Adelong Gold (ASX:ADG) has been granted 10 exploration permits covering 162.8km-square in the Paraiba province of Northeastern Brazil.
The granted licences represent 2 areas 82km apart, with area one comprising 2 licences covering 11.31km-square, rated as ‘highly prospective’ for lithium pegmatites and surrounded by permits granted for beryl and tantalum.
Adelong Gold also reports today (4 March 2024) it has been placed in a trading halt, pending an announcement release. The company expects to begin normal trading on 6 March.
Adelong says its Brazilian field team is currently planning an initial reconnaissance program which is expected to kick off shortly. The program aims to facilitate a more focused exploration program in 2024.
The company adds that it is continuing to assess other areas of interest within Brazil.
These licences are considered prospective for lithium pegmatites and lie within the Borborema region that host plutonic intrusions similar to the ‘lithium valley’ region of Minas Gerais.
In 2023, the CPRM-Serviço Geológico do Brasil published a report and extensive geological and geophysical data highlighting areas within the Borborema area and providing an excellent data set to allow exploration to target areas of interest.
Adelong Gold is a mineral explorer that owns its namesake gold mine in New South Wales and a ‘highly prospective’ lithium tenement package in Minas Gerais, Brazil.
As of 31 December 2023, the company had $528,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Adelong Gold
