Adelong Gold (ASX:ADG) announced a strategic partnership with Great Divide Mining (ASX:GDM) for the Adelong Gold Project in New South Wales.
The agreement allows Great Divide Mining to acquire up to a 51% interest through a staged investment plan.
Initially, Great Divide Mining will invest $300,000 for a 15% stake in the project.
Upon achieving the first gold pour within 12 months from the refurbished Adelong Gold Plant, their interest will increase to 51%.
If not achieved, Adelong Gold will retain full ownership.
Adelong Gold's Managing Director, Ian Holland, stated, "We are excited to partner with Great Divide Mining, and the experience that Evan and Paul Ryan bring will be essential in ensuring the success of this project."
The Ryan Family, founders of Great Divide Mining, will contribute essential mining equipment and expertise, critical for restarting the Adelong Gold Plant.
The partnership marks a significant step forward for Adelong Gold, aiming to resume gold production and expand resources at the historical site.
Adelong Gold is a mineral exploration company that owns the Adelong Gold Mine in New South Wales together with other mineral projects in Western Australia.
At the time of reporting, Adelong Gold's share price was $0.005.