- Alchemy Resources (ALY) reports new gravity survey results showing an extensive pegmatite system under cover at its Hickory prospect in Western Australia
- The company says it discovered multiple new targets from the ground gravity survey completed in December 2022
- ALY used the survey data, combined with known pegmatite locations, to interpret a northern extension at Hickory and outline new targets for follow-up work
- Alchemy will now prepare for a larger gravity survey to map the prospective structures under cover over a 5.4-km-by-1.6 km area towards the Pecan prospect
- Shares in ALY are up 18.8 per cent and trading at 1.9 cents at 1:55 pm AEDT
Alchemy Resources (ALY) has successfully expanded its footprint and discovered multiple new targets at its Hickory prospect within the Karonie project in Western Australia.
The company’s ground gravity survey, completed in December 2022, successfully mapped out pegmatites under alluvial cover and opened the door to possible extensions to the north of the existing mapped pegmatite locations.
Ground gravity surveys measure variations in the earth’s gravity field caused by differences in rock density. The higher the gravity values, the denser the rock beneath is.
The company said it used the gravity data, combined with known pegmatite locations from drilling and mapping, to interpret the northern extension and outline new targets for follow-up work.
Alchemy Resources CEO James Wilson said the company was pleased with the how well the survey managed to map out the extension of the pegmatites at Hickory.
“The learnings and knowledge gained from this survey will be used to help map out pegmatites at our other high-priority lithium targets at Karonie,” Mr Wilson said.
“With approximately four kilometres of alluvial cover northwards to Pecan, we are excited to begin using gravity and high-resolution drone magnetics technology to aid in mapping out the pegmatite system to the north.”
Alchemy Resources called on Perth-based consultancy NewGen Geo to complete the custom data processing for the survey.
The company has now started planning for a larger gravity survey to map the prospective structure under cover over a 5.4-kilometre-by-1.6-kilometre area towards the Pecan prospect. The survey will also expand into the west and east of the existing mapped pegmatites.
The processed gravity data suggests that the pegmatites intercepted in the 2022 Hickory drilling efforts continue striking north towards the favourable structures, and the planned survey will assess the potential for pegmatites within the favourable northeast trending structures.
Shares in ALY are up 18.8 per cent and trading at 1.9 cents at 1:55 pm AEDT.