Alchemy Resources Limited (ASX:ALY) Releases Quarterly Activities Report
Joint Venture Approval
Alchemy Resources Limited (ASX:ALY) received approval from the Foreign Investment Review Board for a Farm-in and Joint Venture agreement with JOGMEC. Under the agreement, JOGMEC can earn a 51% interest by expending $6 million by March 2029.
Exploration Activities
Field work commenced at the Karonie Project, including soil sampling and reconnaissance lithium mapping on Roe Hills. A total of 1,449 soil samples were collected with 2,247 remaining in Q1 CY2025. Assays from RC drilling at Monty Prospect returned broad low-grade gold results, while aircore drilling at Challenger Prospect did not report significant findings. Heritage surveys for future drilling at Roe Hills are expected to begin in March 2025.
Lachlan Projects Progress
At the Lachlan Projects in NSW, Alchemy met with local indigenous groups and submitted heritage survey requests for the Yellow Mountain drill program, scheduled to start in February 2025. Drill planning is ongoing, targeting recent assay results indicating copper and gold potentials.
Financial Overview
The Company reported $2 million in cash at hand as of December 31, 2024, with exploration expenditure amounting to $533,000 for the quarter.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.