THE DRILL SERGEANT: Alchemy Resources (ASX: ALY) released news of activities on the company’s Karonie project located directly along strike to Silver Lake Resources (ASX: SLR) Aldiss project and along strike to the south of Breaker Resources (ASX: BRB) Lake Roe gold project.
The release came shortly after CEO James Wilson has spoken with The Resources Roadhouse at the 2021 RIU Sydney Resources Roundup.
Alchemy reported that initial drilling at the Parmelia prospect intersected broad zones of silica-altered dolerites with varying amounts of sulphides and quartz veining similar to that seen in holes the company drilled in late 2020.
In addition, extension drilling to the south has intersected target lithologies in holes south of the previous drilling.
At Parmelia, silica altered dolerite as seen in previously drilled up-dip holes was intersected in all five holes drilled.
Holes PARC017 and PARC022 intersected meaningful widths of alteration with associated quartz veins and sulphides which the company believes represents a continuation of the Parmelia mineralised structure down dip in a sub-vertical orientation.
At Warrior, the first holes intersected bedrock geology, with geological logging of hole WARC002 noting intercepts of black shales, silica altered dolerites with quartz veining and pyrrhotite and pyrite, with pyrrhotite mineralisation interpreted to be contributing to the Warrior magnetic anomaly.
“I’m delighted to announce the first holes at Parmelia have intersected some promising down dip structures,” Alchemy Resources CEO James Wilson said in the company’s ASX announcement.
“Visually this looks very similar to what we intersected last year with varying levels of silica alteration, quartz veining and sulphides.
“Importantly the structure is occurring where we predicted, implying a broadly sub-vertical orientation.
“At Warrior, we have also intersected silica altered dolerites accompanied by pyrrhotite mineralisation, which is interpreted to help explain the magnetic anomaly.
“Although its early days, we are very happy with the progress so far on only two of the four zones to be tested as part of the drill program.
“This is an exciting time for the company as we target advanced exploration projects with aggressive drilling.
“Exploration activities are proceeding in line with our 2021 objectives, targeting our existing walk-up drill targets at Karonie.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE