Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Directors of 3D Resources (DDD) have completed their first site visit at the NSW-based Adelong Gold Project since acquiring it nearly two weeks ago
  • The aim of this visit was to appoint mining personnel, inspect the plant, and negotiate access arrangements to begin work at Donkey Hill
  • During the visit, a meeting was held with a local landowner to formalise access to undertake drilling at Donkey Hill and other areas within the project
  • The landowner was supportive of these works, and an agreement will be documented and signed in the upcoming days which will allow the company to begin drilling at Donkey Hill in late June
  • 3D Resources also met with the mine manager to discuss options for commercialising Adelong in the hopes of generating early cash flow
  • The company is now undertaking scoping level studies, with results to be announced once further discussions are finalised
  • 3D Resources is up a healthy 16.7 per cent and shares are trading for 0.4 cents each

Directors of 3D Resources (DDD) have completed their first site visit at the Adelong Gold Project since acquiring it nearly two weeks ago.

The aim of this visit was to appoint mining personnel, inspect the plant, and negotiate access arrangements to begin work at Donkey Hill.

A meeting was held with a local landowner to formalise access to undertake planned drilling at Donkey Hill and other areas within the project.

The landowner was supportive of these works and an agreement will be documented and signed in the upcoming days.

This will enable 3D Resources to begin drilling at Donkey Hill in late June.

3D Resources also met with the mine manager to discuss options for commercialising Adelong to generate early cash flow.

Several strategies to achieve this have been identified and the company is now undertaking scoping level studies, with results to be announced once further discussions are finalised.

“The site visit was an important step in getting the Adelong Gold Project back into full swing,” Chairman Ian Hastings said.

“The company is particularly satisfied that it has managed to retain key personnel. This acquisition is a key step in the company’s continued progress toward near term gold production,” he added.

Following an oversubscribed placement from mid-May, 3D Resources settled the purchase less than a week later and acquired Adelong on May 15.

The 70 square kilometre project is located approximately 20 kilometres from Tumut and 80 kilometres from Gundagai in southern NSW.

Around 800,000 ounces of gold have been produced, with 50 per cent coming from hard rock sources and 50 per cent from alluvial deposits.

More than 100,000 ounces of very high-grade ore has been historically produced from the Challenger, Victoria, and Gibraltar mines.

Challenger has produced an average ore grade of 87g/t gold, Victoria sits at 56g/t gold, and Gibraltar sits at 34g/t gold.

Approximately 36,500 metres of drilling has been completed at Adelong over the years with 29,000 metres coming from Challenger.

3D Resources is up a healthy 16.7 per cent and shares are trading for 0.4 cents each at 12:02 pm AEST.

DDD by the numbers
More From The Market Herald
West African Resources (ASX:WAF) - Executive Chairman, Richard Hyde

" West African Resources (ASX:WAF) to acquire 90pc interest in Kiaka

West African Resources (WAF) has entered into definitive agreements to acquire 90 per cent of the Kiaka gold project from B2Gold and their

" Moho Resources (ASX:MOH) eyes $1.51m & enters agreement with Whistlepipe

Mining company Moho Resources (MOH) has completed a bookbuild to undertake a $1.51 million placement.
The Market Herald Video

" ASX debutant Eastern Metals (ASX:EMS) to develop former Kidman Resources’ projects

Eastern Metals (EMS) began trading on the ASX today after raising $6 million through its IPO.

" Desert Metals (ASX:DM1) highlights PGEs at Innouendy

Desert Metals (DM1) has identified platinum group elements (PGEs) at the Innouendy project in Western Australia.