Adelaide Resources Limited (ASX:ADN) is pleased to provide the company's Managing Director's Presentation at 2016 AGM. 12 Month Report
- Commodity focus on gold, with copper and lithium secondary targets
- Maiden Mineral Resource estimated for the Barns gold deposit on the Eyre Peninsula. Comparable ounce inventory to other SA deposits (Portia and Tarcoola) now in production
- Successful recent RC programme at Baggy Green confirms it can add to the local resource base in the Barns Camp
- Drummond acreage tripled with low cost surface work adding three drill worthy targets to compliment the existing Bunyip drill target
- Farm-in and Joint Venture executed with Emmerson Resources over the Rover project in NT puts this project back to work for Shareholders
- Efforts to deal Moonta copper project continuing
- Mixed results from lithium initiative. SA salt lakes a negative and high grade tungsten (but no lithium so far) at Davenport
Asset portfolio
Focused suite of Australian prospects
Gold
- Eyre Peninsula (SA) - large land position, maiden Mineral Resource and multiple prospects
- Drummond (QLD) - drill ready epithermal gold targets in high grade district
Copper
- Moonta (SA) - highly prospective historical IOCG mining district
- Rover (NT) - high grade Tennant Creek style copper-gold potential
Lithium/Tungsten
- Coolgardie (WA) and Davenport Ranges (NT) - conceptual hard rock targets
Additional drill targets delineated in early 2016
- Poppi's Prospect - surface rock chips include 6.04g/t, 4.06g/t, 3.54g/t and 2.70g/t gold. Silver to 22.7g/t present. (Gold zone exposed at surface)
- Roo Tail - rock chips include 2.19g/t and 1.09g/t gold. Arsenic to 120ppm (Transitional arsenic to gold zone erosional level - gold zone preserved at depth)
- East Central Limey Dam - numerous anomalous rock chips to 1.27g/t gold. Arsenic to 721ppm. Chalcedonic veins predominate. (Arsenic zone exposed at surface - gold zone preserved at depth)
- Poppi's, Roo Tail and East Central Limey Dam can be drilled during Bunyip testing
Summary
- Maiden 107,000 gold ounce Mineral Resource estimated at Barns
- Metallurgical testing of Barns material underway
- RC programme at Baggy Green confirms it can add to the local resource base in the Barns Camp
- Four drill ready targets on expanded Drummond epithermal gold project
- Rover Farm-in and Joint Venture with ERM to reinvigorate idle asset
- Drill ready targets defined on Thurlga Joint Venture
- Mixed lithium results so far, but interesting tungsten results at Davenport
Forward programme
- Further resource focussed drilling at Baggy Green to test extensions to currently defined deposit
- Estimation of maiden Mineral Resource at Baggy Green
- Incorporation of metallurgical results and Baggy Green resource into new round of economic assessment of the Barns Camp
- Drilling to convert Inferred to Indicated Resources at Barns/Baggy Green
- First drill tests of the four defined Drummond epithermal gold targets
- Low cost surface exploration to define new drill targets at Drummond
- Continuation of our efforts to deal Moonta
- First assessment of Coolgardie ground and low cost follow-up work or pursue deal at Davenport.
Andromeda Metals Limited
- Adelaide Resources has completed its 20th year on listing
- The Board composition and exploration portfolio of the company has changed considerably since listing
- We are taking the opportunity to rebrand ourselves to reflect these changes and reinvigorate ourselves with the broader investment community
- Reasoning behind the name
-- 'Andromeda' to symbolise the Andromeda Galaxy which has a central core of metal-rich stars
-- "Metals' to indicate that although our major focus is gold, and to an extent copper and lithium, other metals may also be considered
- There will be a new logo and additional refreshment of our website
- The ASX ticker code with remain 'ADN'
- On receiving shareholder approval, we will adopt the new name from 1 January 2017
To view the presentation, please visit:
http://abnnewswire.net/lnk/19P9Z256
Chris Drown Managing Director M: +61-427-770-653 Email: adres@adelaideresources.com.au www.adelaideresources.com.au
