| Announcement Date: | 2022-02-15 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | JORC |
| Company name: | Alchemy Resources Ltd. |
| Project name: | Karonie |
| Location: | Australia |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 4m @ 2.89g/t Au from 48m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Alchemy Resources Limited (ASX: ALY) (“Alchemy” or “the Company”) is pleased to announce that it has received first 4m composite assays from aircore drilling at the Company’s 100% owned Karonie Project in Western Australia. Drill results have confirmed the relationship between the magnetic highs and structural features that the targeting was based on, with strong results in proximity to the holes drilled nearly 20 years ago, which were unable to penetrate the younger cover. Phase 2 of Alchemy’s planned drilling was focussed on the Karonie East target area as a priority target, after the high-resolution magnetics flown in 2021 pin-pointed multiple high tenor structures in proximity to the existing deposits1 and open pits at the adjacent Aldiss Mining Operations currently operated by Silver Lake Resources (ASX: SLR). The program aimed to test the 10km long corridor with aircore (“AC”) and consisted of 112 holes for a total of 6,357m of drilling. The program was split into two zones, in the north and south of the trend. KARONIE EAST – NORTHERN ZONE Holes in this area (Figure 1) were designed to test a magnetic feature which runs along the northern zone over a 2km strike length. A north-east trending structural dislocation occurs in the centre of Figure 1, which Alchemy believes is a key control on mineralisation in the region. Lithologies were dominantly silica altered dolerites, sediments, and a significant amount of transported |
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