Metals

Alchemy Resources identifies high-priority drill targets

CBCIE Time:Apr 26, 2023 09:48 Source:smallcaps

A recent large ground gravity survey conducted by Alchemy Resources over the Karonie lithium-gold project in Western Australia has accurately mapped the known Hickory pegmatite and highlighted considerable exploration upside under cover.

The survey was completed in December and the interpreted pegmatite is reported to continue to the north of a reverse circulation drilling program completed at Hickory a month earlier, which intersected visual spodumene.

That program consisted of 30 holes for 4092 metres to test outcropping pegmatites and the northern extents under thin alluvial cover over a strike length of approximately 1000m.

The recent gravity survey also delineated other pegmatites believed to be open along strike to the south and to the west.

High resolution drone magnetics outlined numerous prospective lithium-gold targets along the Hickory to Pecan corridor as well as regional targets at the K4 prospect.

Planning is now underway to potentially extend these survey areas to the west.

Survey outcome

Chief executive officer James Wilson said he was pleased with the outcome of the gravity survey.

“We have been really impressed with how well the pegmatites can be mapped under cover using gravity,” he said.

“We are excited to have identified such a large primary target along this trend and look forward to drill testing.”

Heritage surveys are due to commence this month and drilling will test the first of these targets in the June quarter.

Hickory pegmatites

Lower density pegmatites at Hickory are reported to intrude into higher density mafics.

The pegmatites are interpreted as gravity lows which trend towards the north from existing pegmatite drill intercepts.

Known pegmatite locations from drilling and mapping were used to interpret the extensions.

The survey generated multiple previously-unknown pegmatite targets as well as numerous large gravity lows flagged as priority target areas for testing.

Mr Wilson said known outcropping pegmatites occur at Hickory and Pecan, trending north-south and northeast/southwest respectively.

The gravity survey data showed analogous targets trending under the alluvial channel linking the two prospect areas over a 5 kilometre strike extent.

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