Alchemy Resources has announced a farm-in and joint venture (JV) agreement with the Japan Organization for Metals and Energy Security (JOGMEC) for its Roe Hills Project in Western Australia (WA).

Under the agreed terms, JOGMEC can earn up to a 51% interest by funding A$6m in exploration by 31 March 2029.

Alchemy will operate the project during this period, with the JV covering parts of the Roe Hills tenure within the larger 694km² Karonie Gold and Lithium Project.

This partnership with JOGMEC, a Japanese Government agency focused on securing stable resource supplies, represents a strategic move for Alchemy as it seeks to tap into the burgeoning lithium market.

The Roe Hills Project, comprising approximately 248km², is located along a structural trend near the Manna Lithium deposit, which holds significant lithium oxide resources.

The tenements included in the farm-in, E28/2976, E28/2681, and E28/2880, are situated in a geologically promising area.

The Geological Survey of Western Australia has identified a high density of geological features such as plagioclase and porphyritic dykes, as well as quartz veins, which are indicative of lithium-bearing pegmatite deposits.

Alchemy Resources CEO James Wilson said: “This is a fantastic outcome for Alchemy and a great endorsement for the Karonie project and we look forward to working with the team at JOGMEC to explore this prospective area.

“The farm-in and JV deal gives a clear path for exploration at Roe Hills in the medium term, and along with our existing gold exploration plans in the region, provides JOGMEC and Alchemy the best opportunity for exploration success in the region.

“Exploration has been ongoing through the year and has resulted in the delineation of several priority targets, which we plan on testing once the requisite approvals are in place.”