Alchemy Resources (ASX:ALY) has kicked off a 69-hole aircore drilling program at the Challenger South prospect within the Karonie Gold Project in Western Australia.
The program is designed to target structural breaks within the Challenger dolerite, and aims to intersect structures similar to the north-northeast-striking Challenger Shear, as previously identified in magnetic imagery which influenced controls on mineralisation at the Challenger prospect.
Challenger South was previously recognised as an extension of the quartz dolerite unit associated with mineralisation at the Challenger prospect, which lies 2.5km to the north.
CEO James Wilson says the company has multiple programs ongoing within its portfolio “including our existing walk-up gold targets at Karonie, preparations for drilling at the high-grade Yellow Mountain targets in New South Wales and our recently announced lithium joint venture with JOGMEC at Roe Hills.”
The Challenger South prospect lies 11.5km southeast of the French Kiss open-pit mine which is currently operational under the management of Vault Minerals (ASX:VAU).
Challenger is considered an advanced gold target that has returned intercepts of up to 16m @ 1 gram per tonne gold.
Alchemy, which has a market capitalisation of $7 million, recently made submissions for heritage and regulatory approvals for the Yellow Mountain prospect’s upcoming drilling program in New South Wales.
The company is awaiting these submissions to be approved.
At the Overflow prospect in New South Wales, Alchemy is planning further drilling, while also planning a reconnaissance soils program for the Yellow Mountain Project area.
Alchemy Resources is an Australian explorer focused on discovering and developing gold, base and battery metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources
