Alchemy Resources (ASX:ALY) has kicked off a lithium-focused reverse circulation (RC) drilling program to test several ‘high-priority’ targets within its Karonie Project in Western Australia.
The drilling will comprise 16 holes for 1,900m and will test pegmatite targets over a 7km strike length of the ‘extensive’ system of interpreted pegmatites and high tenor targets that were identified by field mapping, high-resolution gravity, and soil sampling programs.
Alchemy, which has a market capitalisation of $11.78 million, is specifically focusing on drilling at the Cherry, Hickory, Mesquite, and Pecan prospects. The program is expected to take 2 – 3 weeks to complete.
Chief Executive Officer (CEO) James Wilson says the drilling at Karonie is an ‘exciting’ development for the company and its geology team.
“After the discovery of further lithium-caesium-tantalum (LCT) pegmatite mineralisation at surface at Mesquite and completion of our geochemical review, we are excited to get the drill rig back on the ground to test these high-priority targets at the Cherry, Mesquite, and Pecan prospects.”
“we are excited to get the drill rig back on the ground to test these high-priority targets at the Cherry, Mesquite, and Pecan prospects”
Upon completing this program, Alchemy says it will be planning follow-up drilling programs.
Further, the company is awaiting assays from soil samples submitted to the laboratory that were collected from its Lake Rebecca Project in Western Australia.
Alchemy Resources is an Australian minerals explorer focused on discovering gold, base metals, and battery metals.
As of 30 September 2023, the company had $4.369 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources