- Alchemy Resources (ALY) has completed a second diamond drill hole at the Overflow Gold and Base Metal Project in the Cobar Basin of New South Wales
- The hole was drilled to a depth of 347 metres and intercepted the Overflow Shear Zone from 260 to 285.5 metres
- The company will is now ready to conduct a downhole electromagnetic survey at the hole which is set to begin next month
- Additionally, Alchemy Resources has started reverse circulation drilling at the Karonie Project in WA
- This is aimed at expanding gold mineralisation and identifying high-grade plunging gold shoots over the Parmelia and Silver Lake’s Tank South prospects
- Alchemy’s shares are currently trading flat at 2.1 cents
Alchemy Resources (ALY) has completed the second diamond drill hole at the Overflow Gold and Base Metal Project in the Cobar Basin, New South Wales.
The hole was drilled to a 347.1-metre depth and intercepted strongly sheared, altered sediments within the Overflow Shear Zone between 260 metres to 285.5 metres at roughly 100 metres down plunge to the south of the first hole.
Importantly, up to 5 per cent quartz-carbonate veining, up to 10 per cent disseminated pyrite and up to one per cent sphalerite was observed within this 15.5-metre interval. The company expects assays will be received in early December.
The company is planning to conduct a downhole electromagnetic (EM) survey to detect off-hole conductors related to massive sulphide mineralisation at the second diamond hole. The survey is expected to begin early next month.
Additionally, Alchemy has begun a reverse circulation (RC) drilling at the Karonie Project in Western Australia.
Roughly 1000 metres of drilling is being conducted at the Parmelia prospect and is aimed at expanding gold mineralisation along strike of previous gold intercepts. These include 26 metres at 1.6g/t gold from 83 metres and 20 metres 1g/t from 32 metres.
Drilling is also designed to identify high-grade plunging gold shoots within the dolerite, similar in style to Silver Lake’s Tank South prospect just two kilometres to the north.
Alchemy’s shares are currently trading flat at 2.1 cents.