Adelaide Resources (ASX: ADN) has made a discovery of high grade copper-gold from drilling in the historic Moonta‐Wallaroo mining region in South Australia.
The shallow, high‐grade copper and gold intersections at Alford West announced by Adelaide Resources include exceptional hits of 20 metres at 4.20% copper and 0.27 grams per tonne gold from 32 metres downhole, and 45 metres at 1.55% copper and 1.81 g/t gold.
The discovery was as a direct result of the trawling through massive amounts of historical exploration data which has clearly paid off for Chris Drown, managing director of Adelaide Resources, or "buried treasure" as he termed it.
These are some of the highest grade copper‐gold drill results we can recall from exploration on the State’s Yorke Peninsula for some time.
Eerily, the results are from its first drilling at the project at the Alford West prospect and could signal a larger mineralised system as the system is open along strike.
The project is located at the southern end of South Australia’s world‐renowned Olympic Copper Gold Province which has already yielded major producing mines such as BHP Billiton’s Olympic Dam, OZ Minerals’ Prominent Hill and the famous Moonta‐Wallaroo mines.
Significant other deposits discovered in the area in recent years and currently in pre‐development stage, include OZ Minerals’ Carrapateena and Rex Minerals’ Hillside, the latter being some 60 km south of Adelaide Resources’ project tenement.
It is not surprising that Chris Drown, managing director of Adelaide Resources had cause to celebrate.
“Significantly, our discovery is at much shallower depths than deposits like Olympic Dam or Prominent Hill, with some high grade intersections commencing within just 5 metres of the surface.”
Following receipt and interpretation of the remaining assay results from the recent aircore drilling program on the Alford West prospect, further drilling will be designed with a number of goals in mind.
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