- Alchemy Resources (ALY) has completed over 1100 metres of reverse circulation (RC) drilling at its Karonie Gold Project in the Eastern Goldfields of WA
- Drilling tested gold targets immediately along strike to the north and south of Silver Lake Resources’ (SLR) Aldiss Mining Centre
- A total of 11 holes have been drilled across the Parmelia and Taupo prospects
- Assay results are expected in mid-July, with further potential drilling to follow
- Alchemy’s shares dipped 10 per cent in the red to trade for 1.8 cents each
Alchemy Resources (ALY) has completed 1154 metres of reverse circulation (RC) drilling at its Karonie Gold Project in the Eastern Goldfields, WA.
Drilling tested gold targets immediately along strike to the north and south of Silver Lake Resources’ (SLR) Aldiss Mining Centre.
A total of six RC holes, for 637 metres, were drilled at the Taupo prospect. Drilling at Taupo aimed to target the strike extensions of several previous drill intercepts. These include 26 metres at 1.8g/t gold from 36 metres, 10 metres at 1.8g/t gold from 68 metres and four metres at 2.8g/t gold from 76 metres.
Pleasingly, the drilling intersected altered quartz veined basalt and minor dolerite near the interpreted strike extensions.
Additionally, five RC holes, for 517 metres, were completed at the Parmelia prospect which is located to the south of Silver Lake’s Tank South prospect. Tank South previously returned results grading up to 24.7g/t and 10.1g/t gold.
Alchemy intersected alteration and quartz veining close to interpreted up-dip and down-plunge positions. This is relative to previous RC drill intercepts including 26 metres at 1.6g/t gold from 83 metres.
All drilling samples have been submitted to the ALS Perth lab and gold assays are expected in mid-July.
Alchemy plans to conduct further drilling, based on the upcoming results.
Alchemy’s shares dipped 10 per cent in the red to trade for 1.8 cents each at market close.