Australia- A1 Consolidated Gold rallies hard in first week of ASX listing 

(MENAFN - ProactiveInvestors - Australia) Gold explorer A1 Consolidated Gold (ASX: AYC) shrugged off the downward pull of the broader Australian market today to post gains of 13.6%, which took its share price up to an intra-day high of A0.25.

It is less than a week since the company listed following a successful IPO offering 26.7 million shares at A0.30 each to raise around 8 million.

Although A1 Consolidated's share price is softer since listing, the company is one of the stronger stocks on the Australian market today, which wiped off 0.4%, or 15.7 points, by the closing bell.

A1 Consolidated holds interests in three mineral exploration and development projects 120 kilometres northeast of Melbourne " the A1 Gold Project, the Star of the West Mine and the Ten Mile Goldfield.

The main project is the A1 Gold Project which has historically produced more than 620,000 ounces, and since 2009 a decline has been developed some 700 metres and is currently at the 1620 level.

A1 Consolidated has had established infrastructure throughout the site since 2009 and has intimate knowledge of the A1 Gold Project, having being involved with the mining operations there for several years.

Based on historical development, bulk and face sampling, and diamond drilling, A1 Consolidated has identified three exploration targets at the project.

An exploration target of 1 to 1.3 million tonnes at 5 to 11 grams per tonne (g/t) gold has been defined for the 1400 upper stockworks, and an exploration target of 70,000 to 100,000 tonnes at 5 to 11g/t gold has been outlined for the 1650 level.

A1 Consolidated is undertaking development mining on the 1625 level and is stockpiling the stockworks for a bulk sample. The stockpile is currently in excess of 5,000 tonnes.

The company has entered into a toll treatment agreement with Maldon Resources for the processing of up to 50,000 tonnes per annum.