Adelaide Resources Limited
ASX:ADN

Adelaide Resources' vision is to be a sustainable gold, lithium and copper minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.

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Flash Note – Adelaide Resources Limited

Significant Progress On Multiple Fronts    

October 22, 2014

EVENT

• The delineation of the Tomahawk FPXRF soil copper anomaly 5km east of Alford West and West Doora confirmed as a major IOCG target following review of historic data at the Moonta Copper Gold Project

• Definition of a large epithermal gold target at South West Limey Dam coupled with the successful application for $100,000 to co-fund drilling on the Drummond Gold Project
• The formation of the Thurlga Joint venture with Investigator Resources Limited on Eyre Peninsula targeting gold and silver deposits
• Rights Issue to raise $3.436 million with funds earmarked to advance the Moonta project and the Drummond gold project

BREAKAWAY COMMENTS   

Since our last update in May 2014, Adelaide Resources has made significant progress on five different fronts, all adding to the calibre of the Company’s portfolio.

As a reminder, Adelaide carried out an extensive shallow aircore drill program earlier in the year at its flagship Moonta Project, targeting the previously defined 3.5km Alford West geochemical anomaly. Drilling intersected multiple impressive widths of mineralisation including standout hits of 20m @ 4.20% Cu and 0.27g/t Au from 32m and 45m @ 1.56% Cu and 1.83g/t Au from 13m. However, the target has largely been untested at depth.

Over the last year, Adelaide has demonstrated the effectiveness of Field Portable X-Ray Fluorescence (FPXRF) technology in identifying underling copper mineralisation from anomalous copper readings in the transported surface soils. Following extensive trials and ‘proof of concept’, Adelaide has rolled out this technology to target the ‘Alford Copper Belt’, an area interpreted to host highly altered bedrock prospective for IOCG type mineralisation.

Approximately 25,000 soil samples have been recorded along the interpreted copper belt and encouragingly, a new large and high magnitude copper anomaly called Tomahawk has been identified, ~5km east of the Alford West Prospect...

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More details about Adelaide Resources Limited

Official website: http://www.adelaideresources.com.au

ASX on Hotcooper: http://hotcopper.com.au/asx/ADN

Markets: Copper, Gold, Silver