Alchemy Resources Limited announced the completion of high-resolution UAV magnetic surveys at the 100% owned Karonie Project in Western Australia. The aim of the survey was to refine Alchemy's gold exploration drill targeting in these areas and to generate new targets. The surveys were conducted over structures to the north of the existing Taupo and KZ5 resources at Karonie East, and to the south at the new greenfields Western Brown and Gilmore targets. At the new Karonie East target, the work identified several magnetic and structural features demanding immediate investigation due to their geological similarity to the adjacent Aldiss Mine deposits. Alchemy believes these areas have been poorly tested due to the large amount of historic drill testing which did not reach bedrock. Drill testing is planned for early 2022, pending heritage clearance later in November 2021. Alchemy is also pleased to advise that it has been successful in securing an EIS grant from the Western Australian Department of Mines, Industry and Regulation ("DMIRS") to co-fund drilling at the Western Brown and Gilmore target areas. Alchemy acknowledges this significant support from the DMIRS. The geophysical surveys at Karonie were designed to provide greater detail on the trends of mineralisation observed in recent drilling. Understanding the structural framework of the area has been a key focus over the last nine months that has been supported by recent detailed field mapping. Ground truthing of the historical reconnaissance drilling has shown a significant amount of previous RAB drilling to be ineffective or too wide spaced to target short strike length but high-grade structures. The high-resolution magnetic survey has significantly refined the location of the magnetic dolerite host rock, as well as north-south and north-east trending structural features, which are key elements of the mineralising events at Karonie. Two surveys were conducted around the Aldiss Mining Centre to better understand the structures that control mineralisation at the Karonie Project. Data from the northern Karonie survey area will be used to aid understanding of the mineralisation controls for the Taupo and KZ5 resources1. Results show a structural jog to the north of KZ5, which correlates with a historic EM plate from a survey in the mid-2000s and which has never been followed up. The Karonie East survey area is a newly defined area of interest for Alchemy. The area has wide spaced RAB drilling (generally 150m X 1km line spacing) that was relatively ineffective at testing basement geology. Ground truthing revealed that a large portion of the historic holes in the region failed to reach basement, often terminating in calcrete or younger cover. Samples have been taken and submitted for multi-element geochemistry to analyse for pathfinder elements which may assist in targeting.