The company has completed nine reverse circulation holes at the project to date for 1128m, which returned a number of encouraging visual RC chips.

At the Parmelia prospect, the silica-altered dolerite seen in holes drilled in late 2020 was intersected in all five of the holes drilled.

Two holes intersected significant widths of alteration with associated quartz veins and sulphides which Alchemy believes represents a continuation of the Parmelia mineralised structure down-dip in a sub-vertical orientation.

At the Warrior "bullseye target", the first holes successfully intersected the bedrock geology, with geological logging of one hole noting intercepts of black shales, silica altered dolerites with quartz veining and pyrrhotite and pyrite, with pyrrhotite mineralisation interpreted to be contributing to the Warrior magnetic anomaly.

"It's nice to have a win from two from two at Parmelia and Warrior," Alchemy CEO James Wilson told the RIU Sydney Resources Round-up.

"We've got all the right ingredients - it's great to see."

It was Wilson's first presentation as CEO since joining the company earlier this year. He had previously been a gold analyst at Argonaut Securities.

Assays for the holes have been submitted to the lab and Alchemy is hoping to receive results within three weeks.

The current program is expected to be up to 5000m, with as much as 15,000m of further drilling planned for later in the year.

Karonie contains more than 80km of strike extent extending from Silver Lake Resources' Aldiss mine up towards Northern Star Resources' Carosue Dam operation.

Parmelia is only 3km from Aldiss.

Wilson said Karonie was under-drilled and previous drilling had been ineffective.

"It's an evolving picture, there's more to find around here," he said.

Shares in Alchemy were up 12.5% to A1.8c, valuing the company at about $10 million.