Alchemy Resources Drills High-Grade Results at Karonie

THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) reported receiving results of all holes from a recent Reverse Circulation (RC) drill program undertaken on the company’s Karonie gold project in the Eastern Goldfields of Western Australia.

Alchemy Resources conducted the Phase 1 drill program at Karonie focussing on infilling and extending shallow zones of mineralisation at Parmelia, Taupo and KZ5 with anomalous intercepts returned from most holes.

Mineralisation at KZ5 extended to 500m, open along strike to the north and south, while high-grade mineralisation was intersected at Taupo, extending 150m down dip, remaining open at depth.

Best Intercepts include:


12m at 1.26 grams per tonne gold from 24m, including 8m at 1.41g/t gold from 24m;

4m at 3.39g/t gold in from 56m;

1m at 1.87g/t gold from 58m;

4m at 1.25g/t gold from 96m;
40m at 0.54g/t gold from 8m; and

2m at 1.25g/t gold from 109m.


1m at 2.67 gold from 107m;

4m at 1.72g/t gold from 123m, including 1m at 5.73g/t gold from 123m; and

4m at 1.82g/t gold from 48m.

“Karonie is continuing to emerge as a very exciting project,” Alchemy Resources chief executive officer James Wilson said in the company’s ASX announcement.

“This recent round of drilling has extended mineralisation at KZ5 to around 500 metres strike as well as opening a potential new zone of mineralisation to be tested in the north-west section.

“At Taupo we’ve extended mineralisation to 150 metres down dip with some high-grades in the central part of the deposit, which is a fantastic outcome.

“Mineralisation remains open at depth and along strike at all three prospects so its early days of testing what appears to be multiple significant mineralised systems.

“Our understanding of these systems has advanced significantly and will be utilised in planning for our next phases of drilling.

“We will now look to re-sample the four metre composites and to commence 3-D modelling these zones, with a view to potentially calculating a maiden resource later this year.

“In addition, we have detailed reconnaissance surface mapping underway in the areas to the north and south of Karonie which will form part of the next phases of drilling commencing later this year.

“This dovetails in with our strategy of an aggressive 10,000 metres to 20,000 metres drill program over 3 phases across the tenement package at Karonie.”