Interesting post up on Medium: "Alchemical echoes of the Phanes relief". I had a moment with Phanes (and Aion) awhile back, and have my own collection of Phanes imagery. I've also posted english translations of each text he mentions.

Laurenziana Plut.89 Sup.35, Florence, is a miscellany manuscript written in Latin and Italian. The first pages contain a set of rough alchemical illustrations that appear to be derived from works like “Pretiosa Margarita Novella” by Janus Lacinius, “Aurora Consurgens” and “Rosarium Philosophorum”. An alchemical engraving was pasted at f8v; it is accompanied by this quote: “Ascendens superius est sulphur albissimum quod accipere possunt Alchimisti / ut ex eo faciant argentum. Quod vero remanet inferius est sulphur rubi / cundissimum tinctum ut scarlatta, quod accipere possunt ut ex eo faciant / verum aurum. Hec Arnal[dus] de Villa Nova” (White sulphur rises to the top; it can be take by alchemists in order to make silver. What remains below is very red sulphur; they can take it and make true gold with it — Arnaldus de Villa Nova / Arnald of Villanova)...
Most of the alchemy is in the transcription of Panofsky's letter (sample):

To sum it up: the curious late-antique figure of Phanes, as rendered in the Modena relief (cf. my book “Hercules am Scheidewege”, Plate V, 8) which in the Weimar drawing (Plate V, 9) had been interpreted as a personification of the “Year” (cf. the inscription reproduced on p.9 of my book), was the subject to an even more arbitrary interpretation, when the visual data were considered from the view-point of Alchemy, as is indubitably the case both in your picture and the Olgiati-engraving. The whole composition can now be called an intricate and rather cryptic, still not inexplicable “ALLEGORY OF ALCHEMY”, the fundamental principles of this science being expounded in the inscriptions, while the two vases are meant to be a kind of emblem of the “Sacred Art”.
Here's the rest of the article: