- Alchemy Resources’s (ALY) final assays confirm the presence of fertile lithium-caesium-tantalum (LCT) pegmatites at the Hickory prospect within its Karonie project in Western Australia
- The company identified spodumene and lepidolite mineralisation at the prospect, with recent drilling showing pegmatites continuing under cover
- Data processing of a detailed gravity survey is currently underway, while mapping in the areas north of Hickory continues
- The company now plans to further assess the application of other geophysics methods to map potential extensions of pegmatites under cover
- Shares in Alchemy are down 12.5 per cent, trading at 2.1 cents as of 12:45 pm AEDT
Alchemy Resources’ (ALY) final assays have confirmed the presence of fertile lithium-caesium-tantalum (LCT) pegmatites at the Hickory prospect within its Karonie project in Western Australia.
The company identified spodumene and lepidolite mineralisation via a combination of chemical assays, laser induced breakdown spectroscopy (LIBS), and ultraviolet response.
Alchemy’s best results received from this bout of drilling included one metre at 0.12 per cent lithium oxide (Li2O) from 68 metres, and one metre at 0.17 per cent Li2O and 37.1 parts per million (ppm) tantalum pentoxide (Ta2O) from 40 metres.
The recent drilling at Hickory showed the pegmatites continue under cover to the north. As such, Alchemy is now investigating the use of geophysics as a rapid way to define targets for drill testing in this area.
CEO James Wilson said the confirmed spodumene discovery is a “fantastic start” to exploration of the new lithium province.
“The assays confirm we are dealing with an LCT pegmatite system which is open at depth and continues for roughly three kilometres to the north and west under shallow alluvial cover, masking any surface geochemical expression,” Mr Wilson said.
“Gravity surveys have recently been completed with data processing and interpretation underway which we believe will help map the pegmatites under cover and guide the next steps.”
A detailed gravity survey was completed in December 2022 which focused on providing evidence of possible extensions to the mineralised pegmatites at Hickory.
Data processing of the survey is currently underway, along with continued detailed mapping in the areas north of Hickory to further enhance the geological model.
The company has planned to further assess the application of other geophysics methods to map out potential extensions of pegmatites under cover.
Shares in Alchemy were down 12.5 per cent, trading at 2.1 cents as of 12:45 pm AEDT.