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Market: ASX
Sector: General Mining
Epic: ASX: ADN
News: Latest news
Web Site: Adelaide Resources
Other Articles: 09-12-200929-09-200921-09-2009

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Adelaide Resources

Adelaide Resources

Adelaide Resources Limited (ASX: ADN) is an Australian Securities Exchange listed company (focusing on mineral exploration for gold, copper and uranium deposits. Adelaide Resources currently holds 21 exploration licenses, covering over 8,000 sq km within both South Australia and the Northern Territory.

Wednesday, December 09, 2009

Adelaide Resources announces substantial high grade copper and gold intersections at Rover 1

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Mineral exploration company Adelaide Resources (ASX: ADN) has announced the first batch of assay results from vertical diamond drill hole R1ARD30 at the Rover 1 Prospect in the Northern Territory, confirming the hole has intersected two substantial intervals of high grade ironstone hosted mineralisation.

A copper-rich upper zone assays 55 metres at 3.36% copper, and incorporates narrower zones of even higher grade including 9 metres at 8.00% copper.

A lower gold-copper zone, which persists to the end of the batch of samples for which results are available, returned 31 metres at 2.16 g/t gold and 2.23% copper and includes a very high grade interval of 2 metres at 23.24 g/t gold and 1.87% copper.

Assays from the second batch of samples from R1ARD30 could well show the lower gold-copper zone extends deeper. These assays, anticipated next week, will also determine whether gold is present in altered sediments beneath the ironstone.

Rover 1 is one of numerous gold-copper prospects present on the company’s wholly owned Rover Project located 80 kilometres southwest of Tennant Creek in the Northern Territory. The Rover 1 prospect straddles the southern boundary of Adelaide Resources’ Exploration Licence 7739 and tenements held by Westgold Resources Limited.

On 4 November 2009, Adelaide Resources announced it had intersected a long interval of ironstone hosted copper sulphide mineralisation in drillhole R1ARD30, collared close to the tenement boundary at the Rover 1 prospect.

Adelaide Resources Managing Director Chris Drown said the first assays from R1ARD30 had exceeded the company's expectations.

"The copper mineralised intervals are long, consistent and of high grade, and the narrower zones of exceptional grade, up to 9 metres at 8.0% copper, are standout intersections," Mr Drown said.

“The appearance of gold mineralisation towards the base of the ironstone intersected in R1ARD30 is highly significant. We now await assays from the remaining 300 samples submitted from this hole to determine if this un-bottomed gold intersection continues into the altered sediments below the ironstone.

"These assays will also show whether other zones of gold mineralisation, similar to those in Westgold’s drill holes south of our tenement boundary, are present.

“R1ARD30 was funded through the company’s recent capital raising initiative, and I believe shareholders will agree this has been money well spent. While we await further assays, the results already to hand demonstrate that we are dealing with a super prospect at Rover 1.”

Adelaide Resources acquired 100% ownership of the Rover Project from Newmont Australia Limited in 2005, with Newmont retaining a royalty/buy back right which it subsequently sold to Franco-Nevada Australia.

The buy back right is a once-only right that can be exercised if a single resource exceeding two million ounces of gold is defined on the project tenements.

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