Alchemy Resources (ASX:ALY) is finalising its interpretation of drilling results from the Challenger prospect, while the planning of additional drill targets at the Karonie Lithium and Gold Project in Western Australia continues.
As previously reported, Alchemy conducted a reverse circulation drilling program comprising 13 holes for 1,508m, testing depth extensions of mapped pegmatites and geochemical anomalies.
The $9.42 million market capitalisation company is currently analysing those lithium-focused drill results, as well as planning a follow-up drill program.
Drilling intersected multiple thin pegmatites with chemical assays demonstrating the pegmatite system is fertile over 1,200m.
Alchemy says further drilling is required at the Cherry, Hickory, and Pecan prospects to explore for additional pegmatites.
The company is currently investigating the use of XRF geochemical mapping, geophysics, and broad-spaced auger, aircore and RC drilling as ways to detect additional prospective areas.
Further, during the first quarter of 2024, Alchemy conducted a soil sampling program over the Roe Hills and Manhattan prospects. The company plans to assess these results for gold and lithium prospectivity.
Meanwhile, the company is also preparing field work activities and exploration for the remainder of 2024 at its Yellow Mountain Project in New South Wales.
Alchemy says field work activities will include soil sampling, mapping, rock chip sampling, and once completed, drilling.
Local contractors have been engaged, with the proposed program to be submitted once approvals are in place.
Within its Bryah Basin portfolio, Alchemy plans to complete the integration of the Bryah database, while continuing to review the Sandfire Resources (ASX:SFR) JV database to generate future targets.
In late January 2024, the company secured Sandfire’s 80% interest in the Bryah JV, yielding in a historical database and more than $18 million worth of previous exploration.
The company is also planning a field trip in early May 2024 to assess the iron ore potential of the Valley Bore and Old Highway prospects.
Alchemy Resources is an Australian gold, base metal, and nickel-cobalt explorer focused on growth through the development of exploration projects.
As of 31 March 2024, the company had $3.55 million in cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources
