Adelaide Resources has received an assay of 22 meters at 1.14% copper from a copper and gold project on the Yorke Peninsula in South Australia.
Mr Chris Drown MD of Adelaide Resources would be well chuffed with the new results from Wombat prospect at Moonta project as the company has now achieved very encouraging drill intersections at all four of its 2012 target prospects.
Moonta is toward the southern end of the Olympic Copper Gold Province. The latest results were from Wombat located in the northwest of the project.
Drillhole WOMDD001 returned some robust intersections:
1. 2 meters at 3.04% copper from 198 meters
2. 47 meters at 0.84% copper from 236 meters including 22 meters at 1.14% copper from 241 meters and
3. 1 meter at 11.05% copper from 295 meters.
The main body of mineralization intersected in WOMDD001 is interpreted to be the same body intersected in adjacent historical holes MPD-05-21 and MPD-06-22.
The main copper phase present is known to be native copper which can produce nugget effects. Screened copper assays are now being completed to minimize analytical variability caused by copper nuggets.
Paskeville Drilling Update;
The first diamond hole (PASDD002) of the recently commenced drilling program at Paskeville has been completed at a final depth of 353 meters. The copper sulphide mineral chalcopyrite has been observed to be present in veins that occur sporadically between 83.7 meters and 330 meters downhole and rarely as disseminated grains in the host rock.
Geological logging of PASDD002 has been completed and the core is now being sawn to provide drill samples for chemical assay with analytical results anticipated in late December.
Adelaide Resources will now have the enviable task of selecting which of the four prospects to focus exploration efforts. Pending results from the second hole at Wombat which is currently being assayed may tip the balance toward one of these prospects.
Overall, the results demonstrate the widespread mineralisation at the company's Moonta project and prospectivity. Adelaide Resources is one to watch given the results to date. With a market cap of just USD 11 million, ADN would not need much of a sniff in further results for the share price to take off.