Advance Metals Acquires Full Ownership of Victorian Gold Projects
Key points
- Advance Metals secures 100% ownership of Myrtleford and Beaufort Gold Projects
- Additional consideration of C$1.0M to be paid over three years
- Excellent gravity gold recoveries at Happy Valley support low-cost processing
- High-grade gold intersections continue to validate potential of the projects
- Regional exploration targets identified along the Magpie-Barwidgee trend
Full summary
Advance Metals Ltd has reached an agreement to acquire the remaining 20% interest in the high-grade Myrtleford and Beaufort Gold Projects, achieving 100% ownership. The total consideration for 100% ownership is C$4.0M, payable over three years in tranches, either in shares or cash. The acquisition follows successful exploration programs at the Myrtleford Project, which have intersected numerous high-grade gold results. Initial testwork at Happy Valley has returned excellent gold recoveries of up to 96%, supporting potential low-cost gravity processing options. Further drilling at Happy Valley has also returned high-grade gold intersections, including 1 metre at 22.3g/t Au. Regional exploration across the Myrtleford Project area has identified multiple gold targets, including the 16km Magpie-Barwidgee trend, which remains untested by modern drilling.
Guidance
Total consideration for 100% ownership of Myrtleford and Beaufort Gold Projects is C$4.0M.
Outlook
Advance Metals Ltd is optimistic about the potential of the Myrtleford and Beaufort Gold Projects, with ongoing exploration and structural modelling to further validate the projects' potential.
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