In May 2016 Alchemy entered into a Farm-in and Joint Venture Agreement to earn an 80% interest in six Cobar Basin / Lachlan Fold Belt exploration licences in New South Wales. The licences are in well-endowed gold and base metal districts with significant upside for gold and copper mineralisation. Alchemy intends to advance targets through discovery and extensional drilling to define sufficient resources to support profitable near-term mine development.
Alchemy has built a significant, 100% owned land package in the Karonie greenstone belt in the Eastern Goldfields region in Western Australia. The Karonie Project is in one of Australia’s premier gold provinces with significant potential to discover additional gold resources. Drill testing of numerous high-grade gold targets at the Project will commence as soon as possible.
Alchemy maintains its interest in the Bryah Basin Project in the emerging gold and base metal-rich Gascoyne region of Western Australia (Fig. 1) where farm-in and joint venture partners, Independence Group NL (ASX: IGO; “IGO”) and Billabong Gold Pty Ltd (“Billabong Gold”) are continuing to advance base metal and gold exploration, respectively.
Figure 1: Alchemy Resources’ Project Location Map.