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Alchemy Resources hits up 27.2g/t gold at Seaborg, Western Australia

Published: 12:30 17 Apr 2014 AEST

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Alchemy Resources (ASX: ALY) has revealed several high-grade, near surface gold intercepts at its Seaborg prospect in Western Australia's Bryah Basin.

Assays included 6 metres at 4.17g/t gold from 9 metres; 10 metres at 1.49 g/t gold from 38 metres; and 2 metres at 14.46g/t gold from 27 metres, including 1 metre @ 27.2g/t gold.

Notably, these high grade results are contained within a broad gold mineralised envelope that extends from surface; these  ‘envelopes’ returned a total of 51 metres at 1.04g/t from 24 metres, and 26 metres at 1.43g/t from 37 metres.

The small program was designed to test continuity of mineralisation intersected by initial reverse airblast drilling in 2013.

These assays included 51 metres at 3.71 g/t gold from surface, 23 metres at 3.16 g/t from 16 metres, and 27 metres at 5.43 g/t from 15 metres.

To date, drilling has only extended to around 75 metres depth; all holes have ended in mineralisation within the oxidised zone.

Gold mineralisation remains open at depth and along strike to the southwest and northeast; further targeted extensional drilling is now planned to expand the discovery.

The project also lies along strike from Sandfire Resources' (ASX:SFR) DeGrussa copper-gold deposit.

Recent reappraisal of Alchemy's Bryah Basin ground has highlighted its potential to host large gold deposits, and a pipeline of advanced to grass roots gold targets have been established.

Shallow geochemical drilling designed to track the northeast extension of the Hermes mineralised corridor under cover will commence shortly.

This 4 kilometre long zone, referred to as the Winchester prospect, represents a large and high priority target.

Alchemy is presently valued at $5.5 million.

 

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