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Alchemy to add Nyngan, Woodsreef nickel tenements to earn-in with Heron

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Alchemy to add Nyngan, Woodsreef nickel tenements to earn-in with Heron

Alchemy Resources Ltd. said March 14 that it inked a deal to add the Nyngan nickel-cobalt project and the Woodsreef nickel-cobalt-gold project, both in New South Wales, Australia, to a previous option agreement with Heron Resources Ltd.

The companies struck a deal in May 2016 for Alchemy to earn up to an 80% interest in 674 square kilometers of the central Lachlan Orogen tenements, including EL5878, EL7941 and EL8267 at the Overflow gold project, EL8192 at the Eurow project, EL8318 at the Girilambone copper project and EL8356 at the Yellow Mountain project.

For the option to earn up to 80% on the two new tenements, Alchemy agreed to pay A$7,500 for a one-month option period, which can be further extended by an additional month by making a A$10,000 payment and an additional A$12,500 to extend the option to a third month.

Should it exercise the option, the tenements will be incorporated into the existing agreement in exchange for 10 million shares and 10 million share options, exercisable at 5 cents each for a period of three years.

In addition, the existing earn-in expenditure of A$2 million over five years to earn up to an 80% interest is retained.