs and soil sampling to test the areas under cover to the north and south to ascertain additional prospectivity.
Next steps
Alchemy’s next steps at Karonie are:
- Commence first pass RC drill program at Hickory.
- Ground truthing of all infill and the new regional soil sampling target areas at Red Oak and Alder.
- Plan additional sampling programs for soil anomalies along strike at Cherry and Hickory.
- Continue to progress Land Access Agreements and heritage access for the Pecan prospect.