Alchemy Resources has signed an agreement with state-owned Japan Oil, Gas and Metals National Corporation (JOGMEC) where the latter can earn up to a 51% interest in Alchemy’s Roe Hills tenure in Western Australia, by funding up to A$6 million of exploration costs.
The Farm-in and Joint Venture agreement is over sections of the Roe Hills tenure comprising 248 square kilometres of the Karonie gold and lithium project. Alchemy will act as operator of the project during the Farm-in period.
“This is a fantastic outcome for Alchemy and a great endorsement for the Karonie project and we look forward to working with the team at JOGMEC to explore this prospective area,” said CEO James Wilson.
“The Farm-in and JV deal gives a clear path for exploration at Roe Hills in the medium term, and along with our existing gold exploration plans in the region, provides JOGMEC and Alchemy the best opportunity for exploration success in the region.”
The Roe Hills target areas are considered highly prospective for the discovery of lithium similar in style to the neighbouring Manna lithium deposit owned by Global Lithium Resources located in the adjacent tenure to the east.
Source: Alchemy Resources