Alchemy takes full ownership of Bryah iron-ore rights
ASX-listed Alchemy Resources has acquired full ownership of the iron-ore rights at its Bryah project in Western Australia, buying out joint venture (JV) partner Carey Mining for A$75 000 and a sliding-scale royalty on future production.
The deal gave Alchemy 100% interest in tenements covering the Valley Bore prospect, where recent fieldwork identified outcropping hematite over a 2-km strike length with widths of up to 80 m and grades as high as 65.9% iron. The company said these targets had never been drilled.
“We are excited to announce the acquisition of the remaining interest in the JV exploration licences, bringing our ownership of the iron-ore on these tenements to 100%,” said CEO James Wilson.
“The project continues to deliver promising results, with high-grade iron-ore rock-chip samples returning assays above 65% iron – strongly supporting the direct shipping ore potential on a granted mining lease at Valley Bore prospect.”
Alchemy said permitting was well advanced, with approved programmes of work and completed heritage surveys. Logistics planning for a maiden drill programme was under way.
The Bryah iron-ore project is located 12 km from the Great Northern Highway, in a district home to several major iron-ore producers. Assays from the Southern Ridge target returned up to 64.9% iron, with newer zones to the south-west yielding up to 65.9%.
Under the royalty terms, Carey will receive between A$0.80/t and A$1.22/t depending on the benchmark iron-ore price at time of sale.
Wilson said the transaction enhanced the company’s strategic position in the region. “The opportunity is particularly compelling given our strategic location… and surrounded by major players in the sector.”
Alchemy also holds projects in gold and base metals, including Karonie and Lake Rebecca in Western Australia, and Lachlan and West Lynn in New South Wales.
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