- Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, wins ballots for three exploration licence applications within ALY’s Lake Rebecca Project in WA
- The competitive ballot process was run by the Mining Warden in Kalgoorlie, with Goldtribe drawn first in all three ballots
- CEO James Wilson says the new tenements are strategically located
- Title is expected to be granted in early 2022
- Shares are up 7.69 per cent to 1.4 cents each at 3:19 pm AEDT
Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.
The project sits between three major gold deposits and spans 50 kilometres of strike covering 562 square kilometres.
Alchemy said the application process had been competitive owing to the high prospectively of the area. The ballot system was conducted by the Mining Warden in Kalgoorlie, with Goldtribe drawn first in all three ballots.
The new applications — E28/3048, E28/3053 and E28/3058 — are located 140 kilometres east of Kalgoorlie and are reportedly contiguous with ASX-listers Breaker Resources (BRB) to the south and St Barbara (SBM) to the north.
According to Alchemy, most of the applications are located only 30 kilometres south-east of ASX player Northern Star Resources’ (NST) Carosue Dam operations and 20 kilometres north of Breaker’s Lake Roe project.
Alchemy’s CEO James Wilson said the tenements were strategically located and would build on the company’s footprint of highly prospective tenure along some of the most prolific gold projects in the state.
“The new leases cover 50.3 square kilometres of greenstone and intrusive units and have seen limited testing with modern exploration methods,” he said.
“We are delighted to have secured this ground and look forward to starting work as soon as the tenements are granted.”
Looking ahead, the applications will progress through the statutory process with title expected to be granted in early 2022.
Shares were up 7.69 per cent to 1.4 cents each at 3:19 pm AEDT.