VANCOUVER, B.C., Jan. 22, 2003 (PRIMEZONE) -- Alchemy Ventures Ltd. (TSX Venture Exchange:ALY) announces it has received final laboratory results from a series of drill core samples from an earlier drill program on the Helmer - Bovill property in Latah County, Idaho. The results conclusively demonstrate a high quality feldspar product can be produced and dramatically increase the dimensions of the known feldspar-kaolin-quartz mineralization that occurs in the residual clay deposits.
The drill core samples were analyzed to test the mineral intercepts for process amenability and to produce commercial grade feldspar products. The feldspar laboratory work was carried out by Minerals Research Laboratory, North Carolina State University, which is North America's top industrial minerals process laboratory specializing in the processing of feldspar ores. The results of these tests are very favorable and clearly demonstrate that a high quality commercial grade feldspar product can be produced from several locations of the Helmer-Bovill deposit. Similar test work will be performed for the kaolin and quartz to determine the type products that can be produced from these minerals as a part of the overall valuation of the residual clay deposits.
These successful feldspar metallurgical tests significantly expand the mineral resource base. Drill holes MC2, MC7, and MC8 were sampled as part of the analytical program. These drill holes contain 53ft., 31ft., and 61ft. respectively of high quality commercial grade feldspar mineralization. The horizontal distance between MC2 and MC8 is approximately 10,000ft, which materially expands the geometrical dimensions of the mineralization.
In addition to the ongoing metallurgical work, additional chemical, petrographic, and microprobe analysis are being completed on both metallurgical samples and core samples in order to cross index metallurgical, chemical and petrographic data. Cross-indexing this data allows for more effective evaluation of sample sets with less expensive analytical methods, reducing the amount of samples that would need evaluation with the more expensive metallurgical tests. To date, this information has proven very useful in characterization of the mineral zones.
"I am very pleased and optimistic about the current results and the progress being made on characterization and delimitation of the deposit," commented Roger A. Kauffman, President and CEO. "We now have received results from two sample sets with consistent low iron and high quality feldspar chemistry. We are on our way to establish mineral definition and to define the platform for the next drilling program. We expect additional information from our extensive geologic and sampling program in early February."
In a related matter, the Company has leased a new office, core logging and sample preparation facility east of Moscow, ID. This new location is very convenient to the Helmer-Bovill property and the city of Moscow providing for very efficient sample handling.
The Company is also continuing its work on specific market identification and transportation logistics. Several market areas have been focused on and individual accounts are being compiled. The Company maintains that the Helmer-Bovill location has a unique transportation position and has verified favorable freight conditions to several geographic market areas.
Alchemy Ventures Ltd.
per: "Barry Girling"
Barry Girling, Director
Contacts: Investor Relations - Skyview Commerce Group, Gary Deathe 866-827-4424, Email: ir@alchemykaolin.com
Corporate - Alchemy Ventures Ltd., Barry Girling, 877-303-6573 or 604-303-6573, Email: info@alchemykaolin.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release