Adelong Gold (ASX:ADG) has signed a binding purchase agreement to acquire the soon-to-be-named Apollo Gold Project in Victoria, from Great Pacific Gold Corporation’s (TSX-V:GPAC) subsidiary Currawong Resources.
The project, covering 102km2, is considered prospective for gold and presents an opportunity for Adelong to expand its footprint at the underexplored northern end of the Walhalla Gold Belt.
As part of the deal, Adelong will pay $350,000 cash to Currawong within five business days after all conditions have been satisfied. The company will also issue $350,000 worth of Adelong shares to Currawong.
Managing Director Ian Holland says this acquisition is a strategic addition to its portfolio, complementing existing assets in Australia.
“With our existing expertise and technical capabilities, we aim to fast-track exploration and unlock the project’s full potential,” Holland says.
“This project presents significant exploration potential in a highly prospective region, and we look forward to advancing our exploration efforts.”
Adelong says it is sufficiently funded and intends to move rapidly to begin further exploration drilling and resource definition, with the aim of targeting high-grade extensions and untested fault zones.
Adelong Gold is a mineral explorer focused on becoming a gold producer via its namesake project in southern New South Wales.
Earlier this week, gold’s spot price touched a new record, reaching US$2,900 ($4,626) following the news of US President Donald Trump’s plan to introduce tariffs on all imports of steel and aluminium to the nation. The World Gold Council reports that markets are currently fixated on the fallout of broad tariffs that the Trump Administration has imposed.
The gold price has been sitting at about $4,640 per ounce.
Trading Economics says gold is expected to trade at US$2,832.12 per ounce by the end of Q1 2025 and is estimated to trade at US$2,939.54 per ounce in 12 months’ time.
Write to Aaliyah Rogan at Mining.com.au
Images: Great Pacific Gold Corp
