Key Highlights

  • Initial reverse circulation drilling at the eastern IP target intersected multiple zones of anomalous copper, lead and zinc.
  • Two holes, YMRC101 and YMRC102, tested part of a 750 metre long chargeability anomaly.
  • Mineralised zones reached up to 25 metres in width in each of the two holes.
  • The eastern IP anomaly extends about 750 metres along strike.

Alchemy Resources Limited (ASX:ALY) announced on 30 October 2026 the first results from reverse circulation drilling at the eastern induced polarisation target at Yellow Mountain in New South Wales. The company reports that the drilling confirmed the presence of base metals within the broader target area. The results follow earlier high-grade polymetallic intercepts reported in the same area.

Drilling Results

Two reverse circulation holes, YMRC101 and YMRC102, tested portions of a substantial 750 metre long chargeability anomaly located east of the previously reported intercepts. The drilling intersected zones of low-grade copper, zinc, lead and silver.

The mineralised zones reached up to 25 metres in width in each hole. The company describes these zones as anomalous, meaning they are above background levels but do not yet represent a defined ore body.

Relationship to Earlier Results

The company refers to earlier polymetallic intercepts, including 113 metres at 1.17% copper equivalent, reported from the broader area. The new holes were drilled east of those intercepts to test the extent of the IP anomaly.

The announcement describes the eastern anomaly as extending about 750 metres along strike. The drilling results so far indicate that base metal mineralisation occurs within that broader zone.

Grade and Further Work

The results are described as low grade, which means additional drilling will be needed to determine whether the zones can be expanded into a larger body of mineralisation. The company has not reported a resource estimate for the new zones.

Future drilling will help determine the continuity of the mineralised zones along the anomaly and whether the results support further development.

Final Word

Alchemy's first reverse circulation results at Yellow Mountain confirm base metal zones along part of a 750 metre anomaly. The mineralisation is described as low grade, and the company has not reported tonnage or grade estimates for the new zones. The next drilling results will show whether the anomaly holds continuity and whether the zones grow in size.