Alchemy Resources Ltd (ASX:ALY) has begun to dial-in on pegmatite bodies at the Karonie Project in Western Australia, leveraging a combination of soil and rock chip sampling and desktop studies to better understand the geology of the project.
Elevated pathfinder elements in rock chip samples have outlined a 7.3-kilometre by 1.5-kilometre area at the Cherry-Hickory-Pecan prospects the company has interpreted to be prospective for pegmatites.
Some 85% of the rock chip samples from this target area returned potassium/rubidium ratios of less than 30. Spodumene-bearing pegmatites (often prospective for lithium) tend to fall within the 5-40 range in the potassium/rubidium ratio.
The pegmatites here also display strong tantalum grades, averaging greater than 118 parts per million over a strike of 1 kilometre – another indicator of spodumene and thus lithium mineralisation.
Alchemy is still waiting on 793 infill soil samples and 1,471 regional soil samples.
Results will reveal battery metal potential
“The detailed mapping and rock chip results have identified strong chemical zonation within the 7.3-kilometre x 1.5-kilometre target area at Cherry-Hickory-Pecan,” Alchemy Resources CEO James Wilson said.
“Infill soils have been completed and those results should help Alchemy to better understand the area, with several large areas masked by thin surface cover.
“Regional soils are also awaited and should give a much clearer picture of the battery metals potential at the Karonie Project.
“In the meantime, we’re working on permitting behind the scenes which will pave the way for a potential drill program later this year.”
Alchemy has also completed a heritage site avoidance survey on tenement E28/2575 and secured approval for a program of works.
Land access agreements are pending for the Cherry-Hickory prospects, which ALY expects to receive in August.
Finally, gold assays from a recent round of RC drilling returned broad but low-grade intercepts from the Gilmore and KZ5 prospects.
Alchemy is now planning the next phase of drilling programs for the Western Brown and Challenger targets, searching for more gold mineralisation.