Alchemy Resources (ASX:ALY) is conducting follow-up work and several exploration activities at its Karonie and Bryah Basin projects in Western Australia, alongside the Lachlan projects in New South Wales.
During the second quarter of this year, the company completed a soil sampling program at Roe Hills and Manhattan, targeting gold and lithium.
Roe Hills’ results showed multiple “large-scale” anomalies within a 15km by 3km zone, a 12km by 6km zone, and a 3.5km by 3.5km zone. Meanwhile, Manhattan’s results recorded lithium anomalism over a 10km by 6km zone in the centre of E28/2667.
Alchemy, which has a market capitalisation of $9.42 million, will conduct follow-up work for gold targets, which is already underway at the Parmelia, K4, and Challenger targets.
The company has re-assayed 189 pulps from reverse circulation drilling at Parmelia, Warrior, and Gilmore, which have been analysed. Interpretation of the new data is anticipated to be completed by the end of this quarter.
Alchemy says this work will improve the geological understanding of the Karonie region and support more precise drill targeting moving forward.
At the Lachlan Project in New South Wales, local contractors have been engaged to begin planning fieldwork, with the proposed program to be submitted once approvals are in place.
Initial work will include mapping, sampling, and rock chipping of historic “high-grade” mining areas. Heritage survey proposals have been submitted to facilitate drill access.
At the Bryah Basin Project, rock chips returned results up to 65.9% iron during the second quarter of this year. The company says heritage surveys will begin in early August 2024 to clear Valley Bore ahead of maiden drilling programs.
Once completed, drill planning is underway.
As of 30 June 2024, the company had $3.055 million in cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources
