Alchemy is actively exploring three key areas; the Magnus Copper Project, the Gascoyne Gold Project, and the Murchison Projects (comprising six separate areas in the Murchison District).
The Magnus Copper Project comprises approximately 25 kilometres of prospective stratigraphy in the Bryah Basin region, host of Sandfire Resources’ DeGrussa copper-gold discovery. It is part way through evaluation and drill testing of conductors identified by an airborne VTEM survey and gold/copper-in-soil anomalies associated with prospective areas identified by geological field mapping. Alchemy continues to devote significant expenditure to exploration programs at Magnus and will continue its evaluation.
The Gascoyne Gold Project includes the Hermes and Wilgeena gold deposits and the Central Bore gold prospect. Hermes has an Indicated Resource of 2.79Mt @ 2.19g/t Au (equivalent to 196,650 ounces of gold) and was acquired from Troy Resources NL in June 2008. At Wilgeena, located 15 kilometres south of Hermes, RC and diamond drilling programs confirmed and extended existing zones of gold mineralisation, previously explored by Plutonic Operations Ltd in 1997. In July 2010, Alchemy estimated a maiden Indicated Resource of 659,480t @ 2.34g/t Au (equivalent to 49,536 ounces of gold) comprising three discrete mineralised zones. Alchemy is committed to identifying a commercialisation strategy for these gold resources. Overall therefore the total Indicated gold resource currently amounts to approximately 246,000 ounces.
The Murchison Project area currently consists of six separate, highly prospective areas in the Murchison district between Meekathara and Cue. Alchemy plans to progress its evaluation of these areas through follow-up RC and aircore drilling programs.
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Alchemy Resources: Value Creation in 2012
Written on Tuesday, 07 February 2012 14:06 Be the first to comment! Read more...
Special Report February 2012
Alchemy Resources – Value Creation in 2012!
Abraham Lincoln once said “don’t worry when you are not recognised, but strive to be worthy of recognition”. If the Australian explorer, Alchemy Resources, had a motto, this could very well be it.
Judging by its share price, this is not a company currently well loved by the market. But looking at the facts of the business it is very hard, in principle, to understand why this is. As with all exploration stocks, technical analysis of share price performance is not always a reliable metric for evaluating the underlying fundamental strength of the business and it is only through thorough research that the true value of a stock may be unearthed. We’ve recently completed our own analysis of Alchemy Resources and we can now present our Value Proposition on the business.
Make no mistake Alchemy Resources is a well-funded business with some rather exciting exploration licenses in Western Australia. It has a new management team, demonstrating a clear sense of purpose and our view is that 2012 could shape up to be a period of significant value creation within the business. The company seems to be making strong progress on its three projects and the signs are there that positive news could start flowing.
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