Adelaide Resources (ASX: AND) has raised A$1.1 million to fund drilling at its wholly owned Paskeville copper prospect on the Moonta Copper Gold Project, South Australia.
The company plans to carry out diamond drilling to test a coherent body of low to moderate grade copper mineralisation discovered by aircore drilling carried out in the first half of 2012.
This had a strike length of 300 metres that remains open along strike and depth with widths ranging from 15 metres to over 130 metres.
In addition, results from a recently completed helicopter-borne airborne electromagnetic survey have added confidence in the quality of a number of additional targets at Paskeville planned for drilling in the first quarter of 2013.
The funds were raised through a placement of 24.6 million shares priced at A$0.045 each to professional and sophisticated investors.
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