- Alchemy Resources (ALY) begins high-resolution magnetic surveys at its Karonie project 90km east of Kalgoorlie in WA
- The company has engaged Pegasus Airborne Systems to undertake the surveys which are targeting multiple areas to the north and south of the project
- Alchemy says the work will help it better understand mineralisation and geology as well as generate targets for follow up drilling
- Company shares ended the day trading flat at 1.4 cents
Alchemy Resources (ALY) begins high-resolution magnetic surveys at its Karonie project 90km east of Kalgoorlie in Western Australia.
Alchemy engaged Pegasus Airborne Systems to undertake the unmanned aerial vehicle (UAV) magnetic geophysical surveys.
The surveys will be conducted over the structures to the north of the existing Taupo and KZ5 resources, Karonie east and to the south at the Western Brown lakes target and the Gilmore trends.
The UAV survey work is aimed at better understanding the high priority target areas and to help interpret basement geology and mineralisation trends.
After ineffective historical reconnaissance drilling, Alchemy said that high detail magnetics would provide better resolution to target the magnetic dolerite host rock, as well as the north-south and north-east trending structural features which are key elements of the mineralisation at Karonie.
CEO, James Wilson, commented on the survey work.
“I am very keen to define the structural framework that potentially hosts mineralisation north and south of the nearby Aldiss Mining Operations, which remains poorly tested by modern exploration methods,” he said.
“The geophysics will give us the detail needed to ensure our target generation is efficient and any follow-up drilling planned is as effective as possible.”
ALY expects to receive results and complete interpretation of the magnetic data later this month. Following that, Alchemy will conduct drill testing.
Company shares ended the day trading flat at 1.4 cents.