Alchemy Resources has confirmed copper, lead, zinc and silver anomalism across two holes into a 750-metre IP target at Yellow Mountain. The results expand the exploration picture, but drilling disruption means most of the anomaly remains untested.
- Copper, lead, zinc and silver anomalism across two RC holes
- Intercepts up to 25 metres within the eastern IP anomaly
- Most of the 750-metre chargeability target remains undrilled
- Only two of 15 planned Yellow Mountain holes completed
- Replacement drilling contractor expected to resume work in November 2026
Two holes confirm base-metal system at Yellow Mountain
Alchemy Resources Limited (ASX:ALY) has found multiple zones of copper, lead, zinc and silver anomalism in the first two holes drilled into Yellow Mountain’s large eastern induced polarisation target in New South Wales. The assays confirm base metals are present across the broader geophysical anomaly, although the company describes the mineralisation as low grade and preliminary rather than a defined economic discovery.
Hole YMRC101 returned several anomalous intervals, including 25 metres from 31 metres averaging 1,716 parts per million zinc, 1,141ppm lead, 342ppm copper and 3.85 grams per tonne silver. YMRC102 produced a 25-metre interval from 178 metres averaging 1,254ppm zinc, 1,091ppm lead, 362ppm copper and 3.40g/t silver. These are down-hole lengths, and true widths have not yet been established.
Untested strike and depth provide the exploration upside
The drilling targeted T2, a chargeability anomaly extending about 750 metres along strike to the east of Yellow Mountain’s previously reported high-grade polymetallic results. The majority of that response remains untested, leaving the possibility of further sulphide mineralisation along strike and at depth. The strongest individual result in the new assays was a one-metre interval in YMRC101 grading 1,665ppm copper, 3,070ppm lead, 3,510ppm zinc and 7.48g/t silver.
The new work adds to the significance of the project’s earlier results, including the 113-metre intercept grading 1.17% copper equivalent that helped make Yellow Mountain the company’s key exploration bet. Alchemy’s earlier Yellow Mountain drilling had also included a 31-metre interval at 1.54% copper equivalent, but the current release does not present a new equivalent-grade calculation for T2.
Contractor problems leave the main targets waiting
The immediate constraint is operational rather than geological. Drilling was suspended after contractor availability and operational issues, with only two of 15 planned Yellow Mountain holes completed. Alchemy is seeking a replacement contractor and expects the remaining program to resume in November 2026, with roughly 13 holes still planned across Yellow Mountain and the Overflow project.
The next meaningful test is the western T1 anomaly, which extends about 250 metres along strike and remains undrilled. It sits roughly 400 metres north of known Yellow Mountain mineralisation and is being prioritised because it could test extensions of the earlier high-grade polymetallic zone. The program also intends to examine extensions of known high-grade gold mineralisation at Overflow.
Bottom Line?
The assays validate the eastern IP target as a base-metal exploration system, but the investment case still depends on whether follow-up drilling turns broad anomalism into consistent, higher-grade sulphide zones.
Questions in the middle?
- When will Alchemy secure a replacement contractor and complete the remaining Yellow Mountain holes?
- Will drilling at the untested western T1 target reproduce the project’s earlier high-grade polymetallic results?
- Do the eastern T2 intersections represent continuous mineralisation with useful true widths and metallurgical potential?