Alchemy Resources Releases Maiden Mineral Resource at Overflow Project

THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) announced an opening Mineral Resource Estimate (MRE) for the Overflow deposit at the company’s 80 per cent-owned Lachlan project in New South Wales.

Alchemy Resources reported the Overflow MRE using a 0.7 grams per tonne gold equivalent (AuEq) cut-off grade to come in at 8.189 million tonnes at 1.3g/t AuEq for 342,000 ounces AuEq.

The company considers there to be substantial potential to expand the current JORC 2012-compliant MRE through additional drilling, as the deposit remains open along strike and at depth.

“The maiden Mineral Resource Estimate of 342,300 gold equivalent ounces of gold at Overflow establishes a solid base for growth in the centre of our 80 per cent-owned Lachlan projects,” Alchemy Resources CEO James Wilson said in the company’s ASX announcement.

“Importantly this is a high-quality, independently conducted resource estimate which remains open at depth and along strike.

“The current resource footprint covers only a small portion of the prospective stratigraphy and sits near a number of existing operations.

“We believe there is a lot of potential for future growth, both along strike and at depth.

“Moving forward, our strategy is to conduct exploration to expand our resource inventory, commencing at Overflow North which has seen almost no modern exploration.

“We are also planning work to target the depth and down plunge extensions of the existing resource.

“The area has a lot of potential for high grade mineralisation close to surface with many targets having not been followed up in nearly 20 years.”

 

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