Australian mineral exploration company Alchemy Resources announced that it has secured 100% in over 40km strike of highly prospective Archean greenstone belt in the Eastern Goldfields in Western Australia.
Located 100km east of Kalgoorlie, the Karonie Project comprises three exploration license applications surrounding and adjacent to Silver Lake Resources’ Harry’s Hill/French Kiss gold resource areas and along strike from Breaker Resources’ Lake Roe Project.
The Project is strategically located close to existing processing plants, and Alchemy said that given the already substantial gold endowment in the area (>470,000 oz gold), it will focus its near-term exploration efforts to the discovery of additional high-grade gold mineralisation.
“The Karonie Project provides a key opportunity for Alchemy and following grant of the licences we will seek to advance priority targets through extensional drilling with the expectation of extending the scope of these targets and increasing the potential for a high grade resource,” said Alchemy Chairman Oscar Aamodt.
“The Project is one of Australia’s premier gold provinces with significant potential for multiple discoveries.”