Ann: Phase 2 Exploration Commences at Paraiba Tenements, page-31

In the rats rant


ADG - Adelong Gold Limited today closed up 40% to finish at 0.7c on $340k stock traded. The reason they were up today was because they announced a non-binding memorandum of understanding (MoU) was entered with Cosmo Gold & Sarama Resources (SRR.asx).

Back in August 2020, ADG announced its intention to sell its Cosmo Newbery gold project to Cosmo who would then seek to IPO, although in June 2021 Cosmo had withdrawn the IPO.

ADG has accepted to receive scrip (25m shares) and options in Sarama in full settlement of the loan obligations owed by Cosmo to Adelong Gold, for an 80% interest in the Cosmo Newbery project.

Under the MOU, Sarama shall be entitled to acquire Cosmo’s remaining 20% interest in the project for the sum of $1.25m, payable in cash or Sarama shares at Sarama’s election at any time within a two-year period.

Last week, ADG announced exploration had commenced at its Paraíba Tenements located in close proximity to Summit Minerals' (SUM.asx) Equador Nb-REE Project in Brazil.

SUM has been on a tear of late just FYI.........

Some details on its recent exploration update are listed below:

Phase 2 Exploration Commences Paraíba Tenements - Brazil

HIGHLIGHTS

• Exploration continues after pegmatites identified across 10 exploration permits granted in Paraíba State, northeastern Brazil, covering a total of 162.8km2
• Phase 2 Exploration across the Paraiba tenements to commence with the collection of stream sediment and rock chip samples
• Paraíba licenses in close proximity to Summit Minerals Ltd (ASX:SUM) Equador Nb-REE Project
• Reprocessing of appropriate geophysical datasets continues to support interpretation of the geological–structural context

Adelong Gold Limited is pleased to announce the commencement of Phase 2 exploration activities at the Paraiba tenements in Brazil.

This new phase is designed to build upon the promising preliminary reconnaissance results and enhance our understanding of the mineral potential in the region.

The 10 Brazilian licenses that the Company was granted (see ASX Announcement 4 March 2024) in the Paraiba Province Project are divided into two blocks: North Block (2 tenements near the Nova Palmeira town) and Southwest Block (8 tenements near the Taperoá town).

The licences granted to Adelong are in close proximity to Summit Minerals (ASX:SUM), Equador Nb-REE Project within Paraiba State, which is host to some of the world’s most important sources of tantalum, rare earth elements (REEs) and beryllium and produces significant quantities of gemstones.

Adelong Gold's Managing Director, Ian Holland, commented:

“We are excited to commence Phase 2 of our exploration at the Paraiba Tenements.

The initial findings, along with those of some of our neighbours, have been very promising.

This next phase will allow us to further evaluate the potential of this region.

Our goal is to unlock significant value from these tenements and contribute to the growth of Adelong Gold.”