Alchemy Resources encouraged by promising structures intersected in phase-one drilling at Parmelia within Karonie Gold Project

Alchemy Resources Ltd (ASX:ALY) (FRA:45A) has intersected broad zones of silica-altered dolerites in initial drilling at the Parmelia prospect within the wider Karonie Project in the Eastern Goldfields of Western Australia. Observations of core from the eight-hole reverse circulation (RC) program for 1,128 metres show varying amounts of sulphides and quartz veining, like those drilled back in 2020. In addition, extension drilling to the south has intersected target lithologies in holes around 60 to 70 metres south of the previous drilling. Chief executive officer James Wilson said he was delighted that the first holes at Parmelia intersected some promising down-dip structures. “Exciting time for company"  He said: “Visually this looks very similar to what we intersected last year with varying levels of silica alteration, quartz veining and sulphides. “Importantly the structure is occurring where we predicted, implying a broadly sub-vertical orientation. “At Warrior, we have also intersected silica altered dolerites accompanied by pyrrhotite mineralisation, which is interpreted to help explain the magnetic anomaly. “Although it's early days, we are very happy with the progress so far on only two of the four zones to be tested as part of the drill program. “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”. Assays expected in May  Drilling at Parmelia is systematically targeting high priority targets down dip of existing mineralisation, as well as along strike while the program at Warrior is designed to target a coincident magnetic and gravity high. At Parmelia, the silica altered dolerite as seen in the previously drilled up-dip holes was intersected in all five of the holes drilled. Holes PARC017 and PARC022 intersected significant widths of alteration with associated quartz veins and sulphides which the company believes represents a continuation of the Parmelia mineralised structure down dip in a sub-vertical orientation. At Warrior, the first holes have successfully intersected the bedrock geology, with geological logging of hole WARC002 noting intercepts of black shales, silica altered dolerites with quartz veining and pyrrhotite and pyrite, with pyrrhotite mineralisation interpreted to be contributing to the Warrior magnetic anomaly. The first batches of samples have been submitted to the laboratory with assays expected in May. Considerable land package  Alchemy has built a considerable land package in the Carosue Dam-Karonie greenstone belt in the Eastern Goldfields region and has an 80% interest in Lachlan/Cobar Basin Projects in New South Wales. Alchemy also maintains its interest in the Bryah Basin Project in the gold and base metal-rich Gascoyne region of Western Australia, where Superior Gold Inc (CVE:SGI) and Sandfire Resources Ltd (ASX:SFR) are continuing to advance gold and base metal exploration, respectively.