Alchemy Resources Limited (ASX:ALY)’s JV partner Heron Resources Ltd (ASX:HRR) looks likely to be acquired by Develop Global Limited, which is led by prominent mining entrepreneur Bill Beament.
Alchemy and Heron are current joint venture partners in the Lachlan Projects in New South Wales, which comprises the Yellow Mountain, Overflow, West Lynn and Eurow Gold base and battery metals projects.
The proposed acquisition is set to be completed in April this year, with Alchemy looking forward to the move and working with Develop on the Lachlan Projects to deliver value for all stakeholders.
Lachlan Projects
Alchemy Resources has earned an 80% interest via a Farm-in Agreement with Heron in gold and base metal projects covering 774 kilometres in the unexplored, highly prospective central Lachlan Ford Belt in New South Wales.
Following a recent capital raise from Alchemy, the company is well funded for the future Lachlan projects.
Read: Alchemy Resources has stage set for busy 2022 across gold and base metals projects
The projects, each containing multiple gold or base metal targets, consist of:
- Overflow Gold-Base Metal Project, including drill-ready targets;
- Yellow Mountain Gold-Base Metal Project;
- Eurow Copper-Gold Project;
- Girilambone Copper Project; and
- West Lynn Nickel-Cobalt-Alumina Project.
Each adjoins high profile mining centres in the Cobar Basin and central LFB, including Hera/Nymagee (Aurelia Metals Ltd), Mallee Bull (Peel Mining Ltd), Tritton (Aeris Resources Ltd), Mineral Hill (Kingston Resources) and the North Parkes mining centre.
Alchemy is focused on growth through the discovery and development of gold, base metal and nickel-cobalt resources within Australia.
Written by Duncan Bailey