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Alchemy Resources doubles base metal holdings adjacent to Sandfire Resources’ DeGrussa

Last updated: 10:20 02 Mar 2012 AEDT, First published: 09:20 02 Mar 2012 AEDT

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Alchemy Resources (ASX: ALY) has doubled its landholding in Western Australia’s highly prospective Bryah Basin to over 630 kilometres and has extended its more than 20 kilometres of Narracoota Volcanics by 25 kilometres.

The Narracoota Volcanics host Sandfire Resources’ (ASX: SFR) 14.33 million tonne at 4.6% copper and 1.6 grams per tonne gold DeGrussa deposit.

Alchemy has completed the acquisition of 15 tenements covering 356 square kilometres immediately adjacent to its Bryah Basin Copper Project through the issue of 26.9 million shares at A$0.13 each to Grosvenor Gold’s nominee Bluecrest Mercantile Master Fund.

Bluecrest is now Alchemy’s largest shareholder with a 17.16% stake.

Following a recent capital raising Alchemy now has more than $6 million in cash.

The company is well financed to undertake a highly focused exploration program for DeGrussa style deposits on its expanded Bryah Basin landholding.

Two drill rigs have been contracted to test audio-magnetotelluric anomalies and provide stratigraphic information within the prospective Narracoota Volcanics at the Magnus East prospect

Alchemy will also undertake geological mapping and ground geophysical surveys designed to extend coverage across the acquired tenements and locate further targets for drill testing.

The work is set to begin this month.

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