Queensland explorer Great Divide Mining has entered into a joint venture with Adelong Gold and its subsidiary, Challenger Mines, to recommence operations at the historic Adelong gold mine in New South Wales.
“GDM was formed to rapidly evolve into a cash-flow mining business. This agreement sets us squarely on the path to producing our first gold in the near-term,” said Great Divide Mining CEO Justin Haines.
“Working within the Adelong Venture, we aim to commence restarting of the existing plant and development of the gold in mine plan this year, then organically expanding the resources and operation. This is transformational for GDM and its shareholders.”
Great Divide Mining will initially take a 15% holding in Challenger Mines for A$300,000 spent on-ground, extending to 51% ownership on production of gold from the Adelong mine’s process plant. It will also operate as manager of the joint venture.
Testing and commissioning works are expected to start at the process plant during the third quarter of fiscal year 2025.
Source: Great Divide Mining