Overview of Alchemy Resources' Karonie Lithium and Gold Project update

Alchemy Resources Limited (ASX: $ALY) has released an update on its exploration activities at the Karonie Lithium and Gold Project, 110km east of Kalgoorlie in Western Australia. The company completed 13 Reverse Circulation ('RC') drillholes to test depth extensions for known mapped pegmatites and geochemical anomalies. The drilling intersected multiple thin pegmatites with the chemical assays showing that the pegmatite system remains fertile at depth. Alchemy remains well funded with cash on hand of $4.0m as at 31 December 2023.

Executive commentary on Karonie Lithium exploration update

Chief Executive Officer Mr James Wilson commented: 'The presence of multiple pegmatites confirmed by drilling gives us further encouragement for future lithium exploration. In particular, we are now seeing lithium minerals at depth below mapped outcrops which re-affirms our interpretation that the LCT Pegmatites are steeply dipping and open at depth. We've observed spodumene and lepidolite at multiple locations along this trend so the ~7km long strike extent remains fertile. Planning is now underway for follow-up exploration including surface outcrop chemical mapping, additional sampling and targeting for follow-up drill programs. Work is also underway on the Bryah Basin and NSW assets.'

Summary of Alchemy Resources' Karonie Lithium and Gold Project update

Alchemy Resources Limited (ASX: $ALY) provided an update on its exploration activities at the Karonie Lithium and Gold Project, indicating the presence of multiple pegmatites confirmed by drilling, further encouraging future lithium exploration. The company observed lithium minerals at depth below mapped outcrops, re-affirming the interpretation that the LCT Pegmatites are steeply dipping and open at depth. Alchemy is planning follow-up exploration, including surface outcrop chemical mapping, additional sampling, and targeting for follow-up drill programs. The company also mentioned ongoing work on the Bryah Basin and NSW assets. Alchemy remains well funded with cash on hand of $4.0m as at 31 December 2023, positioning it for further exploration and development activities.