Alchemy Resources (ASX:ALY) is actively advancing its exploration projects in Western Australia and New South Wales. In Western Australia, the company, in conjunction with its lithium joint venture partner Japanese Organization for Metals and Energy Security (JOGMEC), completed a multi-element soil sampling program at Roe Hills within the Karonie Project. A total of 4,038 samples were collected in Q1 2025, and interpretation is ongoing, with initial results indicating zones of multi-element pathfinder anomalism. JOGMEC has fulfilled its minimum expenditure commitment of $600,000 as part of the farm-in and joint venture agreement, which covers 248km2 of the company’s total 694km2 landholding.
In New South Wales, Alchemy has completed a heritage survey at its Yellow Mountain copper-gold-lead-zinc project. With the necessary approvals secured, the company plans to commence drilling this quarter, targeting areas with outcropping copper mineralization that remain relatively untested. CEO James Wilson highlighted the significance of the Yellow Mountain project, noting the last drill program occurred in the late 1970s. Alchemy’s strong cash position of $1.89 million ensures full funding for these upcoming exploration activities. The company focuses on discovering and developing gold, base metal, and nickel-cobalt resources.