Alchemy Resources Ltd (ASX:ALY) has completed a first-pass, project-wide regional reconnaissance at the 'Goldilocks Zone', part of the 100%-owned Lake Rebecca Project in Western Australia.
The work indicates the presence of pegmatites and granite intrusives mapped across the Lake Rebecca tenure, in addition to historically mapped occurrences.
Historical exploration for gold, base metals
A raft of previous explorers in the area throughout the last century explored for gold and base metals but very little drilling was completed in the northern tenements.
Several gold targets were generated by field mapping consultants for St Barbara in the northern tenements in 2013, which have never been tested.
Pegmatites were mapped during a traverse in the north but the areas were never sampled and Lake Rebecca has never been explored for lithium previously.
A targeting review of Alchemy tenements by Lithify Pty Ltd has generated numerous targets for lithium and gold.
Highly prospective
The outcome of the study showed that Lake Rebecca is highly prospective with regional-scale flexures on both the Keith Kilkenny and Claypan shear zones and proximity to nearby large-scale 1-million-ounce-plus gold deposits.
This review focused on generating 'camp-scale' prospective areas for follow-up based on structural and lithological criteria.
The study outlined seven target areas for lithium exploration and five target areas for gold exploration.
Lake Rebecca and Karonie combined lithium targets represent more than 160 kilometres of semi-contiguous strike covering at least 1,700 square kilometres of highly strategic tenure.
CEO James Wilson said: “This review is a great outcome and highlights the prospectivity of the Lake Rebecca tenements.
“Targets in the north of Lake Rebecca have never been explored for lithium and have had very little exploration of any kind historically.
Further reconnaissance
“Near term, we are looking forward to conducting further reconnaissance exploration to determine if the numerous granite bodies and mapped pegmatites and other felsic dykes in the region display fertile chemistry for lithium-caesium-tantalum (LCT) mineralisation.
“We aim to piggyback our gold exploration in tandem with this work. The structural review reaffirms the exceptional prospectivity of our large tenement package for LCT mineralisation at Lake Rebecca in what has historically only ever seen gold and base metals exploration.”
Next up, the company will progress access agreements with Native Title groups to enable access into the areas around the northern tenements.
In addition, a program of additional reconnaissance mapping and sampling of lithium and gold targets will identify prospective areas for follow-up soil sampling and aircore drilling.