Alchemy Resources Limited announced that results from detailed ground gravity surveying at the Company's Hickory prospect at the Karonie Project have successfully mapped out pegmatites under alluvial cover and suggest extensions to the north of the existing mapped pegmatite locations. The ground gravity survey was completed in December 2022 with custom data processing by Perth-based consultancy NewGen Geo, which specialises in the application of geophysics to pegmatite exploration. The high resolution gravity survey measures variations in the earth's gravity field caused by differences in rock density.

Lower density pegmatites intruded into higher density metamorphosed mafics at Hickory are expected to be expressed as a gravity low response. The gravity data, together with known pegmatite locations from drilling and mapping, were used to interpret the northern extensions and outline new targets for follow up work. Pegmatites are interpreted as the gravity lows that trend towards the north from the existing pegmatite drill intercepts.

Known pegmatite locations from drilling and mapping were used to interpret the extensions. Multiple previously unknown pegmatite targets have been generated. The high resolution ground gravity survey was completed in December 2022 by NewGen Geo, with data being collected on a 10m station spacing along 40m spaced lines.

The data was processed and analysed by Perth-based geophysics consultancy NewGen Geo which specialises in the application of geophysics to pegmatite exploration. Alchemy has commenced planning for a larger expanded gravity survey to map the prospective structures under cover over a 5.4km x 1.6km area towards Pecan prospect. The expanded survey will also extend to the west and east of the existing mapped pegmatites as it is believed the system remains open in all directions.

The processed gravity data suggests that the pegmatites that were intercepted in the 2022 Hickory drilling continue striking north towards the favourable structures., and the survey will assess the potential for pegmatites within the favourable north-east trending structures. Structural weaknesses are an important factor for the formation of Lithium-Caesium-Tantalum pegmatite systems.