Alchemy Resources Completes Phase One Drill Program at Karonie Gold Project

THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) declared at the completion of a 27 hole Reverse Circulation (RC) drilling program within the company’s 100 per cent-owned Karonie gold project, east of Kalgoorlie in Western Australia.

Alchemy Resources conducted the drilling in order to test high priority ‘Karonie’ style targets immediately along strike to the north and south of Silver Lake Resources’ Aldiss Mining Centre.

The drilling included five holes at the Parmelia prospect, targeting the strike extensions and down dip extents of previously encountered intercepts.

He recent drilling intersected zones of silica altered dolerites with variable levels sulphides and quartz veining.

At the Warrior prospect four holes targeted a coincident Electro Magnetic and Gravity anomaly, intersecting silica altered dolerites and black shales with quartz veining and sulphides.

Nine holes at the KZ5 prospect targeted the up/down dip and along strike extension of the zones of existing mineralisation, hitting variably altered dolerites with zones of sulphides and quartz veining close to the interpreted strike extension locations.

The Taupo prospect also received nine holes targeting infill and extension of the two primary lodes of mineralisation along strike from previous drilling.

Drilling intercepted zones of altered dolerites, quartz veining and sulphides in proximity to the interpreted strike extension locations.

The company is now waiting on assays with future drilling to be planned subject to results.