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Alchemy Resources Ltd.
Summary
| Project: | West Lynn | |
|---|---|---|
| Deposit: | West Lynn, Summervale | |
| Location: | Australia | |
| Commodities: | Nickel-Cobalt-Aluminium-Iron | |
| Date: | 8/27/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 27-8-2018: Alchemy Resources Ltd. announces an Exploration/Drilling Update report for its West Lynn, Summervale deposit at the West Lynn project. Drilling results incl. 16m @ 1.2% Ni, 0.091% Co, 5.67% Al2O3, 22.78% Fe from 39m. Alchemy Resources Limited ( | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Leigh Ryan (Internal) | |
| ABSTRACT: | Alchemy Resources Limited (ASX: ALY) (“Alchemy”) is pleased to announce numerous significant results received from Phase 1 resource drilling within the West Lynn Nickel-Cobalt Project in the Lachlan Fold Belt, NSW (Figure 1). The results have confirmed the tenor of nickel (Ni) - cobalt (Co) mineralisation identified in historic drilling conducted by Jervois Mining Ltd and Anaconda Nickel Ltd, and identified broad zones of alumina (Al2O3) immediately above the Ni-Co mineralised zone. Phase 2 resource drilling has commenced and will continue the infill resource drilling as well as determining the continuity of Ni-Co-Al mineralisation between separate mineralised zones at both prospects. The drilling ultimately aims to advance the existing West Lynn Nickel-Cobalt Exploration Target of 15 - 30Mt @ 0.7 - 0.9% Ni, 0.05 - 0.07% Co1 and previous Jervois Mining Ltd indicated resource2 to a JORC Code 2012 compliant inferred resource estimate. Alchemy’s Exploration Target for the West Lynn Project equates to 105,000-270,000 tonnes of nickel and 7,500-21,000 tonnes of cobalt. The Phase 1 drilling program has also identified the potential to expand the known Ni-Co- Al2O3 mineralisation at both the Summervale and West Lynn prospects, with Alchemy’s drilling covering only about 10km of the 22km long West Lynn Serpentinite, once the Phase 2 program has been completed. The nickel and cobalt mineralisation at West Lynn is a direct result of weathering of the highly magnetic West Lynn Serpentinite unit (red/white “peaks” in Figures 1, 2 & 5). The resulting metal rich clays are low in iron when compared to the typical Ni-Co laterite ore bodies formed in Western Australia, and this potentially allows the ore to be processed at normal atmospheric pressure using standard solvent extraction methods, resulting in lower upfront capital expenditure requirements. Metallurgical sampling, recovery test work, and density determinations will be conducted subsequent to receiving results of the Phase 2 resource drilling. A JORC Code 2012 Edition compliant resource estimate for the West Lynn Project is expected to be completed in the 4th quarter of 2018. | |
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