Adelong Gold (ASX:ADG) has begun an initial reconnaissance program at its recently acquired Santa Rita Do Araçuaí Project within the ‘world-class’ ‘Lithium Valley’ in Minas Gerais in Brazil.
The company says an initial field team is now on site, with the reconnaissance program to be completed in about 2 weeks.
Adelong reports the program has been designed to provide information necessary to finalise a more ‘intense’ program of sampling, site visits, reconnaissance traverses, chip sampling, and geological mapping to define areas of interest.
The company notes a regional stream sediment sampling program will also be considered, and it will conduct several traverses across the tenements to get a better understanding of geology/prospectivity and site conditions.
The aforementioned works follow the company’s acquisition of the project, subject to final conditions precedent, which covers a total area of 5,299 hectares of land registered under the mineral processes of the Brazilian National Mining Agency (ANM) across 3 permits.
Adelong also notes the 3 permits demonstrate ‘strong’ potential for hosting lithium-bearing pegmatites and cover the Ribeirão da Folha formation that forms the Neoproterozoic Araçuaí orogeny.
Adelong Gold is a minerals explorer targeting ‘high-value’ commodities with a particular focus on gold. The company currently owns the namesake Adelong Goldfield, which covers an area of 70km-square.
As of 30 September 2023, Adelong Gold had $423,000 cash and cash equivalents at hand, although the company raised an additional $500,000 to progress gold and lithium projects in November through a placement.
Write to Adam Drought at Mining.com.au
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