Alchemy Resources Reports Positive Initial Results from Karonie East Drill Program

THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) was handing out Tim Tams at the 2022 RIU Explorers Conference as well as news of the first four-metre composite assays from aircore drilling at the company’s 100 per cent-owned Karonie project in Western Australia.

Alchemy Resources reported drill results that it says have confirmed the relationship between the magnetic highs and structural features that the targeting was based on, with strong results in proximity to holes drilled nearly 20 years ago.

Assay result highlights include:

KEAC009
4 metres at 2.89 grams per tonne gold from 48m;

KEAC045
4m at 2.15g/t gold from 84m; and

KEAC075
4m at 1.59g/t gold from 20m.

“At Karonie East, composite aircore assays have intersected numerous zones of mineralisation in saprolite along a trend about 600 metres in strike length in the northern area,” Alchemy Resources chief executive officer James Wilson said in the company’s ASX announcement.

“In the south we are seeing both primary and paleochannel hosted gold mineralisation with results in two separate areas over a strike extent of two kilometres.

“Importantly we have only received about two thirds of the assays from the drill program.

“A full interpretation of the significance of these results is not possible until all the assays have been received, but our early indications show that we are finding mineralisation in areas that were passed over by previous explorers.”

Alchemy anticipates a complete interpretation of the Karonie aircore drill results will be completed once it receives the remaining composite assays and single metre assays.

Additional drill testing is planned and will coincide with a Phase 3 drill program designed to test the Gilmore targets later in the year.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: admin@alchemyresources.com.au

 

Web: www.alchemyresources.com.au