Alchemy Resources Ltd (ASX:ALY) has been drawn first in a ballot for exploration licence E28/3207, which will now form part of the 100%-owned Karonie Lithium and Gold Project in the Eastern Goldfields of Western Australia, a region that is shaping up to be highly prospective for lithium as well as gold.
The new exploration licence covers about 24.8 square kilometres of what the company considers highly prospective tenure, along strike from Global Lithium Resources’ Manna Lithium deposit and adjacent to Breaker Resources’ Lake Roe Gold Project.
Alchemy’s confidence in the tenure’s prospectivity is supported by the high level of interest from other applicants, and the tenement’s position within the target ‘Goldilocks Zone’ corridor, in which lithium-caesium-tantalum (LCT) pegmatites are known to occur.
“Highly prospective and strategic tenure”
“The acquisition of this tenement builds on our footprint of highly prospective and strategic tenure which sits in proximity to some of the most prolific lithium and gold projects in Western Australia,” Alchemy Resources CEO James Wilson said.
“The new lease covers 24.8 square kilometres of greenstone and intrusive units and has seen limited drill testing with modern exploration methods.
“We are delighted to have secured this ground and look forward to starting work as soon as the tenement is granted.”
Alchemy intends to begin a maiden lithium-focused reverse circulation (RC) drilling program on the project in October this year, targeting a high tenor anomalism at the Hickory prospect.
Alchemy Resources 100% owned tenure showing E28/3207.
Read more on Proactive Investors AU
