Alchemy Resources (ASX:ALY) is looking to complete a project-wide soil sampling program at its Lake Rebecca Project in Western Australia on a 400m x 400m spaced grid followed by initial pXRF Lithium Index Evaluation.
The $11.78 million market capitalisation company says the current soil geochemistry program is scheduled to be complete by the end of November 2023 before a planned drilling program at the Karonie lithium-caesium-tantalum (LCT) pegmatite in December.
Follow-up laboratory assay analysis, field reconnaissance campaigns and target identification, and infill soil sampling to advance drill targets will then follow.
Alchemy reports soil sampling follows a recent field reconnaissance and a detailed geochemical review of lithium prospectivity and has been designed to assess the potential of all project areas at Lake Rebecca.
The company notes initial pXRF sample analyses to follow once samples are returned to Perth for analysis.
The regional soil sampling represents the first exploration program being undertaken for lithium, with the majority of the tenure having only ever been explored for gold.
Previous exploration at the Middle Tank prospect has identified lithium in soils anomalism with an area of interest characterised by a coincident lithium-caesium-tantalum (LCT), rubidium and rubidium/potassium ratio, along with elevated gold-related pathfinder elements.
Alchemy Resources Chief Executive Officer (CEO) James Wilson says the ongoing and future work will help the company flag targets for planned 2024 exploration.
“At the same time we are preparing to test our Karonie lithium-caesium-tantalum (LCT) pegmatite targets and hope to begin drilling in early December 2023.”
Alchemy Resources is an explorer focused on growth through the discovery and development of gold, base metal, and battery metals in Australia.
The company’s Lake Rebecca Project comprises 7 granted exploration licences and 3 applications covering a total 570km-square of Archean greenstones in the Eastern Goldfields of Western Australia. The project sits 100km east of Kalgoorlie.
As of 30 September 2023, Alchemy Resources had $4.369 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Alchemy Resources
