Alchemy hones in on Yellow Mountain copper targets after surveys picked up strong anomalies

Alchemy Resources (ASX:ALY) is finalising planning for its next phase of drilling at the Yellow Mountain copper project in NSW, after recent survey work identified strong induced polarisation anomalies at the historic project.

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The company has prioritised the highest-ranked targets at the earliest opportunity, Alchemy chief James Wilson told shareholders today. “The results from our recently completed IP survey are highly encouraging and further reinforce our geological understanding of the Yellow Mountain copper system,” he said.

“The geophysical response closely mirrors the signature observed over areas where we have already intersected strong copper mineralisation in drilling, including 113 metres at 1.17% copper equivalent (CuEq) and 31 metres at 1.54% CuEq.

“Importantly, these IP anomalies extend into areas that have not yet been drilled, opening clear opportunities to expand the mineralised footprint of the project along strike and adjacent to the current drill area.”

Mr Wilson explained that the results have provided an improved framework for targeting follow-up drilling and prioritising the most prospective zones.

Yellow Mountain is located just 200km from “copper” town Cobar and has a mining history dating back to the mid-1800s. The area is characterised by historical, small-scale, shallow open-pit and underground mining, primarily targeting copper, lead and silver – which is good news for Alchemy and its CY26 plans.

“With multiple high-priority targets now defined, Yellow Mountain is well positioned for the next phase of value-adding drilling and resource growth,” Mr Wilson said.

Alchemy previously reported “outstanding” assay results from a reverse circulation drill program at Yellow Mountain in October CY25. All five holes in that program hit mineralisation; best intercepts included 113 metres at 1.17% CuEq, 31 metres at 1.54% CuEq, and seven metres at 1.28%.

ALY opened Friday morning at 10.5cps, up +5%.

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