Adelong Gold’s (ASX:ADG) wholly owned subsidiary Adelong Gold Brasil has completed an acquisition for 100% interest in 3 exploration licences prospective for lithium in Minas Gerais, Brazil.
Adelong has now paid the final instalment of $100,000 to the vendor and will shortly issue to the vendor 20 million fully paid ordinary shares and 20 million unlisted options exercisable at $0,02 within 2 years of issue.
As previously reported, the company is presently undertaking a field reconnaissance program with field staff on-site.
Results from this program will be reported in due course and is anticipated to provide the basis of further work to be tackled in 2024.
Adelong Gold Executive Chairman Ian Hasting says these exploration licences will give the company a presence in the battery metals space as Brazil is emerging as a ‘major’ global lithium producing region.
“Together with its Adelong Gold Project, for which the company is currently planning the next steps towards reopening the mine, the Brazil projects expand the company’s portfolio and diversify its project base.”
“the Brazil projects expand the company’s portfolio and diversify its project base”
The company has also applied for an additional 10 licences in the Paraiba Province, which will be combined with the Minas Gerais acquisition.
Adelong says these licences will provide a ‘strategic’ landholding in a globally ‘significant’, mining-friendly region for hard-rock spodumene deposits.
By completing the acquisition, the granted licences cover a 52.29km-square area.
Adelong Gold is a minerals explorer targeting ‘high-value’ commodities with a particular focus on gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Adelong Gold
