Awaiting Assays From 3,121m Of RC drilling
Alchemy Resources Limited (ASX: ALY) has successfully completed 27 holes for 3,121m of Reverse Circulation (RC) drilling within the 100% owned Karonie Gold Project, 110km east of Kalgoorlie in Western Australia.
The drilling tested high priority “Karonie” style targets immediately along strike to the north and south of Silver Lake Resources Ltd Aldiss Mining Centre.
Drilling at Parmelia Prospect included five holes for a total of 684m, targeting the strike extensions and down dip extents of existing intercepts including 26m @ 1.6g/t Au from 83m. Drilling intersected zones of silica altered dolerites with variable levels sulphides and quartz veining.
Drilling at the Warrior Prospect included four holes for 444m of drilling, targeting a coincident Electro Magnetic and Gravity anomaly. Drilling intersected silica altered dolerites and black shales with quartz veining and sulphides2.
Drilling at the KZ5 Prospect included nine holes for 913m, targeting the up/down dip and along strike extension of the zones of existing mineralisation including 26m @ 1.30g/t Au from 125m. Drilling intersected variably altered dolerites with zones of sulphides and quartz veining close to the interpreted strike extension locations.
Drilling at the Taupo Prospect included nine holes for 1,081m, targeting infill and extension of the two primary lodes of mineralisation along strike from previous results including 10m @ 1.8g/t Au (from 68m). Drilling intercepted zones of altered dolerites, quartz veining and sulphides in proximity to the interpreted strike extension locations.
All RC drill samples have been submitted to ALS Kalgoorlie for assaying. Additional drilling is planned subject to results.
The Karonie Project contains more than 80km of strike extent of Archean greenstone belt in the Eastern Goldfields. The Project has a high-quality geological setting, strategically located between major, regional-scale fault zones, the Keith- Kilkenny and Claypan Faults. The fault zones are interpreted to be deep-seated, domain-bounding structures within the highly gold-endowed Kurnalpi Terrane and in a position, which hosts the world-class Karari-Carosue Dam gold deposits 75km to the north.
The Karonie Project is strategically located directly along strike to Silver Lake Resources (ASX: SLR) Aldiss Project and along strike to the south of Breaker Resources (ASX: BRB) Lake Roe gold project. The Project is in close proximity to existing processing plants and there is already substantial gold endowment in the area (Aldiss Project Resources >585koz @ 1.9g/t Au – see SLR ASX announcement dated 19 August 2020).
Shallow drilling carried out by previous explorers indicates that the Project area has a complex regolith with a stripped Archean profile overlain by reworked sediments, wind-blown sands and paleo-drainage channels and salt lakes. Consequently, the shallow cover is very complex and areas with shallow gold anomalism require deeper RC drilling and diamond core drilling to adequately test identified targets.