Alchemy plots Karonie follow-up work

Alchemy Resources (ASX:ALY) is planning follow-up work for its Karonie Lithium and Gold Project in Western Australia, upon intersecting pegmatites containing lepidolite. 

Follow-up activities include XRF multi-element mapping of the pegmatites uncovered from recent drilling, as well as a soil sampling program which is expected to begin in mid-March 2024. 

Chief Executive Officer (CEO) James Wilson says the company is planning for surface outcrop chemical mapping, additional sampling and targets for the planned drilling programs. 

The $9.42 million market capitalisation company reports that hole MQRC009 intersected pegmatites containing lepidolite, below previously mapped lepidolite outcrops. 

Some of the ‘best’ results include hole HYRC048 with 5m @ 1,331 parts per million (ppm) lithium oxide (Li2O), 118ppm tantalum pentoxide (Ta2O5), 829ppm rubidium (Rb). 

The CEO says: “The presence of multiple pegmatites confirmed by drilling gives us further encouragement for future lithium exploration. 

In particular, we are now seeing lithium minerals at depth below mapped outcrops which re-affirms our interpretation that the lithium-caesium-tantalum pegmatites are steeply dipping and open at depth. 

We’ve observed spodumene and lepidolite at multiple locations along this trend so the 7km long strike extent remains fertile.”

Drilling comprised 13 reverse circulation (RC) holes for 1,508m that were testing depth extensions for known mapped pegmatites and geochemical anomalies.

Eight RC drillholes for 871m were drilled at Cherry and Hickory targeting geochemical anomalies associated with mapped pegmatite outcrops. The drilling intersected multiple thin pegmatites with the chemical assays showing that the pegmatite system is fertile for over 1200m. 

Five RC drillholes for 630m were drilled at Mesquite and Pecan to target pegmatite outcrops that contained coarse lepidolite crystals. 

Multiple thin pegmatites were intersected with lepidolite identified in logging in drillhole MQRC009 which indicates the mineralised zones seen in surface rockchips1 are persistent at depth. 

Further drilling will be required to explore for additional pegmatites under cover between Hickory and Pecan, due to the presence of a significant alluvial channel approximately 3km in strike which masks any geochemical signature. 

Alchemy says the recent drilling showed that the pegmatites continue under cover at Pecan. The company is investigating the use of XRF geochemical mapping, geophysics, broad spaced auger, aircore and RC drilling as a way to detect additional prospective areas.

Alchemy Resources is an Australian explorer focused on discovering and developing gold, base metal, and battery metals within Australia. 

As of 31 December 2023, the company had $4 million cash and cash equivalents at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Alchemy Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.