- Alchemy Resources (ALY) has begun a 1000-metre reverse circulation drilling program at its Karonie Gold Project in Western Australia
- This program will primarily focus on the Parmelia and Taupo prospects
- Drilling is expected to be completed in 10 days, with first results expected by mid-July
- Alchemy has ended the day 23.1 per cent in the green and shares trading for 1.6 cents each
Alchemy Resources (ALY) has begun a 1000-metre reverse circulation drilling program at its Karonie Gold Project.
The Karonie Gold Project is located 100 kilometres east of Kalgoorlie in Western Australia and it is made up of four applications and 10 granted exploration licences for an area of more than 1011 square kilometres.
This drilling program will test high priority targets that are located along strike from Silver Lake Resources’ Aldiss Mining Centre.
Drilling is already underway at the Parmelia Prospect, which lies south of Silver Lake’s Tank South Prospect.
This prospect has returned results such as 17 metres at 24.7g/t gold, 10 metres at 10.1g/t gold, and 24 metres at 9.4g/t gold.
These holes at Parmelia will target the up-dip and down-plunge extensions of previous intercepts that returned results of 26 metres at 1.6g/t gold from 83 metres, and 20 metres at 1g/t gold from 32 metres.
Alchemy will then drill at the Taupo Prospect to target the strike extensions of previous intercepts such as four metres at 2.8g/t gold from 76 metres, and 26 metres at 1.8g/t gold from 36 metres.
Drilling is expected to be completed in 10 days with first results expected by mid-July.
Alchemy has ended the day 23.1 per cent in the green and shares trading for 1.6 cents each in a $7.156 million market cap.