Adelaide Resources (ASX: ADN) has discovered new zones of copper and gold mineralisation at the Moonta Project on the northern Yorke Peninsula in South Australia.
The news has been well received, with shares rising 40% to A$0.105 on 13.5 million shares traded in intraday trade.
Drilling in previously unexplored areas in the region has paid off for Adelaide, with the company intersecting copper at the Paskeville prospect and copper and gold at the Copper Hill East prospect.
At Paskeville, the first drill hole has returned:
- 10 metres at 1.06% copper from 11 metres; and
- 9 metres at 1.27% copper from 58 metres, including 2 metres at 4.03% copper.
Mineralisation remains open at depth. Assays from a further 19 drill holes at Paskeville are pending.
At Copper Hill East, the best result from the first seven aircore holes was 5 metres at 3.73 grams per tonne (g/t) gold from 25 metres, while values of up to 0.45% copper were present in another hole.
More than 600 additional aircore drill samples from each prospect are being assayed, with results expected within the next month.