Adelong Gold Limited (ASX:ADG) Acquires Apollo Gold Project
Project Acquisition
Adelong Gold Limited has entered a binding purchase agreement to acquire a 100% interest in EL006430, rebranded as the Apollo Gold Project in Victoria, Australia. The project is located within the highly prospective Melbourne Zone, offering immediate exploration and development opportunities.
High-Grade Drill Results
Recent drilling at the Apollo Gold Project returned multiple high-grade gold intercepts, including 77m at 1.14 g/t Au from surface in 22GMRC12 and 39.5m at 7.25 g/t Au in GMDH28. These results indicate potential for bulk tonnage gold mineralisation and enhance the project’s attractiveness for further exploration.
Future Exploration
Adelong Gold is well-funded to commence additional exploration drilling and resource definition, targeting high-grade extensions and untested fault zones. The mineralisation remains open at depth and along strike, suggesting potential for large-scale high-grade discoveries.
Transaction Details
Under the agreement, Adelong Gold will pay $350,000 in cash within five business days upon meeting all conditions. Additionally, subject to shareholder approval, $350,000 worth of fully paid ordinary shares will be issued six months post-completion based on the volume-weighted average price at the time of issue.
Executive Comments
Managing Director Ian Holland stated, “The acquisition of the Apollo Gold Project is a strategic addition to Adelong Gold’s portfolio, complementing our existing assets in Australia. With our existing expertise and technical capabilities, we aim to fast-track exploration and unlock the project’s full potential. This project presents significant exploration potential in a highly prospective region, and we look forward to advancing our exploration efforts to unlock value for our shareholders.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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