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Alchemy Resources Ltd.
Summary
| Project: | West Lynn | |
|---|---|---|
| Deposit: | West Lynn | |
| Location: | Australia | |
| Commodities: | Nickel-Cobalt-Aluminium-Iron | |
| Date: | 2/19/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-2-2019: Alchemy Resources Ltd. announces a Resource Estimation report for its West Lynn deposit at the West Lynn project. Initial mineral resource estimate at the project. Alchemy Resources Limited (ASX: ALY) is pleased to announce that a maiden JORC C | |
| Resources: | (Resource, Inf.): 21.3Mt @ 0.84% Ni, 0.05% Co, 2.4% Al. 20.0% Fe | |
| CP/QP: | [Resources]: Stephen Godfrey (Resource Evaluation Services Pty Ltd.) | |
| ABSTRACT: | Alchemy Resources Limited (ASX: ALY) is pleased to announce that a maiden JORC Code 2012 Edition compliant inferred mineral resource estimate has been completed for the nickel-cobalt zone of the West Lynn Project, located 13km northwest of Nyngan, NSW. The mineral resource estimate totalling 21.3Mt @ 0.84% Ni, 0.05% Co, 2.4% Al & 20.0% Fe was completed by Resource Evaluation Services (RES) and is reported at a 0.6% Ni lower cut-off as detailed in the table below The resource estimate is subsequent to an intensive 3 phase drilling campaign completed by Alchemy during 2018 comprising 178 holes for 8,646m (including three diamond holes for 189m) and in line with Alchemy’s Exploration Target1 . Nickel-cobalt mineralisation at West Lynn is flat lying and associated with variably lateritic clay, saprolite, and weathered serpentinite units. Mineralisation remains open both along and across strike, showing good potential to deliver additional resources. Initial metallurgical testwork completed by Direct Nickel (DNi) using a nitric acid leach via the patented DNi Process™ returned very encouraging recoveries for both nickel and cobalt from composite samples, with averages of 91.5% Ni (saprolite), 88.3% Co (saprolite), 86.4% Ni (lateritic clays), and 82.1% Co (lateritic clays). DNi Process™ metallurgical testwork on blended laterite / saprolite samples is underway, and a scoping study is planned for the second half of 2019. The West Lynn Project forms part of the Heron Resources Limited (ASX: HRR) Farm-in Agreement where Alchemy has earned 51% (earning up to 80%). | |
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