Alchemy Resources secures 60% joint venture deal
Key points
- Newcam Minerals signed a joint venture deal to earn a 60% stake in the Bryah Iron Ore Project.
- Alchemy Resources retains a 40% free-carried interest until a decision to mine is made.
- The transaction allows Newcam Minerals to manage and fund exploration towards feasibility.
Alchemy Resources (ASX:ALY) executed a binding joint venture agreement with Newcam Minerals for a 60% stake in the Bryah Iron Ore Project in Western Australia.
The agreement follows the exercise of an option by Newcam Minerals on April 14.
"With the joint venture now in place, we are excited to be working alongside the Newcam exploration team to help accelerate the Bryah Iron Ore Project," said Alchemy Resources CEO James Wilson.
Under the terms of the agreement, Newcam Minerals will manage the project while Alchemy Resources retains a 40% interest that is freely carried until a decision to mine.
The deal covers prospects such as Valley Bore, where 2025 reverse circulation drilling returned intercepts including 50 m at 62.5% iron from 17m depth.
Following the announcement, the Alchemy Resources share price was unchanged at $0.0070.
The project is located north of Meekatharra in Western Australia near sealed highway access and trucking routes to export ports.
