Alchemy adds 'highly contested' lithium prospect to its portfolio

ALCHEMY Resources has picked up ground north of Global Lithium Resource’ Manna deposit east of Kalgoorlie in a “highly contested” ballot, with the market applauding the news by marking the stock up more than 30% in early trade.
Alchemy adds 'highly contested' lithium prospect to its portfolio Alchemy adds 'highly contested' lithium prospect to its portfolio Alchemy adds 'highly contested' lithium prospect to its portfolio Alchemy adds 'highly contested' lithium prospect to its portfolio Alchemy adds 'highly contested' lithium prospect to its portfolio

Karonie ground, WA

The 25sq.km tenement is said to be along strike from Manna and "within the target ‘Goldilocks Zone' corridor in which LCT pegmatites can occur".

Manna is currently a 10 million tonne resource that Global Lithium is currently working on expanding with multiple drill rigs.

The new Alchemy tenement sits in the midst of the junior's Karonie exploration project totalling 1220sq.km of ground.

That ground includes the Hickory prospect, described as having "high tenor anomalism" and the key target of a maiden 3000-5000m RC drill campaign set to start next month.

Alchemy started the current quarter with $2 million cash and as such would be assessing its funding options.

Shares in Alchemy were up 30% to 2.6c in morning trade, capitalising the company at about $25 million.

Mineral Resources-backed Global Lithium, which aside from Manna also has a 10Mt resource at Marble Bar, is capitalised at more than $400 million.