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  • Alchemy Resources (ALY) identifies a pegmatite cluster at its Karonie gold project in Western Australia
  • Recent fieldwork detected the cluster, which doubles the strike length of the Cherry and Hickory prospects
  • Meanwhile, at the Pecan prospect, outcropping pegmatites were identified over a strike of 400 metres and were coincident with soil anomalies
  • The company is planning to commence an infill soil geochemistry program and a regional soils program at the end of this month
  • Shares in Alchemy Resources are trading 3.7 per cent lower today at 2.6 cents each at 11:09 am AEST

Alchemy Resources (ALY) has identified a pegmatite cluster at its Karonie gold project in Western Australia.

Recent fieldwork detected the cluster, which doubles the strike length of the Cherry and Hickory prospects.

Meanwhile, at the Pecan prospect, outcropping pegmatites were identified over a strike of 400 metres and were coincident with soil anomalies.

Rock-chip assays showed “significant” pathfinder anomalism, according to Alchemy, with a ratio analysis of the data indicating fractioned and highly evolved lithium-caesium-tantalum (LCT) pegmatites over a seven-kilometre strike.

The company is planning to commence an infill soil geochemistry program and a regional soils program at the end of this month.

CEO James Wilson said this work would be used to identify further targets.

“We expect the infill soils will zero in on zones which sit under the thin surface cover, and this will help us plan the next steps,” he said.

“The rock-chip assays are all showing very high tenor pathfinder anomalism which plots within the highly evolved and fractionated granite chemistry, telling us that we are exploring in exactly the right spot.”

Shares in Alchemy Resources were trading 3.7 per cent lower today at 2.6 cents each at 11:09 am AEST.

ALY by the numbers
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