Alchemy Resources moves forward with resource inventory strategy at Karonie Gold Project
- Alchemy Resources says eureka with maiden 111,000-ounce gold resource at Karonie, shares up
- Alchemy Resources welcomes maiden resource at Karonie gold project
Quick facts: Alchemy Resources Limited
Price: 0.015 AUD
Market Cap: $10.08 m
About the company
Alchemy Resources Limited (ASX:ALY) is an Australian exploration company focused on the discovery and development of gold, base metals and nickel-cobalt resources.
The company has built a large land package in the Carosue Dam-Karonie greenstone belt in the Eastern Goldfields of Western Australia, one of the nation’s premier gold provinces, and has an 80% interest in projects in the Lachlan/Cobar Basin in New South Wales.
The latter incorporates copper-gold porphyry assets, including large-scale Cadia lookalike targets at Yellow Mountain with solid broad intercepts while nearby Overflow has returned high-grade gold-copper-zinc, including intercepts such as 7 metres at 6.7 g/t gold, 1.0% zinc and 0.3% copper.
How it is doing
The precious and base metals explorer contracted a Perth-based geological consultancy to establish the inferred JORC 2012 resource, which totals 2.96 million tonnes at 1.2 g/t for 111,100 gold ounces across the Taupo, K25 and Parmelia deposits.
Investors have responded positively with shares shooting up more than 21% at the opening to 1.7 cents.
The pioneer resource estimate is founded on a mix of reverse circulation (RC), diamond and aircore drilling, while further exploration is set to kick off over Karonie’s southern tenements under a phase two drilling program.
The gold and base metals explorer identified five priority targets following a structural review, including one known as Western Brown, which has seen no exploration of any kind over a 2-square-kilometre area.
The exploration company recently conducted a phase one reverse circulation drill program over the gold asset’s KZ5, Taupo and Parmelia prospects, with composites resampled at one-metre intervals in a bid to highlight the high-grade zones within the original intervals.
What management says
Alchemy Resources Limited (ASX:ALY)'s James Wilson tells Proactive they've established a maiden resource for the Taupo, KZ5 and Parmelia deposits at its 100% owned Karonie gold project east of Kalgoorlie in Western Australia. He says the estimate of 111,100 ounces of gold is largely contained within the top 150m and remains open at depth and along strike at all three deposits.
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...
In exchange for publishing services rendered by the Company on behalf of named herein, including the promotion by the Company of in any Content on the Site, the Company receives from said issuer annual cash...FOR OUR FULL DISCLAIMER CLICK HERE