Alchemy Resources kicks off phase one RC drilling at Karonie Gold Project

Alchemy Resources Ltd (ASX:ALY) (FRA:45A) has begun reverse circulation (RC) drilling on its 100%-owned Karonie Gold Project in Western Australia. The 35 holes for 3,000-5,000 metres are designed to infill and extend the three discovery zones – KZ5, Parmelia and Taupo - which sit along strike from Silver Lake Resources Ltd (ASX:SLR) Aldiss Mining Operations.  A fourth target area of interest is located at Warrior to the southeast of Parmelia, with drilling to test a large coincident magnetic/gravity high.  The first assay results are expected in May 2021. “Aggressive drilling planned”  Alchemy chief executive officer James Wilson said: “I’m delighted to announce Alchemy’s drill program has commenced at the Karonie Gold Project in Western Australia.  “This is an exciting time for the company as we target advanced exploration projects with aggressive drilling.  “Exploration activities are proceeding in line with our 2021 objectives, targeting our existing walk-up drill targets at Karonie”.  Parmelia drill program  The Parmelia drill program consists of eight RC drill holes with varying planned depths of between 80-150 metres, following up on drilling completed in December 2020. Mineralisation is hosted within dolerites with mineralised zones of up to 43 metres downhole (~30 metres true width) and extends 500 metres along strike.  Drilling will target the up-dip and down-dip extents of mineralisation as well as testing along strike to the north and south.  The current drilling has only tested the structure to around 100 metres vertically. KZ5 drill program   The KZ5 drill program consists of 10 RC drill holes with varying planned depths of between 80-150 metres.  Mineralisation extends to up to 32 metres downhole (~20 metres true width) and projects to surface.  The drilling will target the up-dip and down-dip extents of mineralisation as well as testing along strike.  Historically, holes along the northern extent (up to 300 metres along strike to the north) did not test beyond 10 metres vertical depth.  In 2006 Integra Mining completed a surface Induced Polarisation (IP) survey over the KZ5 prospect and identified chargeability anomalies which correlate well with the currently defined zone of mineralisation.  The anomaly extends for a further 500 metres to the north where drilling has been sporadic with anomalous results.   Karonie Project showing areas included in the current drill program.  Taupo drill program   The Taupo drill program consists of 11 RC holes with varying planned depths of between 80-150 metres, following up on drilling completed in July 2020.  Mineralisation is hosted within dolerites and extends to up to 34 metres downhole (~30 metres true width) and extends 500 metres along strike.  The drilling will target the up-dip and down-dip extents of mineralisation as well as testing along strike to the north and south.  Mineralisation has an apparent gentle westerly dip and previous drilling has only tested these zones down to ~100 metres below surface in the central zone and ~40 metres vertically on the northern and southern zones.  Previous explorers drilled 80 metres spaced vertical holes on 200 metres spaced lines in the northern and southern areas and Alchemy believes these were ineffective in adequately testing mineralisation in these areas.  Warrior drill program   The Warrior drill program consists of six wide-spaced RC drill holes with varying target depths of between 80-150 metres to test a coincident Magnetic/Gravity anomaly.  RAB drilling (8 holes for 166 metres) was completed in 2018 across an interpreted dolerite unit coinciding with gravity and magnetic highs at the Warrior Prospect and was unable to reach bedrock, intersecting clay and highly weathered quartz-rich sandstones.  The area is considered highly prospective with coincident magnetic and gravity high anomalies which extend several kilometres to the northwest and southeast.