Alchemy Resources (ASX: $ALY) announces lithium exploration results at Karonie Project

Alchemy Resources Limited (ASX: $ALY) has announced the receipt of positive assay results for its infill soil sampling at the 100% owned Karonie Project in Western Australia. The results highlight broad low level lithium anomalism over multiple large areas, demonstrating the excellent potential for further success in lithium-focused exploration. The company remains well funded with cash on hand of $3.5m as of 31 March 2024.

Executive Commentary on Karonie Exploration Results

The latest round of results continues to validate our exploration strategy at Karonie. The results demonstrate the excellent potential for further success in lithium-focused exploration. Previously, we've intercepted outcropping lithium minerals adjacent to single point soil anomalies, so it's critical that we ground truth all of these areas. At the same time, we continue to advance our gold targets with assays pending for bedrock mapping of areas to the south including the Parmelia, K4 and Challenger areas with a view to planning follow-up drilling on these targets later this year. Importantly, Alchemy remains well funded to achieve all these goals in 2024.

Summary of Alchemy Resources' Announcement

Alchemy Resources Limited (ASX: $ALY) has received positive assay results for its infill soil sampling at the 100% owned Karonie Project in Western Australia, highlighting broad low level lithium anomalism over multiple large areas. The company plans to conduct detailed mapping and rock-chipping to field check anomalies and assist with future drill planning. Additionally, follow-up work for gold targets is underway at Parmelia, K4, and Challenger targets. Alchemy remains well funded with cash on hand of $3.5m as of 31 March 2024, enabling it to achieve its exploration goals in 2024. The company's focus on lithium and gold exploration aligns with its strategy of growth through the discovery and development of battery metals and precious metals within Australia.