Alchemy Resources Wins Kalgoorlie Tenement Raffle

THE BOURSE WHISPERER: Alchemy Resources (ASX: ALY), via its wholly owned subsidiary company Goldtribe Corporation Pty Ltd picked up three new exploration licence applications from a raffle drawn straight out of the hat of the Mining Warden in Kalgoorlie.

Alchemy Resources reported that Goldtribe won three ballots for three key exploration licence applications (E28/3048, E28/3053 and E28/3058).

These tenements form part of Alchemy’s Lake Rebecca project that sits strategically between three major gold deposits and spans 50 strike kilometres covering 562 square kilometres.

The new licences are located just 140km to the east of Kalgoorlie and are contiguous with both Breaker Resources (ASX: BRB) to the south and St Barbara (ASX: SBM) to the north in what Alchemy described as being “a highly strategic geological position along the Claypan shear”.

Most of these applications are close to Northern Star Resources (ASX: NST) Carosue Dam operations and Breaker Resources’ Lake Roe project in an area Alchemy considers highly prospective.

As such, Goldtribe’s applications were competing with multiple applications.

It was decided the best way to determine who got the tenements was to hold a raffle, which resulted in Goldtribe being drawn first in all three ballots conducted by the Kalgoorlie Mining Warden.

The applications will now progress through statutory process with title expected to be granted in early 2022.

“E28/3048, E28/3053 and E28/3058 are strategically located along strike of Breaker Resources’ Lake Roe deposit and build on our footprint of highly prospective tenure which sits along some of the most prolific gold projects in Western Australia,” Alchemy Resources CEO James Wilson said in the company’s ASX announcement.

“The new leases cover 50.3 square kilometres of greenstone and intrusive units and have seen limited testing with modern exploration methods.

“We are delighted to have secured this ground and look forward to starting work as soon as the tenements are granted.”