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Highlights
Alchemy Resources acquires remaining 50% iron ore rights from Carey Mining for $75,000.
Rock-chip samples return high-grade results up to 65.9% Fe, with Calcined Fe reaching 67.4%.
Shares rise 10% following news; maiden drill program in advanced planning stages.
Alchemy Resources Limited (ASX:ALY) has taken full control of its promising Valley Bore iron ore prospect, completing the acquisition of the remaining 50% interest in iron ore rights from joint venture partner Carey Mining Pty Ltd. The move gives Alchemy 100% ownership of the iron ore rights across key tenements within the Bryah Basin, a region gaining momentum for its untapped resource potential.
The acquisition was completed for a modest $75,000 cash consideration, covering multiple strategic tenements including E52/2361, E52/2362, M52/685, M52/737, M52/753, and others. As part of the agreement, Carey will retain a gradational royalty on iron ore sold FOB (freight on board) from the project, aligning both parties in the future success of the development.
High-Grade Results Confirm Project Potential
Recent fieldwork conducted in May 2024 by Alchemy’s geological team has reinforced the prospectivity of the Valley Bore area. A total of 20 rock-chip samples were collected from banded iron formation (BIF) outcrops located primarily on M52/844-I and E52/4090.
The results were highly encouraging, with assays showing iron (Fe) grades of up to 65.9% from new zones located 3 km southwest of the Southern Ridge target. Additionally, Calcined Fe levels reached up to 67.4%, supporting the view that the Valley Bore holds significant high-grade hematite potential.
The outcrops remain un-drilled to date, and field mapping has identified hematite-rich ridges extending over 2,000 metres in strike length and up to 80 metres wide.
Drilling and Development Ready to Launch
Alchemy has moved swiftly to prepare for the next phase of exploration. The company confirmed that Programs of Work (PoWs) have been approved, Heritage surveys completed, and logistics planning is well underway for a maiden drilling program.
With permitting now in advanced stages, drilling is expected to begin in the near term.
Following the acquisition announcement and positive assay results, Alchemy’s share price jumped 10% on 3 June 2025.
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