RICHMOND, British Columbia, April 8, 2003 (PRIMEZONE) -- Alchemy Ventures Ltd. (TSX Venture Exchange:ALY) has recently completed another stage of its ongoing project evaluation of the Helmer-Bovill feldspar-kaolin-quartz project located in Latah County, Idaho. This work program integrated geologic, petrographic, geochemical and metallurgical studies to develop a mineral deposit model that will be the basis for further work. Field mapping, in conjunction with the core-hole data from the previous drilling program, provide conceptual limits to the Helmer-Bovill mineral deposit model while the petrographic, electron microprobe, and geochemical analyses demonstrate that high quality feldspar and quartz products can be produced. Further, analytical and metallurgical results received to date indicate that a very high purity quartz product can be produced. This integrated program has identified two areas that are the most prospective for development of economically mineable deposits of feldspar, kaolin, and quartz.
As part of the program the Company has received the final geologic report entitled: "Geological evaluation of two feldspar-clay prospects associated with intrusive rocks of the Idaho Batholith in Latah County, East of Moscow, Idaho," by James G. Clark, Ph.D. Dr. Clark has geologically mapped two areas in Latah County, one of which is the Helmer-Bovill area, and supplemented these data with petrographic and microprobe studies. These studies reveal the nature of the occurrence of feldspar and quartz as a separate suite of products and the relationship of kaolin as an additional product in that suite.
The table below summarizes the results of previous work and shows that metallurgical bench test data for residual clay and tailings material from the Section 21 Pit have produced feldspar products that compare very favorably with commercial feldspar products currently being marketed. The microprobe data were taken from samples that were collected over a widespread area in the Helmer-Bovill area. An average of this microprobe data is reported as Helmer-Bovill Average Feldspar and represents the characterization of a general or undifferentiated feldspar product. The importance of the Helmer-Bovill Average Feldspar is that it shows that the potential deposit has a widespread occurrence, high alumina, very low iron, and high total alkalis (Na2O+K2O). It is important to note that there is variability in the Na-K ratio within the Helmer-Bovill property and either a sodium (Na) rich or potassium(K) rich feldspar product could be produced as demanded.
FELDSPAR PRODUCT COMPARISON
SiO2 Al2O3 Fe2O3 CaO Na2O K2O
Helmer-Bovill Residual 66.7 18.00 0.02 +0.01 0.71 14.40
Pit Sample
Helmer-Bovill Tailings 66.1 18.70 0.05 0.54 2.53 11.30
Helmer-Bovill Average 63.8 21.30 0.027 1.73 5.56 7.05
Feldspar
North Carolina Feldspar 68.6 18.50 0.05 1.50 6.50 4.10
Georgia Feldspar 66.3 18.50 0.082 0.81 3.04 10.75
South Dakota Feldspar 68.5 17.00 0.15 0.30 3.00 10.00
Western Feldspathic Sand +87* 7.93 0.11 0.75 2.82 1.11
* back calculated by Alchemy management
The quartz data from the metallurgical tests are summarized in the table below and also show very favorable results between the residual clay sample and tailings material compared to existing commercial product. As with the feldspar, an average quartz sample (Helmer-Bovill Average Quartz) is calculated by averaging the microprobe data, and indicates iron, alumina and alkali concentrations low enough to justify further testing for the highest grades of quartz products. The highest-grade quartz products command a very significant price premium when compared to lower purity products, ranging from hundreds of dollars per ton to over $1000 per ton (from USGS Minerals Yearbook, 2001).
QUARTZ PRODUCT INFORMATION
SiO2 Al2O3 Fe2O3 CaO Na2O K2O
Helmer-Bovill Residual Pit +99.7 0.15 +0.01 +0.01 +0.05 0.08
Helmer-Bovill Tailings 99.7 0.45 0.01 +0.01 +0.05 0.11
Average Microprobe +99.9 0.001 0.007 0.002 0.006 0.007
Quartz Data
Mid-western Glass Sand 99.5 0.15 0.092 0.01 0.01 0.04
Test work on the kaolin products will be undertaken in the next phase of the project evaluation program. Previous operators produced what has been reported as a paper-filler product from kaolin contained in the Helmer-Bovill residual clays. Based on this past production, and subsequent technological improvements, management believes that kaolin products such as fillers and extenders in paper, plastics and rubber can be produced.
The results of this most recent work are very significant due to the combination of metallurgical, drill hole, petrographic and microprobe data indicating an area of several square miles containing very favorable characteristics indicative of a potential economic feldspar-kaolin-quartz deposit. In addition, the preliminary overburden analysis generated as part of the geological mapping indicates overburden thicknesses in the mineralized zones ranging from 1 to 8 meters. This very limited overburden cover suggests favorable stripping conditions would be encountered during mining.
The following table provides a listing and market price overview for the minerals identified in the Helmer-Bovill deposit. The market price information is taken from the United States Geological Survey's Minerals Yearbook (2001) and provides a good reference for the potential value of the Helmer-Bovill mineral products. Based on these valuations and the information generated to date, the gross mineral value of one ton of the Helmer-Bovill residual clays is expected to be about $US60.00.
Mineral Appl. US$-ton Comments
Feldspar Glass 44 - 57 Bench scale lab work has
produced from Helmer-Bovill
residual clays
Ceramic 66 - 83 Bench scale lab work has produced
product meeting specifications from
Helmer-Bovill residual clays
Kaolin Filler 88 - 110 Previous operators produced lower
end fillers from Helmer-Bovill
residual clays
Sanitaryware 71 - 82 Additional laboratory work required
to determine if specifications can
be met
Quartz Ceramic 49 - 74 Bench scale lab work has produced
product meeting specifications from
Helmer-Bovill residual clays
Foundry, 81 - 98 Bench scale lab work has produced
ground product meeting specifications from
Helmer-Bovill residual clays
"All geological, geochemical and metallurgical results we have received to date have met or exceeded our expectations," stated Roger Kauffman, President and CEO. "We know we have a very large deposit from which bench scale results have demonstrated we can produce high quality feldspar and quartz products and previous operators produced viable kaolin products while exploiting the deposit solely for its kaolin content. Potential transportation advantages stand to further compound our product advantages creating what we believe is a very attractive mineral development opportunity."
The Company continues to advance the technical, marketing, legal and transportation aspects of the project inline with the Company's current funding. Additional metallurgical work is ongoing and results of which will be released in a timely fashion.
Alchemy Ventures Ltd.
per: "Roger Kauffman"
Roger Kauffman, President & CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release
This News Release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. Actual results could differ materially from those projected as a result of the following factors, among others: changes in the world wide price of mineral market conditions, risks inherent in mineral exploration, risk associated with development, construction and mining operations, the uncertainty of future profitability and uncertainty of access to additional capital.