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Adelong Gold (ASX:ADG) has seen its shares rise by more than 27% on news the company has acquired a high-grade gold project in a region of Victoria hosting impressive deposits and significant mineralisation.
Adelong has taken on a 100% investment in Exploration Licence 006430 – to be renamed the Apollo Gold Project – which is located in the ‘Melbourne Zone,’ home to Southern Cross Gold’s Sunday Creek and host to numerous zones of thick, high-grade gold.
Previous drill results indicate the potential for bulk tonnage gold mineralisation, with these including 77 metres at 1.14 grams per tonne (g/t) of gold from surface in one hole, including 35 metres at 1.85 g/t Au, also from surface; and 39.5 metres at 7.25 g/t Au, from 118.6 metres to 158.1 metres in another hole, including 10.6 metres at 17.1 g/t Au, from 137.85 metres to 148.45 metres.
Adelong Gold managing director Ian Holland said that with these qualities, Apollo was a project ready for exploration and development. He said: “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,” the Adelong MD continued.”
“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.”
At 14:42 AEDT,
Adelong Gold last sold at 0.7cps; a rise of 27.27% since market open.
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