Alchemy Resources defines new pegmatite zones through geochemical logging at Karonie Lithium-Gold Project

Australian explorer Alchemy Resources (ASX:ALY) has defined new zones of pegmatites through geological logging at its wholly owned Karonie Lithium-Gold Project in Western Australia.

The company says the new pegmatites were defined in drillholes at Taupo North, with multiple zones of up to 186m downhole. At Pecan, zones of pegmatites have been observed down-dip of the lepidolite and spodumene outcrops discovered last month up to 75m downhole.

Alchemy reports the pegmatites in both areas are interpreted to extend at least 100m vertically from surface and remain open with varying widths from 1m to 5m. Follow-up is planned with work underway.

Commenting on the results, Alchemy Resources Chief Executive Officer (CEO) James Wilson says: “The discovery of extensive stacked pegmatites at Taupo North and Hickory is a very positive development.

This confirms our model that pegmatites occur in proximity to the Cardunia Granite”

This confirms our model that pegmatites occur in proximity to the Cardunia Granite. Importantly, the pegmatites mapped at Hickory are continuous at depth, have a stacked geometry, and continue to the north and west under the shallow alluvial cover which extends for approximately 3km to the north, masking any surface geochemical expression.

Planning is now underway for follow-up exploration including detailed surface mapping, geochemical sampling, shallow drilling, and geophysics to identify pegmatites under alluvial cover prior to further deeper drilling.”

The company reports the Karonie lithium-focused drill program included 28 reverse circulation (RC) holes completed for 3,732m over the Cherry, Hickory, Pecan, Mesquite, and Taupo North prospects. The holes were designed to target the gravity lows along with interpreted and mapped pegmatite structures.

Alchemy says drilling targeted zones over a 5km strike length in the Hickory to Pecan corridor, and at Taupo North where historic shallow holes had intercepted pegmatites. The geology consisted of Archean volcanic basalts, intrusive pyroxene phyric dolerites, gabbros, and intermediate porphyries which cross-cut the older stratigraphy.

At Hickory, the lower-density pegmatites are interpreted to intrude into higher-density mafics, with the gravity lows trending towards the north from known pegmatite locations outlined from drilling and mapping. 

Multiple previously unknown pegmatite targets were generated, as well as numerous large gravity lows flagged as ‘high-priority’ target areas for testing. 

The company says known pegmatites occur at both Hickory and Pecan, trending north-south and north-east respectively. The gravity survey data shows analogous targets trending under the alluvial channel linking the 2 prospect areas over a 5km strike extent.

Alchemy says RC drilling at Taupo North targeted the down-dip extent of pegmatites observed in the 2 historic drillholes which were resampled and returned ‘highly anomalous’ multi-element re-assays. A total of 7 holes were completed at Taupo North for 948m of drilling.

Results indicated multiple shallow dipping lodes with up to 13 zones identified in hole TNRC001, while pegmatite intercepts were traceable over multiple holes with varying widths and depths up to 186m downhole.

Alchemy reports further drilling is required to explore for further pegmatites under cover to the north of Hickory towards Pecan, due to the presence of a ‘significant’ alluvial channel about 3km in strike which masks any geochemical signature.

The company says the recent drilling demonstrated that pegmatites continue undercover at Pecan and Taupo North. As a result, Alchemy will use geophysics, broad-spaced auger, aircore, and RC drilling to investigate prospective areas.

Alchemy Resources is an Australian explorer focused on discovering and developing gold, base metals, and battery metals across its Karonie Lithium-Gold Project in Western Australia, and its Lachlan/Cobar Basin Projects in New South Wales.

The company also maintains its interest in the Bryah Basin Project in Western Australia, where other explorers are continuing to advance gold and base metal exploration.

Alchemy has $5.6 million cash at hand, according to its latest company presentation published on 11 May 2023.

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Images: Alchemy Resources Ltd
Written By Harry Mulholland
Hailing from the Central Coast region of NSW, Harry is a passionate journalist with a background in print, radio and ESG news. When not bashing away on his keyboard, he can be found brewing a coffee or playing with his dog.