Alchemy Resources Ltd surges encouraged by multiple lithium and pathfinder anomalies at Karonie

Alchemy Resources Ltd (ASX:ALY) has identified a new, consistent corridor of lithium and pathfinder elements during its review of multi-element geochemical soil and drillhole sampling data from the Karonie Gold Project, located at the east of Kalgoorlie in Western Australia.

Notably, the multi-element signatures of these soil anomalies are consistent with possible hard rock lithium mineralization associated with lithium-cesium-tantalum (LCT) type pegmatites.

The new anomalies are located 8 kilometers along strike and within a contiguous property right of the Manna Lithium deposit 80% owned by Global Lithium Resources Limited.

Moving forward, Alchemy has defined four new high-priority lithium targets to test over an initial 7 kilometer by 1 kilometer anomaly area.

Markets welcomed the news, with shares trading at a 5-year high of $0.32, up 68% from the previous close.

“Reaffirms prospectivity”

Alchemy CEO James Wilson said, “The lithium and scout anomaly identified by Alchemy soil sampling and the recent rock spalling near Manna are an encouraging start.

“Mapping by our geologists showed outcropping pegmatites along Manna, which is made more significant by the fact that there have been no pegmatites mapped in this area before.

“The geochemical review reaffirms the prospectivity of our extensive building complex at Karonie in what historically has seen only gold and base metal exploration.

“Work continues to identify other nearby intrusive dykes through a detailed mapping and sampling program.”

Multi-element soil sampling

Alchemy conducted multi-element soil sampling at the Pecan, Mesquite, Hickory and Cherry prospects on a 400 meter by 400 meter offset grid, which was part of a multi-commodity review.

Lithium and pathfinder analysis shows a strong anomaly pattern over 7 kilometers long by 1 kilometer wide, with the northern zone bearing increasing levels of surface cover, which may have masked outcrops.

Notably, the zones lie within the potential “goldilocks zone”, a defined corridor within which LCT pegmatites exist.

Alchemy geologists have since performed an initial ground check on the anomalies, which revealed outcropping pegmatites on the Hickory prospect that were traced for 1 kilometer along strike.

Next steps

Alchemy has several works in the works to advance Karonie, including:

  • Immediately prioritize filling soil sampling on a 100 meter by 40 meter pattern in Cherry and Hickory;
  • Commence detailed mapping of pegmatite outcrops along the 7 kilometer prospective strike at the Cherry, Hickory, Mesquite and Pecan anomalies;
  • Commence regional soil sampling from KZ5 to Western Brown Prospect (approximately 20 kilometers strike length in the Goldilocks area);
  • Complete legacy agreements to enable future drilling programs; and
  • Assess broader regional prospectivity in the southern Karonia concessions.