Adelaide Resources confirms copper / gold discovery at Paskeville

THE DRILL SERGEANT: Adelaide Resources has claimed confirmation of a copper / gold discovery at the Paskeville prospect situated within the Moonta project, located on the Yorke Peninsula of South Australia.

Recent drilling undertaken at Paskeville returned an un-bottomed intersection of 42 metres at 1.10 per cent copper and 0.11 grams per tonne gold, including 5 metres at 2.93 per cent copper and 9 metres at 1.69 per cent copper.

The latest results follow an announcement made by Adelaide Resources in March of intersections of 10m at 1.06 per cent copper and 9m at 1.27 per cent copper from the first hole drilled by the company at Paskeville.

Since then Adelaide has completed a further 23 aircore holes and a single diamond drill hole that have returned results including:

–    7m at 1.16 per cent copper and 0.13g/t gold;

–    7m at 1.07 per cent copper;

–    7m at 1.40 per cent copper and 0.26g/t gold; and

–    5m at 1.05 per cent copper.

The drilling also identified the presence of silver with a best intersection of 10m at 26.6g/t silver.

“Compelling targets exist along strike from the area drilled to date, and on the broader Paskeville geochemical anomaly which is much larger than the area drilled so far,” Adelaide Resources said in its ASX announcement.

“In light of these excellent results the company’s Board has approved additional funding to immediately commence follow-up drilling.”

 

Moonta copper / gold project location. Source: Company announcement

 

The Moonta project is located towards the southern end of the Olympic Copper Gold Province on the Yorke Peninsula.

The majority of the project tenement is 100 per cent-owned by Adelaide Resources.

The remainder is held by the Moonta Porphyry Joint Venture, in which the company holds 90 per cent equity with Breakaway Resources holding the remaining 10 per cent.

The Paskeville Prospect falls in the east of the Moonta Project tenement in an area wholly-owned by Adelaide Resources.