Alchemy Resources Limited (ASX: ALY) ('Alchemy' or 'the Company') is pleased to provide an update on its exploration activities at the 80% owned Lachlan Projects in New South Wales.
In April 2024, the Company executed a land access agreement ('Agreement') with the NNWW over Exploration Licences EL8356, EL8318 and EL8631 covering the West Lynn and Yellow Mountain Project areas. Whilst this was a critical milestone, formal ministerial approval of the Agreement was required via a section 31 deed, which has now been granted. The Agreement paves the way for a productive and collaborative relationship with the NNWW people. Alchemy will also endeavour to maximise the opportunities within the Agreement and it is expected that the NNWW people will be heavily involved in activities such as cultural heritage clearance of exploration areas, where required. The Agreement ensures that all exploration on the tenements will be undertaken with the Traditional Owners' knowledge and fully informed consent and enables Alchemy to comply with its heritage protection obligations now and in the future.
Chief Executive Officer Mr James Wilson commented: 'We would like to thank the NNWW People for their support in reaching this significant milestone for Alchemy. This approval is a watershed moment for the Company, enabling access to high grade copper targets at Yellow Mountain which haven't seen any modern exploration drilling since 1986. Historic sampling up to 7% Cu in grab samples around the mine area1 and copper mineralisation from surface in previous drilling presents a compelling priority target for follow-up. This is a terrific opportunity for further discoveries in the region.'
Yellow Mountain Project Area The Yellow Mountain Mine was worked from the mid-1800s. Accurate production records do not exist for the mine; however, the mine reportedly produced 2.74t of lead, 360kg of copper and 6.2kg of silver from an open pit4 . The Yellow Mountain Mine Prospect was last drilled in 1986; most of the historic drilling was shallow and many of the drill holes were not assayed for gold. In early 2012, Triako Resources collected 22 rock chip samples from the Yellow Mountain Mine area to evaluate what had previously been a base metals target. Five samples returned gold assays of more than 1g/t Au with maximum values of 5.5g/t Au, 267g/t Ag, 24% Pb and 11% Zn3 . Four of those had silver assays of over 100g/t Ag, similar to the mineralisation at Alchemy's Overflow Project, located 20km to the north5 .
Cautionary Statement: The Company cautions investors that the reported historical assay results by Alchemy Resources Limited are from prior public exploration reports. The Competent Person has not done sufficient work to disclose the Exploration Results in accordance with the JORC Code 2012, and it is possible that following further evaluation and/or exploration work that the confidence in the prior reported Exploration Results may be reduced when reported under the JORC Code 2012. The information in the market announcement is an accurate representation of the available data and studies completed to date. All historical information in this release has been compiled from historic data reported by the Company to the ASX on 2 August 2021 - 'Yellow Mountain Exploration Update'. Information is considered as historical by nature, and while all care has been taken to review previous reports, sufficient ground testing and confirmation work is yet to be fully completed
ABOUT ALCHEMY RESOURCES
Alchemy Resources Limited (ASX: ALY; 'Alchemy' or the 'Company') is an Australian exploration company focused on growth through the discovery and development of gold, base metal and battery metals within Australia. Alchemy has built a significant land package in the Carosue Dam - Karonie greenstone belt in the Eastern Goldfields region, in Western Australia and has an 80% interest in the Lachlan/Cobar Basin Projects in New South Wales. Alchemy also has an interest in the Bryah Basin Project in the gold, iron ore and base metal-rich Gascoyne region of Western Australia, where Catalyst Metals (ASX: CYL) are continuing to advance gold exploration.
COMPETENT PERSON STATEMENT
The information in this report that relates to Exploration Results is based on information compiled by Mr James Wilson, who is the Chief Executive Officer of Alchemy Resources Limited and holds shares and options in the Company. Mr Wilson is a Member of the Australian Institute of Geoscientists and has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' ('JORC Code 2012'). Mr Wilson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Company confirms that, apart from the new information contained within this announcement, it is not aware of any other information or data that materially affects the information included in the market announcements referred to in the footnotes of this release (available at www.alchemyresources.com.au and www.asx.com.au/markets/trade-our-cashmarket/announcements.aly) and that all material assumptions and technical parameters underpinning the estimates of mineral resources referenced in the market announcement continue to apply and have not materially changed.
Contact:
James Wilson
Chief Executive Officer
Tel: 08 9481-4400
Email: james@alchemyresources.com.au
Forward looking statements
This announcement contains 'forward-looking statements', including statements about the scheduling of exploration and drilling programs. All statements other than those of historical facts included in this announcement, are forwardlooking statements. Forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual events or results to differ materially from future events or results expressed, projected or implied by such forward-looking statements. The Company does not undertake to release publicly any revisions to any 'forward-looking statement' to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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