VANCOUVER, B.C., Feb. 12, 2003 (PRIMEZONE) -- Alchemy Ventures Ltd (TSX Venture Exchange:ALY) announces that it has received encouraging results from the recently completed auger-sampling program of the Section 21 Pit area tailings previously mined by Washington Brick and Lime. The Section 21 Pit area is part of the Helmer-Bovill property, in which the Company has a right to earn a 100% interest subject to regulatory approval.
The Section 21 Pit tailings were generated from previous mining of the residual clay deposits strictly for its kaolin content. The purpose of the 17-hole program was to test the tailings material for chemical and mineralogical consistency and confirm the content of minerals of economic interest - feldspar and quartz. As part of the program, auger holes were drilled into the tailings on approximately 200-foot centers covering an area of some 15 acres.
Analytical results from the auger-drilling program indicate the chemical and mineralogical content of the tailings is highly consistent across the 15-acre site. The chemical and mineralogical consistency is significant as it indicates the residual clay deposits previously mined were homogeneous, thereby indicating general continuity within this section of the Helmer-Bovill mineral zone. As noted in the Company's December 22, 2002 press release, previous metallurgical tests conclusively demonstrated a high quality, commercial-grade feldspar product can be produced from the Section 21 Pit Area tailings.
A bulk sample for the purpose of additional metallurgical testing and the production of samples for potential customers is being composited from the 17-hole auger program. The consistent chemical analyses coupled with the previous very positive metallurgical results indicate the Section 21 Pit tailings represent a potential resource that will be easily mined and will add to the overall potential of the Helmer-Bovill property. Based on this data, the Company will calculate the volume of tailings contained within the 15-acre site.
"The primary importance of the tailings sample results is they indicate both homogeneity and continuity of the residual clay deposits in the Section 21 Pit area," stated Roger Kauffman, President and CEO of Alchemy. "All of the recent test results continue to be very favorable and under pin the strong potential of the Helmer-Bovill project."
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 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.