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Adelong Gold (ASX:ADG) agrees to acquire lithium tenement package in ‘Lithium Valley’ of Brazil

ASX News, Materials
ASX:ADG      MCAP $5.030M
22 September 2023 12:44 (AEDT)

Source: 3D Resources [Twitter]

Adelong Gold (ADG) has executed a binding agreement to acquire three applications for lithium exploration permits in the ‘Lithium Valley’ of Minas Gerais, Brazil.

The company announced that the agreement opens the possibility of establishing a strategic land position in a globally significant and potentially world-class mining area, recognised for its hard-rock lithium spodumene deposits.

“Brazil is emerging as a major global lithium-producing region and we are delighted to acquire three exploration permits in this sought-after lithium jurisdiction,” ADG Managing Director Peter Mitchell said.

“The acquisition positions Adelong Gold to deliver shareholder value via our planned targeted exploration programs, and to also participate in the region’s development, and seek another future exploration opportunity.

“This represents the company’s first foray into Brazil and is part of our strategy to diversify our project base and to be an active participant in the massive battery metals space.”

The total tenement package covers approximately 53.17 square kilometres.

Additionally, the company has scheduled a field reconnaissance program for the next quarter as the first stage in evaluating and planning the exploration of the tenement package.

The company reported that it is leaving the door open for further acquisitions of other potentially attractive areas in Brazil.

ADG shares were up 11.1 per cent, trading at 1 cent at 12:44 pm AEST.

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