The results have confirmed the presence of gold mineralisation over five kilometres of strike with extensions to the north and south of this highly possible. Anomalous levels of Te, As and Sb coincident with the gold mineralisation suggest the drilling has intercepted at least one major structure, which may indicate the presence of a significant mineralised system.
The intercept in GMAC039 (12m @ 0.70g/t Au from 28m) is located within saprolitic clay containing up to 15% oxidised sulphide and quartz vein drill chips. The interpreted footwall of this mineralisation is comprised of strongly foliated (sheared), calc-silicate-biotite altered pyritic dolerite, very similar to what is seen at the Karonie mine 16km to the north. The nearest drill hole along strike of GMAC039 is ~3km to the south and ~2km to the north. Follow-up drilling targeting primary gold mineralisation at depth and along strike is planned.
The centre of both Gilmore lines 6549350N and 6551150N contain quartz veined, altered pyritic dolerite units with anomalous bottom-of-hole gold values, including 1m @ 0.66g/t Au from 20m (GMAC049) and 6m @ 0.25g/t Au from 16m (GMAC028). It is interpreted that these intercepts lie on the same north-south trending mineralised structure immediately west of a significant gravity high. Additional drilling between these lines and also across the coincident gravity-magnetic high at the Warrior Prospect ~7km along strike to the north of Gilmore is warranted.
In addition to follow-up drilling in the Karonie area, 4,500m of RAB drilling is planned to test two high priority targets located on the Claypan fault (Manhattan and Dragon prospects), now that the licences covering this highly prospective structure have been granted. The RAB drilling is targeting shallow auger drilling gold anomalism associated with the Claypan Fault Zone and folded or otherwise thickened dolerite units interpreted from detailed aeromagnetic imagery. Preparation of the Program of Work (PoW) is underway, prior to undertaking Native Title ground clearance surveys, and clearing of drill lines. Drilling is expected to commence early in 2018.
Alchemy’s Managing Director, Leigh Ryan said:
“Considering the distance between aircore drill lines and broad spacing of the holes the aircore results are very encouraging and compare favourably with the historic drill results obtained by Poseidon in 1991 and subsequently followed up by Breaker Resources at their Bombora prospect. We’re looking forward to the next phase of drilling in the area, especially the first pass drilling across the coincident magnetic-gravity high at the Warrior Prospect. We’re also extremely excited about the maiden drilling program within the newly granted licences covering the highly prospective Claypan Fault.”
