Adelaide Resources (ASX: ADN) has been granted a trading halt by the ASX this morning pending capital raising details, with the company's shares placed in pre-open.
Adelaide Resources has not yet indicated where the potential inflow of new funds will be allocated, but the company is closing in on concluding inhouse (i.e. non-JORC compliant) resource estimates for both the Rover 1 and Rover 4 deposits at the Rover project, Tennant
Creek in the Northern Territory.
The company's chairman recently said in the annual report that they see as likely a scenario whereby a single milling facility will be established in the Rover Field which will treat ores from several deposits.
Our Rover 1 and Rover 4 deposits are valuable stores of copper and gold, but unless further exploration can increase their size, they appear more likely to play a role as secondary feed for such an eventual development in the region.
Adelaide Resources also has gold / copper interests on the Yorke Peninsula in South Australia.
The halt will last until the earlier of an announcement being made to the market or the opening of trade on Monday 29th October.
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