Mineral explorer Alchemy Resources (ASX:ALY) is awaiting results from new zones of pegmatites recently discovered at the Taupo North prospect within its Karonie Project in Western Australia.
During the June quarter, the company completed 7 holes at Taupo North for 948m of drilling. Results indicated multiple shallow dipping lodes, with up to 13 zones uncovered in drillhole TNRC001. The company reports the prospective zone is about 400m wide and remains open.
In addition, Alchemy adds that at the Taupo prospect, drill results displayed a broad zone of lithium anomalism that extended for about 3km by 1.5km.
In Alchemy’s June quarterly report released yesterday (31 July 2023), the $16.49 million market capitalisation company says it focused on the completion of geophysics, mapping, and follow-up reverse circulation (RC) drilling over the quarter, which also uncovered pegmatites at the Mesquite prospect.
This confirmed Alchemy’s interpretation of a system developing at depth and within proximity of the Cardunia granite ‘Goldilocks Zone’.
Alchemy reports rock chip assays of the outcrop returned peak values of up to 2,723 parts per million (ppm) Li2O, 167ppm Cs, 62.8ppm Ta2O5, and 2,390ppm Rb2.
Moreover, during the quarter, the company completed a project-wide soil sampling program over the priority area at the Karonie lithium targets, which aimed to cover the Roe Hills and Taupo prospect areas.
Further, the company’s joint venture partner in the Bryah Basin Gold Project, Superior Gold, was recently purchased by Catalyst Metals through the acquisition of all the issued and outstanding common shares in the capital of Superior. The acquisition was completed at the end of June 2023.
Alchemy also notes land access agreement discussions are progressing in New South Wales, with a reconnaissance field trip being undertaken to familiarise the company’s geologists with historical exploration core and project areas.
As of 30 June 2023, the company had $5 million cash at hand.
Alchemy Resources is an Australian gold, base metal, and nickel-cobalt exploration company focused on its portfolio of exploration projects located across Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources Ltd
