- Australasian Gold (A8G) secures 100 per cent ownership of the Capella gold project in Queensland after finalising its title transfer
- A8G announced it had acquired Capella, which is situated 10 kilometres south of the company’s Mt Clermont project, in June
- Fieldwork is said to commence “immediately” to better understand gold structures and find continuity of gold mineralisation
- A8G affirms the project is highly-prospective for gold and base metals and has over 6000 metres of historical drilling data available
- Australasian Gold shares closed today’s session down 6.38 per cent to trade at 22 cents
Australasian Gold (A8G) has secured 100 per cent ownership of the Capella gold project in Queensland after finalising its title transfer.
A8G entered a binding sale agreement for the project in June to acquire the project in exchange for 500,000 shares at $0.20 per share to Cape Coal on the completion of the title transfer.
Capella is located roughly 10 kilometres south of the Company’s Mt Clermont polymetallic project, which lies in the Drummond Basin in Central Queensland.
A8G affirms the project is highly-prospective for gold and base metals and has over 6000 metres of historical drilling data available.
Australasian said the company’s immediate exploration focus will concentrate on gaining a better understanding of northeast striking slip displacements and
search for continuity of mineralisation revealed by historical drilling.
Australasian Gold Managing Director Qingtao Zeng said the acquisition of the Capella project was complementary to its existing Mt Clermont polymetallic project.
“We know the Clermont region is well endowed in gold,” he said.
“Fieldwork will commence immediately to better understand structures and find continuity of the known gold mineralisation.”
The company expects reconnaissance work to commence across the project shortly.
Australasian Gold shares closed today’s session down 6.38 per cent to trade at 22 cents.