Alchemy Resources Limited announced it has received rock-chip results from the program of detailed mapping and sampling over the Cherry-Hickory and Pecan prospects. Results continue to show a very large zone of anomalous pathfinder elements over the entire 7.3 x 1.5km zone of mapped pegmatites. Alchemy believes this zonation could represent a distal component proximal to the main zone of mineralisation which could occur at depth or under areas of thin surface cover.

CHERRY-HICKORY-PECAN MAPPING /ROCK CHIP SAMPLING: Detailed mapping and rock-chip sampling have been completed at the Cherry-Hickory-Mesquite and Pecan prospects. The program had a number of objectives including: i) mapping additional pegmatite bodies, ii) identifying zonation within the pegmatites to identify the most prospective zones, iii) obtaining additional surface rock-chip samples, and iv) infilling the existing soil geochemistry on a 100m x 40m pattern. Mapping: The recent round of mapping identified numerous additional pegmatites with the overall mapped dimensions of the zone increasing to 7.3km x 1.5km.

Individual dykes occur from 5-10m wide. Additionally, there is limited outcrop to the north end of Hickory and all of Mesquite, with many mapped pegmatites interpreted to extend under cover. Key findings of the mapping and sampling include: 68 rock chips were taken over outcrops in the region with almost all recording anomalous multi-element values.

Samples were submitted for multi-element analysis for 48 elements; 85% of the rock chips exhibit Potassium/Rubidium ("K/Rb") ratios of <30. This ratio is widely used to evaluate the fractionation state and mineralisation potential of the pegmatites with spodumene bearing pegmatites typically having a ratio of between 5-40 K/Rb; 72% of rock chip samples exhibit Caesium ("Cs") vs K/Rb ratios which show values in line with fractionation of an evolved granite. Also, 79% of rock chip samples display Mg-Li/Nb-Ta ratios with values in line with evolved and fertile compositions, consistent with the zone of high fractionation; Zonation of pathfinder elements shows high Rubidium in the central areas of Cherry-Hickory and Pecan, whilst the higher Lithium, Tantalum and Tin grades occurs at the northern ends of these bodies, suggesting a fractionation trend; At Hickory, the uniaxial solidification texture noted in the previous mapping release1 highlights a strong zone of interest; this area also returned high Tin values; Green microcline (Amazonite) evident on the southern portions of Hickory and Cherry is likely distal from the interpreted main zone of mineralisation.

This zone exhibits high Rubidium (up to 4,470ppm in the new rock chips); and Tantalum grades show highly anomalous trends at Cherry, Hickory and Pecan with grades consistently greater than >118ppm Ta (144ppm Ta205) over a strike length of 1km. PROJECT WIDE REGIONAL SOIL SAMPLING: Alchemy has previously completed a desktop study and generated additional lithium targets in the broader Karonie regional area. Alchemy's Karonie tenure covers over 50km of strike extent along the contact zone of a regional granite.

These areas sit within a prospective "Goldilocks Zone", a defined corridor in which lithium-caesium-tantalum ("LCT") pegmatites exist. This zone lies outboard of the granitic terrain and within the greenstone belts and is largely untested for battery minerals and in many cases for gold. Alchemy has implemented a project wide 400m x 400m spaced soil sampling program to explore for indications of potential LCT pegmatite mineralisation.

The regional soil sampling involved the collection of 1,471 samples and was completed in late June 2022. Samples have been submitted to the laboratory, with results pending. PHASE 3 RC DRILL PROGRAM: RC drilling was completed in mid-June 2022 at the Karonie East, KZ5 and Gilmore prospects.

In total the drill program comprised 18 RC holes for 2,412m of drilling. Holes were designed to test several prominent structural and magnetic features which Alchemy believes are key controls on mineralisation. KZ5: A single deep RC hole (KZRC110) was completed at KZ5 to test a historically defined electro-magnetic ("EM") plate to the north of the existing defined resources.

In mid-2021 Alchemy completed a drill campaign which was used to complete a maiden JORC compliant resource2. As a result of the infill drilling and resource modelling, a re-interpretation of the mineralisation envelope suggested that mineralisation was offset to the north-west. This offset zone aligns with an EM Plate, which was generated via a Moving Loop and Fixed Loop EM survey conducted in 1991, and was interpreted to represent a northern extension to the KZ5 mineralisation.

Hole KZRC110 intersected KZ5 style massive sulphide mineralisation from 155m-161m downhole, returning 6m @ 0.2g/t Au and confirming that the mineralised structure does continue to the north of the current resource at KZ5.