Adelaide Resources (ASX: ADN) has commenced a second round of aircore drilling at the 100% owned Alford West Prospect within the Moonta Copper Gold Project on South Australia’s Yorke Peninsula.
The current drill program follows a maiden drill program completed in earlier 2013.
The assay results returned a number of copper and gold intersections including 20 metres at 4.20% copper and 0.27g/t gold from 32 metres and 45 metres at 1.55% copper and 1.81g/t gold from 15 metres.
The maiden drill program comprised 25 holes for a total of 1,486 metres and is located in an area where historical drilling encountered significant copper-gold mineralisation.
The second phase of drilling comprises 91 aircore holes to be drilled at the Alford West Prospect. These holes will extend the strike length of the prospect and establish the dip of high grade copper and gold lodes.
The first assay results from the second phase of drilling are anticipated to be available in around four to six weeks.
At 31 March 2013, the Company had $2.4m cash with an estimated $0.78m cash outflow for the next quarter.
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