Adelong Gold (ASX:ADG) is selling a non-core property that sits near its Adelong Gold Project in New South Wales.
The company has engaged an agent, which has estimated the project’s value at between $530,000 and $560,000.
Adelong acquired the property in 2020, as part of the Adelong Gold Project, but the company says it is surplus to its operational requirements.
It says the expected sale presents an opportunity to rearrange funds to value-accretive work at the project and exploration projects in Brazil.
Funds raised from the sale will add to a recently completed capital raising and place Adelong in a position to execute upon its planned programs.
The Adelong Project hosts a resource of 188,000 ounces of gold, with the potential to expand that resource at depth and along strike.
Adelong Gold is a mineral explorer that owns the Adelong Mine in New South Wales and a lithium-prospective tenement package in the lithium valley of Minas Gerais and in the Paraiba Province within the Borborema region in Brazil.
Write to Aaliyah Rogan at Mining.com.au
Images: Adelong Gold
