Alchemy Resources (ASX:ALY) has begun a reverse circulation drilling program at three new targets within the Karonie Gold Project in Western Australia.
The 12-hole for 1,680m drilling program is designed to test along strike from established gold mineralisation at the Parmelia South and Karonie East prospects, which sit adjacent and along strike of Vault Minerals (ASX:VAU) Aldiss mining operations.
Alchemy, which has a market capitalisation of $8.24 million, expects the drilling program to take 10 days to complete.
The three new targets being drilled, Cheynes, Ezmay, and Monty, were uncovered after conducting a comprehensive program of geochemical sampling and re-sampling of historical holes.
As a result, the company found mineralisation in the region follows specific geological, geochemical, and geophysical trends which is now being used to target gold mineralisation at Karonie.
CEO James Wilson says the company is also continuing to progress approvals for the Japan Organization for Metals and Energy Security (JOGMEC) lithium earn in agreement at Roe Hills.
During September, Alchemy entered into an agreement with JOGMEC, in which the organisation can earn up to a 51% interest in the project’s tenure by spending up to $6 million on exploration by the end of March 2029.
Meanwhile, heritage approvals are progressing for an upcoming drilling program at the Yellow Mountain Project in New South Wales.
The Monty prospect sits along strike to the south from the Parmelia prospect, which contains an existing inferred resource of 644,000 tonnes at 1 grams per tonne gold for 20,700 ounces of gold.
Meanwhile, the Ezmay, and Cheynes prospects sit to the east of the Aldiss operations in an area referred to as Karonie East. There is a 1,400m zone between both prospects, which has seen minimal historical basement reverse circulation drilling.
Alchemy says this will be the focus of any follow-up drilling conducted, dependent on results from the current program.
The company is awaiting results from the Challenger prospect’s aircore drilling program.
Alchemy Resources is an Australian junior explorer focused on discovering and developing gold, base, and battery metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources
