Adelaide Resources (ASX: ADN) is in pre-open this morning following the ASX granting the company a trading halt, pending details of a capital raising.
Adelaide Resources is focused on the Moonta Project which is strategically located in the Olympic Copper Gold Province, a region that is totally pegged and where ownership is dominated by many
of the world’s largest copper producers.
Earlier in the week the company kicked off a second round of air-core drilling at the wholly-owned Alford West Prospect, located within the Moonta Project.
The program follows up from the first stage of drilling which returned 20 metres at 4.20% copper and 0.27g/t gold from 32 metres.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 3rd June 2013.
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