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- Newcam earns 60% interest in Alchemy’s iron ore assets
- Assets include Valley Bore and Old Highway iron ore prospects
- Alchemy to retain a 40% interest
- Newcam to become manager of the Bryah iron ore JV project.
Alchemy Resources (ASX: ALY) has executed an agreement for an exploration joint venture with experienced iron ore miner Newcam Minerals for 60% of the Bryah project in Western Australia.
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The announcement follows Newcam’s exercise of the Bryah iron ore option in mid-April 2026.
The Bryah iron ore project is located within Alchemy’s Bryah Basin tenements located north of Meekatharra in WA.
The project includes the Valley Bore prospect which has demonstrated exceptional high-grade iron-ore intercepts from reverse circulation drilling conducted in 2025 including 50m at 62.5% iron from 17m.
“The project also benefits from its location on a granted mining lease, with excellent infrastructure advantages, being located close to sealed highway access and within trucking distance of export pathways,” CEO, James Wilson, said.
“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. Execution of the JV agreement positions Alchemy as a 40% owner of the project with Newcam funding the pathway towards feasibility and ultimately a decision to mine, and we look forward to providing regular updates as the project advances.”
The first meeting of the combined management committee will take place in late October 2026, where an exploration budget for the upcoming field season will be approved in time for on-ground activities to commence shortly, including flora and fauna surveys as well as planned drilling.
First pass drilling conducted in late 2025 focussed on thick outcropping hematite exposures on the Southern Ridge target area of the Valley Bore project.
The drill program focussed on drilling the main high-grade surface expressions at the Southern Ridge target as a first pass assessment. The program comprised 15 drillholes for a total of 1,027m of drilling.
Valley Bore is located close to the Great Northern Highway, a sealed road providing access to ports at Geraldton and Port Hedland.
Newcam is a private company with a diverse mineral portfolio including gold and iron ore assets in the Mid-West of Western Australia.
It took its Mt Gould iron ore mine from the orebody development stage, through to mining, haul and export of iron ore from Mt Gould through the Geraldton Port. With its own drilling, mining and haulage fleet, Newcam is a fully integrated mine operator, ready to deploy its experienced team and quality equipment onto new projects.
ALY was steady at 0.7¢ with a Mkt cap of $8.316M prior to markets opening.
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