Alchemy Resources (ASX:ALY) have successfully mapped out pegmatites under alluvial cover that suggest extensions to the north of the exisiting mapped pegmatite locations at its Hickory prospect within the Karonie project.

Alchemy Resources says the new targets generated from the gravity survey that measures variations in the earth's gravity field caused by differences in rock density, double the existing footprint.

Its CEO, James Wilson says: "With approximately 4km of alluvial cover northwards to Pecan, we are excited to begin using gravity and high resolution drone magnetics technology to aid in mapping out the pegmatite system to the north."

Alchemy Resource's share price is up 20% this morning.