Adelaide Resources (ASX: ADN) has intercepted copper grades of up to 4.23% at its Alford West Prospect in South Australia, substantially higher than any of the historic intersections achieved at the prospect.
These grades were discovered in a maiden aircore drilling program of 1,486 metres across 25 holes at the Alford West Prospect, which forms part of the Moonta Copper-Gold Project on the Yorke Peninsula.
Notable intercepts include 10 metres at 4.23% copper and 0.2 grams per tonne (g/t) gold from 57 metres, 10 metres at 1.03% copper and 0.4g/t gold from 50 metres, and 5 metres at 0.92% copper and 0.15g/t gold from 45 metres.
The intercept that returned a grade of 4.23% copper is believed to be among the best hits returned from the Moonta district.
Historical exploration results show the highest grades as being 3.69% copper.
Past drilling at Alford West is interpreted to reveal the presence of two steeply north dipping, sub parallel, high grade copper-gold lodes that strike east to west and are spaced about 50 metres apart.
The collar locations of the historic Alford West holes could only be approximately located and the first goal of Adelaide Resources’ drilling program was to confirm the location of the mineralisation.
Given the initial drilling results, Adelaide believes it has successfully relocated the historical mineralisation.
The copper bearing mineral has been identified as chalcocite which has the capacity to produce a very valuable copper concentrate product.
Chalcocite contains 79.9% copper by weight and is one of the highest grade ore minerals of copper.
Assaying of further drill samples from the Alford West Prospect is currently underway, with results expected soon.
Adelaide Resources had a cash position of A$3.03 million at the end of December 2012.
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