Adelaide Resources (ASX: ADN) is readying to release some “significant exploration results” and has been granted a trading halt by the ASX.
The company is in the process of finalising and interpreting assays.
Adelaide’s key project is its Moonta Project which lies at the southern end of the Olympic Copper-Gold Province, a world class mineral belt, in South Australia.
The province is highly prospective for iron oxide-copper-gold (IOCG) deposits, with Olympic Dam, Prominent Hill and Moonta-Wallaroo the three mines with past or current production.
There are several active majors in the belt include BHP Billiton (ASX: BHP), Rio Tinto (ASX: RIO), Fortescue Metals Group (ASX: FMG), OZ Minerals (ASX: OZL), Antofagasta, Xstrata and Sandfire Resources (ASX: SFR).
Adelaide Resources recently made its highest copper hit yet of 10 metres at 4.23% copper and 0.2 grams per tonne (g/t) gold from 57 metres at the Alford West Prospect.
These grades were discovered in a maiden aircore drilling program of 1,486 metres across 25 holes at the prospect.
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.
At 31 March 2013, Adelaide Resources had available funds of $2.426 million.
The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Tuesday 30 April.
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