Adelaide Resources (ASX: ADN) has raised funds to follow-up the discovery of high grade copper and gold intersections at the company's wholly-owned Alford West copper gold prospect on the Yorke Peninsula of South Australia.
The company placed around 16.5 million shares at $0.073 with professional and sophisticated investors, which raised $1.2 million.
Alford West is hosted within the Moonta Copper Gold Project - which is located in the in Olympic Copper-Gold Province, and earlier this year discovered: 20 metres at 4.20% copper and 0.27g/t gold from 32 metres downhole; and 45 metres at 1.55% copper and 1.81g/t gold from 15 metres downhole to end of hole.
Adelaide Resources commenced a second round of air-core drilling about a week ago to test the strike length of Alford West from 300 metres to 1100 metres.
The new funds will boost Adelaide Resources cash position of $2.4 million at the end of March 2013.
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