Alchemy Resources (ASX: ALY) Starts NSW Gold and Copper Drilling

Alchemy Resources has started a reverse-circulation drilling campaign across its Yellow Mountain and Overflow projects in New South Wales, targeting both new mineralised zones and extensions to an existing gold resource.

The program comprises as many as 15 holes across the two projects, both 80%-owned by Alchemy. Drilling at Yellow Mountain will focus on extensions to known polymetallic mineralisation and previously untested geophysical targets, while work at Overflow is aimed at expanding the existing inferred resource.

The campaign follows drilling and geophysical programs completed during 2025 and early 2026. No new assay results were reported in the latest announcement.

Yellow Mountain Follow-Up

Alchemy plans five Priority 1 holes and two Priority 2 holes at Yellow Mountain, about 200 kilometres southeast of Cobar.

Three holes will test the northern extension of known polymetallic mineralisation identified during drilling last year.

Hole YMRC004 returned 113 metres at 1.17% copper equivalent, while YMRC005 intersected 31 metres at 1.54% copper equivalent.

The mineralisation is hosted within felsic volcanic rocks and is interpreted to be structurally controlled.

Because the earlier intersections contain multiple metals, Alchemy reported results on a copper-equivalent basis. The company said detailed metallurgical testing would be undertaken at the appropriate resource or study stage.

Geophysical Targets Remain Untested

The remaining Yellow Mountain holes will test two induced-polarisation anomalies identified during surveys completed earlier this year.

Target 1 lies about 400 metres along strike from the known mineralised structure and extends for roughly 250 metres. It has not been tested by historical drilling.

Target 2 is a larger anomaly extending for about 750 metres east of the 2025 drilling and is also untested.

Nearby drilling has encountered disseminated pyrite and traces of base-metal sulphides, although further drilling will be required to determine whether either anomaly hosts significant mineralisation.

Overflow Resource Growth

At Overflow, Alchemy will target two interpreted high-grade gold shoots and test an untested gap between existing high-grade intersections.

That gap extends about 80 metres along strike and more than 100 metres down dip. Additional holes will test mineralisation within about 50 metres of surface.

Overflow hosts an inferred resource of 8.19 million tonnes at 1.30 grams per tonne gold equivalent, containing 342,300 gold-equivalent ounces at a 0.7 gram-per-tonne cut-off.

The resource, first reported in October 2023, remains open along strike and at depth.

Further north, the mineralised corridor extends for about 1.5 kilometres beneath cover, with much of that area yet to be tested using modern exploration techniques.

Two Objectives, One Campaign

The drilling program is designed to answer two distinct exploration questions.

At Yellow Mountain, Alchemy is testing whether known mineralisation continues along strike while also assessing separate geophysical anomalies that could represent new zones.

At Overflow, the focus is more advanced: testing continuity around the existing inferred resource and identifying potential extensions beyond its current boundaries.

Alchemy said assay results will be released as they become available.