Alchemy Resources Limited (ASX: ALY) ('Alchemy') is pleased to announce several significant intercepts from recent reverse circulation (RC) drilling within the 100% owned Karonie Gold Project in the Eastern Goldfields, WA.
The drilling tested strike extensions of the Parmelia Prospect located immediately along strike to the south of the Silver Lake Resources Ltd (ASX: SLR) Aldiss Mining Centre.
The program extended the zone of mineralisation 200m to the south and 120m to the north, increasing the current strike of gold mineralisation to 500m. The drilling confirmed the presence of a thick, vertical to steeply east dipping, quartz veined silica-albite-pyrite altered dolerite unit hosting broad gold intercepts, including 12m @ 1.2g/t Au from 67m and 16m @ 0.9g/t Au from 87m in PARC010 located 120m along strike to the south of previous RC drilling. Another broad intercept of 18m @ 1.0g/t Au from 67m (incl. 4m @ 1.8g/t Au from 69m) was received from PARC011 located an additional 80m south of PARC010.
Along strike to the north the dolerite unit appears to thicken prior to being offset to the east and split into 2 separate mineralised zones. Hole PARC012 returned 3m @ 1.5g/t Au from 100m, however PARC013 appears to have been drilled over the top of the main body of gold mineralisation returning several shallow, low grade intercepts.
Gold mineralisation remains open down dip and along strike to the south, with further drilling being planned for these areas in order to identify high-grade gold shoots, typical of the Karonie-Aldiss region.
Alchemy's Managing Director, Leigh Ryan said: 'The recent RC drilling results confirm the extension of gold mineralisation into the Silver Lake mining lease to the north and confirm the relationship between the mineralised dolerite unit and the linear magnetic high that continues for several kilometres to the south. This magnetic feature is clearly visible in our aeromagnetic imagery and remains the target for future drill programs in the area'.
Contact:
Mr Leigh Ryan
Tel: +61 8 9481 4400
Email: Leigh@alchemyresources.com.au
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