Alchemy Resources (ASX:ALY) has completed a multi-element soil sampling program in conjunction with lithium joint venture partner Japanese Organization for Metals and Energy Security (JOGMEC) in Western Australia.
The soil sampling program was completed at Roe Hills within the Karonie Project in Western Australia with a total of 4,038 samples taken during Q1 2025.
CEO James Wilson tells Mining.com.au that at this stage, sampling has identified different zones of coincident multi-element pathfinder anomalism. Interpretation of these samples is still ongoing.
Wilson says the company has now completed heritage surveys, as well as magnetics and Light Detection and Ranging (LiDAR) surveys to further facilitate drill access in the quarter.
As reported by Mining.com.au in September 2024, Alchemy, which has a market capitalisation of $6.47 million entered a farm-in and joint venture deal with JOGMEC to rapidly approve exploration budgets and pave a clear path for exploration in the medium term.
As contracted for the farm-in and joint venture deal, JOGMEC completed its minimum expenditure commitment of $600,000 before the deadline of 31 March 2025.
The joint venture covers sections of the target areas covering 248km2 of the overall 694km2 landholding.
Meanwhile, Wilson says in New South Wales, Alchemy in Q1 2025 completed a heritage survey over its copper-gold-lead-zinc project at Yellow Mountain.
With the majority of approvals now in place, the company is now targeting drilling during the current quarter aimed at following up on the 28.4% copper and mullock assays returned last year when the company sampled some of the old stockpiles from the old mining areas.
“It’s a highly significant area for us given its last drill program was in the late 1970s and it has copper mineralisation outcropping in areas that are relatively untested.” Wilson tells this news service.
“The good part for us is that Alchemy retains $1.89 million in cash, which sees us fully funded for upcoming work.”
Alchemy Resources is an Australian expiration company that focuses on the discovery and development of gold, base metal, and nickel-cobalt resources.
Write to Maddison Elliott at Mining.com.au
Images: Alchemy Resources
