Independent administrative institution Japan Organization for Metals and Energy Security (JOGMEC) has met the minimum exploration spend at Alchemy Resources’ (ASX:ALY) Roe Hills Project in Western Australia.
In September 2024, the junior mineral explorer locked in a farm-in and joint venture deal with JOGMEC for Roe Hills, in which Alchemy will act as operator during the duration of the farm-in and JOGMEC will spend $600,000 by 31 March 2025.
As a result of meeting requirements, JOGMEC can earn up to 51% of the Roe Hills tenure by funding up to $6 million in exploration expenditure in five stages by 31 March 2029.
Upon completion of the fifth payment of $1.5 million, both parties can elect to contribute to its pro-rata share of future funding.
Alchemy CEO James Wilson says this is a testament to the team’s dedication and strong collaboration with contractors who have braved the heat in the first few months of 2025.
“QA/QC and interpretation of the data is underway, with results being reviewed across multiple datasets in their entirety,” Wilson says.
“Tenement wide heritage clearances were recently completed and we look forward to the next stages of the project and the opportunities they will bring.”
To date, work completed has included detailed soil sampling, geological mapping, high-resolution magnetics and LiDAR surveys, as well as heritage surveys.
Roe Hills lies along a distinctive structural trend from the pegmatite field that hosts Global Lithium Resources’ (ASX:GL1) Manna lithium deposit which contains 51.6 million tonnes @ 1% lithium oxide.
Alchemy Resources is an Australian explorer focused on growing the discovery and development of gold, base metal, and battery metals within Australia.
JOGMEC is a government incorporated administrative agency which seeks to secure stable resource supplies for Japan.
Write to Aaliyah Rogan at Mining.com.au
Images: Alchemy Resources
