Mining IQ

Early Drill Results Highlight Significant Exploration Potential

In a market where exploration companies are receiving little attention, Adelaide Resources (ASX: ADN) stands out as delivering material exploration results with all the hallmarks of discovering a significant copper/gold deposit.

Adelaide’s recent focus has been on the Moonta region which has a rich history of mining with an estimated ~355,000t of copper and ~2t of gold extracted by the old-timers. Some of the world’s more significant mining houses have since undertaken extensive exploration in the area looking for major copper/gold deposits, and while unsuccessful in this endeavour, numerous high priority (smaller) prospects where identified.

Adelaide Resources has an extensive exploration data base from the early explorers and is undertaking shallow drilling campaigns to test the historical prospects. The most exciting of these prospects is Alford West where the company’s first drill program recently intersected 20m @ 4.20% Cu and 0.27g/t Au from 32m and 45m @ 1.55% Cu and 1.81g/t Au from 15m, with mineralisation present to the end of the hole.

Breakaway is highly encouraged by these high grade shallow intercepts, and the fact that every traverse of the Alford West drilling campaign has intercepted ‘ore grade’ copper/gold mineralisation. With only 10% of a 3km geochemical anomaly now drilled, significant opportunity exists along strike and at depth to establish a significant ore body. Breakaway recommends Adelaide as one of the better explorers with early but promising results.

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Early Drill Results Highlight Significant Exploration Potential.

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