New reverse circulation drilling at Alchemy Resources’ (ASX:ALY)...

New reverse circulation drilling at Alchemy Resources’ (ASX:ALY) Bryah Basin project in Western Australia has demonstrated the presence of multiple horizons with copper-gold anomalism.

Drilling at the project’s Neptune prospect by joint venture partner Independence Group (ASX:IGO) targeted two kilometres of strike at a previously delineated zone of geochemical anomalism and electromagnetic conductors.

This work confirmed broad zones of gold anomalism over a 1-kilometre strike with a 25 metre interval grading 1,263 parts per million copper from 88 metres and another 12 metres reading 426ppm copper from 28 metres.

Other assays marked 12 metres at 118ppm copper from 72 metres and 16 metres at 193ppm copper from 100 metres.

Gold grades were recorded as high as 133 parts per billion.

Diamond drill core through the targeted zones has been sent for assaying, with results expected in the coming weeks.

Independence is in an exploration alliance with Alchemy under which it can earn a 70-80% interest (excluding iron ore) in Alchemy’s Bryah Basin portfolio of tenements.

Bryah Basin contains more than 40 kilometres of strike extent within the Narracoota volcanic sequence, which is host to Sandfire Resources' (ASX:SFR) high-grade DeGrussa copper-gold mine and highly prospective for the discovery of VMS-style base metal deposits.