Alchemy Resources Limited (ASX:ALY) has unearthed visible gold during an aircore drilling campaign at its Karonie East prospect in Western Australia.
The explorer has received its first four-metre composite assays from the program, which targeted gold mineralisation at Alchemy’s wholly-owned Karonie Project.
Drilling returned multiple intercepts along the 10-kilometre Karonie East corridor, and one hole returned visible gold.
Alchemy has since concluded drilling at Karonie East and is waiting on assays for single-metre resamples.
Results will be interpreted as they become available and inform a follow-up drill program.
Unearthing gold at Karonie
Speaking to the findings, Alchemy CEO James Wilson said: “At Karonie East, composite aircore assays have intersected numerous zones of mineralisation in saprolite along a trend about 600 metres in strike length in the northern area.
“In the south, we are seeing both primary and paleochannel hosted gold mineralisation with results in two separate areas over a strike extent of 2 kilometres.
“Importantly, we have only received about two-thirds of the assays from the drill program.
“A full interpretation of the significance of these results is not possible until all the assays have been received, but our early indications show that we are finding mineralisation in areas that were passed over by previous explorers.”
Phase two aircore program
Phase two of Alchemy’s planned drilling doubled down on a priority target: the Karonie East prospect.
High-resolution magnetics, flown in 2021, pinpointed multiple, high tenor structures in proximity to the existing deposits and open pits at the adjacent Aldiss Mining Operations —currently operated by Silver Lake Resources Ltd.
The program aimed to test the 10-kilometre-long corridor with aircore drilling and consisted of 112 holes for 6,357 metres of drilling.
The program was split into two zones, targeting north and south of the trend.
Northern zone
Holes in this area were designed to test a magnetic feature that runs along the northern zone over a 2-kilometre strike length.
The initial four-metre composite sampling returned numerous zones of mineralisation (grading more than 0.1 g/t gold) over a strike length of roughly 900 metres, returning a best intercept of four metres at 2.89 g/t in KEAC009.
Infill drilling around KEAC009 has been completed and assays are awaited.
Southern zone
Holes in this area were designed to test a series of magnetic features, which runs along the southern zone over a five-kilometre strike length.
Most historic rotary air blast holes in this area (drilled between 1996 and 2002) were unable to penetrate the younger cover or were unable to drill deep enough through the alluvial profile.
The current drill program was able to successfully reach bedrock in most of the planned holes.
Assay results have only been partially received, however, the initial four-metre composite samples show in-situ mineralisation in saprolite (four metres at 1.59 g/t gold, from 20 to 24 metres).
Meanwhile, the four-metre at 2.15 g/t intersection in KEAC045 lies within a quartz gravel that Alchemy believes is a paleochannel.
Analysis and panning of the quartz gravel in KEAC045 returned a small specimen of visible gold.
Next steps
A complete interpretation of the Karonie aircore drill results will be completed upon receipt of the remaining composite assays and single metre assays.
Additional drill testing is planned and will coincide with the phase three drill program to test Karonie’s Gilmore targets in the first two quarters of 2022.