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Alchemy Resources Ltd.
Summary
| Project: | Karonie | |
|---|---|---|
| Deposit: | Dragon, Manhattan | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/13/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 13-4-2018: Alchemy Resources Ltd. announces an Exploration/Drilling Update report for its Dragon, Manhattan deposit at the Karonie project. Drilling results incl. 8m @ 0.13g/t Au from 32m. Alchemy Resources Limited (ASX: ALY) (“Alchemy”) has received all | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Leigh Ryan (Internal) | |
| ABSTRACT: | Alchemy Resources Limited (ASX: ALY) (“Alchemy”) has received all results from the recent RAB drilling program within the 100% owned Karonie Gold Project in the Eastern Goldfields, WA (Figure 1). The results confirm anomalous gold mineralisation associated with the interpreted location of the Claypan Shear Zone (CSZ) at both the Dragon and Manhattan Prospects and have given the company sufficient confidence to undertake a much larger RAB program across the remaining thirty six (36) untested strike kilometres of the CSZ (Figure 2). RAB drilling at Dragon and Manhattan identified up to 22m of transported alluvial cover and has established that historic shallow auger sampling and soil sampling are not reliable sampling methods along CSZ, and that RAB drilling is required. Subsequently Phase 2 RAB drilling will put less weight on previous soil and auger results and instead target flexures and pressure shadows identified on aeromagnetic images that are prone to dilation and gold mineralisation associated with sinistral movement along the Claypan Shear Zone (Figure 2). Alchemy’s Managing Director, Leigh Ryan said: “Given the minimal strike extent of the Claypan Shear Zone tested by the recent RAB program, and the discovery of significant transported alluvial cover limiting the value of all previous sampling methods, Alchemy are very encouraged by the most recent drilling results, and the alteration and rock types seen, and we’re looking forward commencing the Phase 2 RAB drilling later this quarter.” | |
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