Adelaide Resources Limited - Drilling Underway at Baggy Green Gold Prospect
17.10.2016 | ABN Newswire
Adelaide - Adelaide Resources Ltd. (ASX:ADN) is pleased to announce a reverse circulation drilling programme commenced last Friday at the wholly owned Baggy Green gold prospect on South Australia's northern Eyre Peninsula. The prospect is located less than six kilometres to the southeast of the Barns gold deposit or which a maiden Mineral Resource of 107,000 ounces of gold was reported in July 2016.Baggy Green is a confirmed gold mineralised system that extends for over three kilometres of strike with a number of significant historical gold drill intersections. The objective of the current programme is to delineate gold mineralisation at Baggy Green that can materially build on the Barns Mineral Resource, thereby increasing the local resource base.
Drilling at a southern target will test a gently northwest dipping zone of mineralisation where historical intersections include 11 metres at 3.55g/t gold and 24 metres at 2.04g/t gold, including 7 metres at 5.56g/t gold.
Drilling at a northern zone will follow-up historical intersections that include 36 metres at 0.78g/t gold and 38 metres at 0.82g/t gold, including 10 metres at 2.59g/t gold.
In consideration of potential future open pit economics, priority holes will test the mineralised zone where it commences no deeper than 100 metres below surface. First assay results are anticipated in early November.
About Adelaide Resources Limited:
Adelaide Resources Ltd. (ASX:ADN) is an Australian Securities Exchange listed company focusing on mineral exploration for gold, copper and lithium deposits. The company has built a highly prospective exploration portfolio of projects covering 7,969 sq kms within 21 exploration licences located in South Australia, Queensland, Western Australia and the Northern Territory. Adelaide Resources was incorporated on 23 December 1993 and subsequently listed on the ASX on 11 September 1996. The company's head office is in Adelaide, South Australia.
Adelaide Resources' vision is to be a sustainable minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.
Contact:
Adelaide Resources Ltd.
Chris Drown Managing Director
Tel: +61-8-8271-0600
Mobile: +61-427-770-653
Email: adres@adelaideresources.com.au
www.adelaideresources.com.au