somethings up?, page-15

Lets see what the drilling results come back like in December. But the way I read that was "we are drilling to find places we can do more drilling"...

Anyone like to comment?

Thank you for your email regarding Alchemy Resources.

I would like to briefly answer your questions and would welcome any additional comments you may have.

(1) What progress has been made if any on various projects, specifically what has occurred re the drilling program in Bryah Basin outlined in the September quarterly activities report
As outlined in the September Qtly Rpt and the ASX release on 16 October, an aircore drilling program commenced in mid October targeting four geochemical anomalies across the Bryah Basin project area. This program was completed in November. The drilling aimed to identify secondary/oxide copper-gold anomalism within the weathered profile that would allow better definition of deeper RC drilling targets. Note that in the top 10-15 metres from the surface, there is very strong depletion of base metals and pathfinder elements. The aircore program aimed to drill through this ‘depleted’ zone to identify anomalism below this zone.

(2) When can shareholders expect the results of this program to be released
As indicated in the Qtly, the assay results are expected in early December and upon review and interpretation the results will be released shortly thereafter.

(3) What are the companies plans for drilling programs or other exploration in the coming months
The other significant exploration activity is the ground geophysics survey of 14 VTEM anomalies. These moving-loop and fixed-loop EM surveys are being undertaken to further define the orientation and depth of bedrock conductors prior to testing by RC and/or diamond drilling. Acquisition of the survey data has been completed and the processing, interpretation and modelling of the survey data is currently being finalised by respected geophysical group Southern Geoscience Consultants, with the results are expected very soon. Drilling of best defined targets is scheduled for early 2013.

(4) Can the company continue to fund its exploration from cash reserves are will it need to raise additional capital
At the end of the September Quarter, Alchemy had over $3.5M cash at hand and expects to fund its exploration from cash reserves. At some stage in the future, and dependent on the results of on-going exploration, there may be a need to raise additional capital.

(5) has there been any progress on Hermes, Wilgunna, Murchision etc
As indicated in the Qtly and in the ASX release on 22 October, planning of extensional drilling at Hermes and Central Bore is continuing and the drilling is scheduled for 2013.

Alchemy firmly believes that the Byrah Basin Project is very prospective and is continuing its systematic approach to exploration for copper and gold systems across the project area.