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Alchemy Resources Ltd.
Summary
| Project: | Cobar Basin | |
|---|---|---|
| Deposit: | Overflow | |
| Location: | Australia | |
| Commodities: | Gold-Silver-Copper-Lead-Zinc | |
| Date: | 3/29/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 29-3-2017: Alchemy Resources Ltd. announces an Exploration/Drilling Update report for its Overflow deposit at the Cobar Basin project. JV - Drilling results incl. 18m @ 2.1g/t Au, 111.4g/t Ag, 0.02% Cu, 0.3% Pb, 1.05% Zn from 245m. Alchemy Resources Limit | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Leigh Ryan (Internal) | |
| ABSTRACT: | Alchemy Resources Limited (ASX: ALY) is pleased to announce excellent results from the initial diamond drill hole (OFDD001) at the Overflow gold and base metal prospect in the Cobar Basin, NSW. The results expand the known extent of high grade gold-silver-lead-zinc mineralisation at Overflow, and include one of the best gold intercepts encountered at the prospect (Figs. 2 & 3). The drill hole has highlighted a strong correlation between quartz veining and gold mineralisation at Overflow and confirms the continuity of high grade gold-silver-lead-zinc mineralisation within the >50gm AuEq* grade shell (Fig. 2). The diamond core from OFDD001 has provided important geological, physical and geophysical properties and some critical structural information. Quartz veining displays crustiform and vuggy textures throughout the upper ore zone, implying an epithermal origin for the gold-silver mineralisation (Fig. 4). Higher base metal results are encountered towards the base of each mineralised zone, including an elevated copper zone of 10m @ 0.14% Cu from 332m (OFDD001). Both shear parallel and steeply dipping, cross-cutting, quartz vein sets were observed, along with shallow south dipping fault zones, which may control the shallow southerly plunge. A downhole EM survey was concluded shortly after completing OFDD001. The survey detected a conductivity anomaly that geophysical modelling determined was ~35m north of the main upper ore zone intercepted in OFDD001. | |
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