re: Ann: Significant Increase of Indicated Re... gooru25Looks...

re: Ann: Significant Increase of Indicated Re... gooru25

Looks like TS hasn't been heard of on the HC site since his last post on ALY. However he did say in his post on 09/08/11 21:12 under the heading "sinking in quicksand":
"They need a +200K Au ounce orebody to found to justify an operation. And this orebody needs to be decent grade".

IMO this appears to be what they've found. Still can't figure out why it's trading at the current s/p. Copper stocks/prices are falling! ALY already has proven ozs of gold.

" Alchemy Resources Limited ("Alchemy") (ASX: ALY) is pleased to advise that a revised JORC Indicated Resource of 2.79 Mt @ 2.19g/t gold (equivalent to 196,650 oz of gold) has been estimated for the Hermes Gold Deposit".

"Assay results from recent diamond drilling into four areas of gold mineralisation (see ASX announcement of 22 August 2011) confirmed the grade and width of mineralisation at Hermes and highlighted the presence of robust high-grade zones, including 8 metres at 24.75 g/t gold from 126 metres in hole HRD002 and 4 metres at 16.47 g/t gold from 90 metres and 4 metres at 8.57 g/t gold from 136 metres in hole HRD003.
The mineralisation is open at depth and further drilling has excellent potential to add to the known resource and expand the area of gold mineralisation outside of the Indicated Resource.
Total Indicated Mineral Resources at the Gascoyne Gold Project now total 246,000oz of gold, contained at the Hermes and Wilgeena deposits. Alchemy has a goal of increasing its gold resources whilst also continually evaluating commercialisation opportunities".

Anyone watching AUC?