Exploration activities update

Alchemy Resources (ASX:ALY) has released an exploration update on its lithium and gold projects in Western Australia. The company has completed part of a lithium soil sampling program at Roe Hills and plans further exploration activities. Geophysical surveys are scheduled for January 2025. In parallel, gold exploration continues at Karonie, with promising drilling results at the Monty Prospect.

Summary and outlook

Alchemy Resources is actively advancing its lithium and gold exploration efforts. At Roe Hills, 1,500 soil samples have been submitted for analysis, and an additional 2,400 samples will be collected starting January 2025. Geophysical surveys, including LIDAR and magnetics, are planned for mid-January 2025 to support drill targeting. Gold exploration at the Karonie project has shown continuous low-grade gold mineralization at the Monty Prospect along a 4km corridor. The company plans further drilling at the Taupo Resource. Heritage surveys are expected to begin in February 2025 at Roe Hills and Yellow Mountain, with drilling anticipated by June 2025. Alchemy remains committed to refining its exploration strategy, leveraging soil program insights and geophysical data to enhance target identification.

Executive commentary

CEO James Wilson highlighted the progress in exploration activities. Alchemy aims to refine drill targets with insights from the soils program and upcoming geophysical data.