Alchemy (ASX:ALY) hits new milestone, signs Native Title Agreements for WA projects

Highlights

• Alchemy Resources has signed two Heritage Protection Agreements for its Karonie and Lake Rebecca projects.
• The agreements will cover 17 exploration licences across the two Western Australian projects.
• The agreements will enable Alchemy to build a strong relationship with the Traditional Owners as well as expedite its exploration operations.

Alchemy Resources Limited (ASX:ALY) has executed two Heritage Protection Agreements (HPA) for its flagship Karonie Gold & Lithium Project and the Lake Rebecca Project.

The agreements have been executed between Alchemy’s fully owned subsidiary Goldtribe Corporation and the representatives of the native Nyalpa Priniku People and Kakarra People.

Shares of Alchemy Resources closed in green with a gain of 4.76% at AU$0.022 apiece on 7 September 2022. The shares were trading flat on 8 September 2022.   

To know more about Alchemy’s projects, click here.

Tenements of ALY with Kakarra A & B and Nyalpa Pirniku Title claim applications (Image source: ALY update, 7 September 2022)

Agreements pave the way for productive and collaborative relationship

The agreements enable the company to have a framework to build a strong and long-term relationship with the traditional owners. The development will ensure that all exploration and development works on the projects are carried out with the knowledge and consent of the Traditional Owners. The agreements will also enable Alchemy to comply with the obligations of heritage protection now and in the future.

Alchemy is committed to working in collaboration with the traditional owners across all its projects, said ALY CEO Mr James Wilson.  

Mr Wilson pointed out that the company has very encouraging gold and lithium targets across the Karonie Project and is very eager to take the project development to the next level as quickly as possible.

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Agreements cover 17 licences across Karonie and Lake Rebecca

The agreements will cover 17 exploration licences across the two projects.

The flagship Karonie Project has significant potential for gold and lithium. The company has identified four lithium prospects- Cherry, Pecan, Mesquite and Hickory along with several gold prospects in the Karonie tenure area. The Kakarra Part A & B native title claim will cover the four prospects and lithium pegmatite targets on the project.

On Karonie, the company has undertaken several drilling campaigns to unlock the gold potential of the project. For lithium exploration, geochemical and mapping operations have been completed. The company is in a process of delineating targets for the drilling program.

For the Lake Rebecca Project, the Nyalpa Pirniku native claim will cover several granted exploration licences as well as licence applications.

At Lake Rebecca, ALY holds significant landholding in a multi-million-ounce corridor. At present, the company is busy in exploration data compilation. The next set of activities on the project will be decided once the analysis of the data is complete. The project has never been evaluated for lithium potential.

With the latest development, Alchemy is in a sweet spot to crank up exploration across its projects.