Adelaide Resources Ltd (ASX:ADN) is expanding its existing lithium brine portfolio with the Lake Acraman and Lake Gilles lakes in South Australia.
It has applied for exploration tenure at the previously unexplored Lake Florence and Lake Killamperpunna, both located east of Lake Eyre.
The two lakes may have the potential to hold lithium-rich brines due to the high concentration of lithium in the lake areas.
Adelaide Resources’ lithium exploration interests are in addition to its focus on Australian gold exploration activities in South Australia, Queensland and the Northern Territories.
Meanwhile, there is potential for an economic project at the company’s wholly owned Barns gold deposit in the Eyre Peninsula in South Australia.
Earlier this month, a scoping study of the deposit concluded that the deposit could prove to be profitable assuming an A$1,500 gold price and suitable assumptions for capex, recovery and operating costs.
There is potential for resource estimates in the second half of 2016 for the Barns deposit, White Tank and possibly the Baggy Green project in Eyre Peninsula. Exploration target assumes 2.5 - 3.5 million tonnes grading 1.3 g/t to 2.0 g/t for total contained gold of circa 100 kilo ounces to 225 kilo ounces.
Adelaide Resources held cash of $702,000 as at end March 2016.
Adelaide Resources shares are currently trading higher at $0.019. The shares have lifted from a low of $0.01 on January 18, 2016.
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