Significant Results Returned At Karonie Gold Project
Alchemy Resources Limited (ASX: ALY) has announced several significant intercepts from recent reverse circulation (RC) drilling within the 100% owned Karonie Gold Project in the Eastern Goldfields of Western Australia.
The drilling tested strike extensions of the Parmelia Prospect located immediately along strike to the south of the Silver Lake Resources Ltd (ASX: SLR) Aldiss Mining Centre.
The programme extended the zone of mineralisation ~200m to the south and ~120m to the north, increasing the current strike of gold mineralisation to ~500m.
The drilling confirmed the presence of a thick, vertical to steeply east dipping, quartz veined silica-albite-pyrite altered dolerite unit hosting broad gold intercepts, including 12m @ 1.2g/t Aufrom 67m and 16m @ 0.9g/t Aufrom 87m in a hole located ~120m along strike to the south of previous RC drilling.
Another broad intercept of 18m @ 1.0g/t Au from 67m (incl. 4m @ 1.8g/t Au from 69m) was drilled an additional 80m south.
Managing Director, Leigh Ryan, said gold mineralisation remains open down dip and along strike to the south, with further drilling being planned for these areas in order to identify high-grade gold shoots, typical of the Karonie-Aldiss region.
“The recent RC drilling results confirm the extension of gold mineralisation into the Silver Lake mining lease to the north and confirm the relationship between the mineralised dolerite unit and the linear magnetic high that continues for several kilometres to the south,” Mr Ryan said.
“This magnetic feature is clearly visible in our aeromagnetic imagery and remains the target for future drill programmes in the area.”
