Alchemy Resources Limited (ASX: ALY) ('Alchemy') is pleased to announce the completion of a targeting review by Model Earth Pty Ltd on the 100% owned Karonie tenement package in Western Australia.
The review focussed on generating 'camp scale' prospective areas for follow-up (in addition to existing advanced target areas at Parmelia, KZ5 and Taupo.
The outcome of the study showed that Karonie is highly prospective, having regionalscale flexures on both the Keith Kilkenny and Claypan shear zones and proximity to nearby large scale >1Moz gold deposits.
Five high level targets were identified for further work including Warrior-Gilmore, Challenger-Esplanade, Manhattan and two new conceptual targets at Karonie West and a new target in the southern most extent of the Karonie tenement package.
Best historic results from Challenger included 10m at 1.46 g/t gold (from 128m) in ISRC103511 and previous high-grade intercepts from Esplanade included 1m at 21.35g/t gold (from 133m) in LPRC01811
Chief Executive Office Mr James Wilson commented: 'This review is a great outcome and shows the untapped prospectivity of the Karonie tenements. Targets in the south of Karonie have high grade mineralisation that hasn't been actively explored in some cases since 2004. Near term we look to get back on the ground with follow-up programs at Parmelia, KZ5 and K4. Alchemy has also started work on access agreements in the southern areas and planning for an aggressive mapping and drill program has commenced. We look forward to getting on the ground near term to test these targets in 2021'.
ABOUT THE KARONIE PROJECT
The Karonie Project contains more than 40km of strike extent of Archean greenstone belt in the Eastern Goldfields. The Project has a high-quality geological setting, strategically located between major, regional-scale fault zones, the KeithKilkenny, and Claypan Faults. The fault zones are interpreted to be deep-seated, domain-bounding structures within the highly gold-endowed Kurnalpi Terrane, and in a position, which hosts the world-class Karari-Carosue Dam gold deposits 75km to the north.
The Karonie Project is strategically located directly along strike to Silver Lake Resources (ASX: SLR) Aldiss Project, in Western Australia and along strike to the south of Breaker Resources (ASX: BRB) Lake Roe gold project. The project is in close proximity existing processing plants and given the already substantial gold endowment in the area, Alchemy will focus its near-term exploration efforts to the discovery of additional high-grade gold mineralisation adjacent to these areas.
Shallow drilling carried out by previous explorers indicates that the Project area has a complex regolith with a stripped Archean profile overlain by reworked sediments, wind-blown sands and paleo-drainage channels and salt lakes. Consequently, the shallow cover is very complex and areas with shallow gold anomalism require deeper RC drilling and diamond core drilling to adequately test identified targets.
ABOUT ALCHEMY RESOURCES
Alchemy Resources Limited (ASX: ALY; 'Alchemy' or the 'Company') is an Australian exploration company focused on growth through the discovery and development of gold, base metal, and nickel-cobalt resources within Australia. Alchemy has built a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region in Western Australia and has a 80% interest in the Lachlan/Cobar Basin Projects in New South Wales. Alchemy also maintains its interest in the Bryah Basin Project in the gold and base metal-rich Gascoyne region of Western Australia, where Superior Gold Inc. (TSX-V: SGI; 'Superior'), and Sandfire Resources Limited (ASX: SFR; 'Sandfire') are continuing to advance gold and base metal exploration, respectively.
Contact:
James Wilson
Tel: 08 9481-4400
ALCHEMY RESOURCES LIMITED 
