Alchemy Resources awarded WA government drill incentive

THE DRILL SERGEANT: Alchemy Resources has been awarded a $120,000 grant through the Western Australian Governments’ Exploration Incentive Scheme.

Alchemy said the grant would support a targeted drilling program to be undertaken at the company’s Bryah Basin copper project in WA.

The Bryah Basin copper project covers over 45 kilometres of strike length of volcanic and sedimentary rocks of the Narracoota volcanic sequence and is situated to the west of Sandfire Resources’ DeGrussa copper-gold deposit.

 

Location of proposed co-funded drilling program targeting VTEM
anomalies, Bryah Basin copper project. Source: Company announcement

“The grant will be used to investigate untested VTEM anomalies within the prospective Narracoota volcanic sequence and Peak Hill Schist on tenements recently acquired from Grosvenor Gold,” Alchemy Resources said in iits ASX announcement.

Alchemy identified the drill targets during it ongoing review of Grosvenor’s exploration and geological database.

The targets were delineated from interpretation of versatile time electromagnetic (VTEM) and preliminary moving loop electromagnetic (MLEM) surveys.

The company said it expects the drilling program to commence in the September quarter, once all necessary permits have been obtained.

“Award of the competitive grant validates Alchemy’s innovative and systematic approach to conducting its exploration at the Bryah Basin copper project,” the company said.

“Exploration of Alchemy’s Bryah Basin landholding is continuing with geological mapping and geochemical sampling on the recently acquired tenements currently underway, and with ground geophysical surveys planned to commence next month.

“In combination, the results from these surveys will be used to define additional targets for drill testing in the second half of 2012.”