Alchemy Resources Limited (ASX:ALY) has begun drilling at the Karonie Gold project in the Eastern Goldfields of Western Australia, targeting several high priority exploration targets identified through high-resolution magnetics and multi-element geochemistry surveying.
Read: Alchemy Resources survey work generates multiple gold targets at Karonie
The drilling campaign will consist of 110 holes for a total of 7,000 metres of drilling, expected to take two to three weeks to complete.
Drilling will be targeted predominantly at the Karonie East trend, which stretches over 10-kilometres in strike and runs adjacent to the Aldiss Mine operated by Silver Lake Resources.
Assay results are expected in late February 2022.
Multiple high tenor structures near open pits
“We are excited to be back out drill testing numerous targets along the 10-kilometre-long Karonie East corridor,” Alchemy Resources CEO James Wilsons said.
“The high-resolution magnetics flown in late 2021 highlighted numerous targets which pin-pointed high tenor structures in proximity to existing open pit mines.
“The previous holes, which were drilled over 20 years ago, did not penetrate the younger cover or were too widely spaced to be considered effective.”
This drilling campaign marks the second phase of exploration at Karonie, to be followed up with a third drill program in phase three which will test two kilometres of greenfield targets at the Western Brown area, which is interpreted to disrupt fractionated magnetic dolerites at the Gilmore prospect.
This target has seen very little effective drilling, with most of the rotary air blast (RAB) drilling at Gilmore not being able to penetrate through transported cover to basement geology.
About Alchemy Resources
Alchemy Resources is an Australian exploration company focused on the discovery and development of gold, base metals and nickel-cobalt resources.
The company has built a large land package in the Carosue Dam-Karonie greenstone belt in the Eastern Goldfields of Western Australia, one of the nation’s premier gold provinces, and has an 80% interest in projects in the Lachlan/Cobar Basin in New South Wales.
The latter incorporates copper-gold porphyry assets, including large-scale Cadia lookalike targets at Yellow Mountain with solid broad intercepts, while nearby Overflow has returned high-grade gold-copper-zinc, including intercepts such as 7 metres at 6.7 g/t gold, 1.0% zinc and 0.3% copper.