- Australasian Gold (A8G) has agreed to buy a highly prospective gold project, Capella, in Queensland
- Capella is around 10 kilometres south of the company’s Mt Clermont polymetallic project
- This purchase will increase AG8’s landholding by 50 per cent in the Clermont goldfield
- For Capella, A8G will issue 500,000 shares, worth a total of $100,000, for 20 cents each to Cape Coal
- At market close Australasian shares were up 3.03 per cent at 17 cents.
Australasian Gold (A8G) has agreed to purchase a highly prospective gold project in Queensland.
The gold project, dubbed Capella, is around 10 kilometres south of the company’s Mt Clermont polymetallic project.
Through this purchase, A8G’s landholding will increase by 50 per cent in the Clermont goldfield.
For Capella, A8G will issue 500,000 shares, worth $100,000, for 20 cents each to Cape Coal.
Previous results at the project include 32 metres at 3.8 g/t of gold from 22 metres, including 2 metres at 32.8 g/t of gold from 22 metres and 2 metres at 18.9 g/t of gold from 50 metres.
Capella is located on exclusive land with no native titles, with all reporting and environmental authority fees and reports up to date.
“We are pleased to have been able to increase our exposure to the highly prospective Clermont goldfield following an extensive review of the historical data,” Managing Director Qingtao Zeng said.
“Previous drilling at the Capella gold project has identified thick gold mineralisation from near-surface, representing another great opportunity for us to better understand the gold mineralisation system in this region and to unlock the full potential of the Mt Clermont polymetallic project.”
At market close for the day, Australasian shares were up 3.03 per cent at 17 cents.