The Capella gold project is now in the hands of Australasian Gold after completion of a deal with Cape Coal.

The new owners describe Capella as highly-prospective for gold and base metals, with more than 6000m of historical drilling data available.

It is located about 10km south from the Australasian Gold’s Mount Clermont polymetallic project.

The company has appointed a technical advisor with 30-plus years of experience in the Clermont region as it prepares for infill sampling and targeting programs.

“We know the Clermont region is well endowed in gold,” Australasian Gold managing director Dr Qingtao Zeng said.

“The acquisition of the Capella project is highly complementary to our existing Mount Clermont polymetallic project with wide zones of high-grade gold intercepts.

“Field work will commence immediately to better understand structures and find continuity of the known gold mineralisation.

“I am pleased with the engagement of Mr Ian Cooper, who was involved in the Capella project back in the 1990s and has been actively working in this region since.

“Mr Cooper is based in Brisbane, which will enable the company to conduct exploration without the inconvenience of interstate travel restrictions.”

The acquisition deal saw Australasian Gold issue 500,000 shares at 0.20 AUD per shares to Cape Coal on title transfer, subject to 12 months escrow after completion.

Australasian Gold also holds the May Queen gold project within the Brovinia goldfield in the northern part of the Surat Basin in Queensland and the Fairview gold project in Western Australia. 

And last month it lodged a tenement application for a lithium project in the Mount Peake pegmatite district in
Northern Territory.

The company listed on the ASX in May after raising just over $5.5 million in its IPO.