Advance Metals secures 100% of Victorian gold projects

Advance Metals (ASX:AVM) executed an amended agreement to acquire 100% ownership of the high-grade Myrtleford and Beaufort Gold Projects in Victoria, moving quickly to consolidate its position following exceptional exploration and metallurgical results.

Building on its initial early 2025 joint venture agreement to acquire an 80% interest from 1548043 B.C for CAD$3M, Advance has agreed to purchase the remaining 20% stake.

This brings the total consideration for full ownership to CAD$4M, which will be staged in tranches over three years in either cash or shares.

Additionally, a 1% net smelter return royalty will be granted to the vendor for future gold production.

The acquisition follows a series of highly successful exploration programmes at Myrtleford, highlighted by stellar drilling results.

Intersections include 7.5m at 55.0g/t Au from 178.1m—which features a spectacular ultra-high-grade zone of 1.3m at 305.8g/t Au—and 8.2m at 28.8g/t Au from 186m.

Meanwhile, initial metallurgical test work at the Happy Valley prospect has delivered excellent gold recoveries of up to 66%, pointing towards potential low-cost gravity processing solutions.

Further extensional drilling at the Happy Valley Mine has confirmed continuity, returning 1m at 22.3g/t Au from 102.2m.

At the time of reporting, Advance Metals’ share price was $0.083.