Alchemy Resources Ltd (ASX:ALY) has identified a new, coherent lithium and pathfinder element corridor during its review of multi-element soil and drill hole geochemistry sampling data from the Karonie Gold Project, situated east of Kalgoorlie in Western Australia.
Notably, the multi-element signatures of these soil anomalies are consistent with possible hard rock lithium mineralisation associated with lithium-caesium-tantalum (LCT) type pegmatites.
The new anomalies sit 8 kilometres along strike and within contiguous tenure to Global Lithium Resources Limited’s 80% owned Manna Lithium deposit.
Moving forward, Alchemy has outlined four new high priority lithium targets to test over an initial 7-kilometre by 1-kilometre zone of anomalism.
The markets have welcomed the news, with shares trading at a 5-year high of $0.32, up 68% from previous close.
“Reaffirms prospectivity”
Alchemy CEO James Wilson said: “The lithium and pathfinder anomalism identified by Alchemy’s soil sampling and recent rock chipping in proximity to Manna are an encouraging start.
“Mapping by our geologists has shown pegmatites in outcrop along strike of Manna, which is made more significant by the fact that there’s been no pegmatites mapped in this region before.
“The geochemical review reaffirms the prospectivity of our large tenement package at Karonie in what has historically only ever seen gold and base metals exploration.
“Work is continuing to identify the other intrusive dykes in the vicinity through a program of detailed mapping and sampling.”
Multi-element soil sampling
Alchemy conducted multi-element soil sampling at the Pecan, Mesquite, Hickory and Cherry prospects on a 400-metre by 400-metre offset grid, which formed part of a multi-commodity review.
The analysis of lithium and pathfinder elements shows a strong pattern of anomalism over 7 kilometres long by 1 kilometre wide, with the northern zone bearing increasing levels of surface cover, which could have obscured outcrops.
Notably, the areas sit within the prospective “goldilocks zone”, a defined corridor in which LCT pegmatites exist.
Alchemy geologists have since conducted initial ground-truthing on the anomalies, which revealed outcropping pegmatites at Hickory prospect that were traced over 1 kilometre along strike.
Next steps
Alchemy has several works in the pipeline to progress Karonie, including:
- Immediately prioritise infill soil sampling on a 100-metre by 40-metre pattern at Cherry and Hickory;
- Commence detailed mapping of pegmatite outcrops along the 7-kilometre prospective strike extent at Cherry, Hickory, Mesquite and Pecan anomalies;
- Commence regional soil sampling from KZ5 to Western Brown Prospect (around 20 kilometres of strike extent within the goldilocks zone);
- Complete Heritage agreements to allow for future drill programs; and
- Assess broader regional prospectivity at southern Karonie tenements.