Adelong Gold (ASX:ADG) is finalising its initial exploration program which is expected to start once final conditions precedent are completed and the acquisition of all 3 recently announced Brazilian license applications finalised.
The company today (30 October 2023) reports that that 2 of the 3 Brazilian license applications recently acquired (subject to conditions precedent) have now been granted, with the granting of the third application imminent.
A notice of meeting convening the company’s Annual General Meeting on 27 November 2023 at which approvals will be sought was recently dispatched.
The acquisition was subject to several conditions precedent, including granting of the tenements and shareholder approval to refresh the Adelong’s placement capacity and issue shares and options to the vendor. The company may also assess other areas of interest in Brazil.
Exploration permits 832.015/2023 covering 1,930.89 hectares and 832.016/2023 covering 1,368.73 hectares have now been published (granted) by the Brazilian National Mining Agency (ANM).
The third application 832.014/2023 is expected to be published imminently. The exploration permits, which are located within the world class ‘Lithium Valley’ in Minas Gerais, form part of the Santa Rita Do Aracuai Project and show strong potential to host lithium-bearing pegmatites.
The permits cover the Ribeirão da Folha formation, part of Neoproterozoic Araçuaí orogeny and are proximate to fertile granite intrusives of the Salinas Formation.
A feature of the area covered by the permits is the north-east trending structures that commonly host these pegmatite deposits. The pegmatite deposits are associated with G4 S-type granites that were intruded during the Araçuaí orogeny, which occurred during the collisional episode associated with the Gondwana Supercontinent’s Trans-Amazonian event.
Write to Adam Orlando at Mining.com.au
Images: Adelong Gold
