Adelong Gold (ASX:ADG) has secured a third exploration permit for its Santa Rita Do Araçuaí Project in Minas Gerais, Brazil.
The company plans to begin an initial exploration program early next month aiming to provide a ‘good’ opportunity to finalise a more detailed exploration program, which will begin in 2024.
Adelong is also assessing other areas of interest in Brazil to facilitate a broader footprint and expanded exploration works program.
The current exploration program includes a 2-week geological reconnaissance program designed to conduct several traverses across the licence area aimed to uncover areas of geological interest and provide initial reconnaissance samples.
A senior geologist and field hand experienced in lithium pegmatites exploration has been appointed to undertake this work.
This news follows on from Adelong announcing in October the acquisition of 3 licences, which make up the Santa Rita Do Araçuaí Project.
The acquisition was subject to several conditions, including shareholder approval sought to be held at the AGM on 27 November and registering a Brazilian subsidiary to hold the licence, which is underway.
Adelong Gold is a gold-focused explorer that wholly owns the Adelong Gold Mine in New South Wales, as well as a ‘highly prospective’ lithium tenement package in Minas Gerais, Brazil.
As of 30 September 2023, the company had $423,063 cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Adelong Gold
