Join our daily newsletter At The Bell to receive exclusive market insights
- Alchemy Resources (ALY) identifies an anomalous lithium and pathfinder element corridor at its Karonie Gold Project in Western Australia
- Soil sampling was carried out at the Pecan, Cherry, Hickory and Mesquite prospects with lithium and pathfinder anomalism identified over an area of seven by one kilometre
- The multi-element signatures of these anomalies are consistent with possible hard rock lithium mineralisation associated with lithium-caesium-tantalum (LCT) pegmatites
- Further, ground-truthing of these anomalies has discovered outcropping pegmatites with a strike of up to one kilometre, not previously mapped by a Geological Survey
- Alchemy is up 47.4 per cent on the market with shares trading at 2.8 cents
Alchemy Resources (ALY) has identified an anomalous lithium and pathfinder element corridor at its Karonie Gold Project in Western Australia.
Multi-element soil sampling was carried out at the Pecan, Cherry, Hickory and Mesquite prospects with lithium and pathfinder anomalism identified over an area of seven kilometres by one kilometre.
The new anomalies reportedly sit along strike of the Manna lithium deposit jointly owned by fellow ASX-listers Global Lithium Resources (ASX:GL1) and Breaker Resources (ASX:BRB).
The multi-element signatures of these anomalies are consistent with possible hard rock lithium mineralisation associated with lithium-caesium-tantalum (LCT) pegmatites.
Further, ground truthing has discovered outcropping pegmatites with a strike of up to one kilometre, which were not previously mapped by the Geological Survey of WA.
“The lithium and pathfinder anomalism identified by Alchemy’s soil sampling and recent rock chipping in proximity to Manna are an encouraging start,” CEO James Wilson commented.
“Mapping by our geologists has shown pegmatites in outcrop along strike of Manna which is made more significant by the fact that there’s been no pegmatites mapped in this region before.”
“The geochemical review reaffirms the prospectivity of our large tenement package at Karonie in what has historically only ever seen gold and base metals exploration.”
The company plans to infill soil sampling at the Cherry and Hickory deposits as well as conduct detailed mapping of the outcropping pegmatites.
Alchemy was up 47.4 per cent on the market with shares trading at 2.8 cents.
