FINANCE VIDEO: Adelaide Resources (ASX:ADN) MD Chris Drown Speaks with ABN Newswire on the Barnes Gold Deposit
The company is working towards the imminent release of a maiden resource statement for the Barnes Deposit on the Eyre Peninsular in South Australia.
General information on Adelaide Resources' Activities.
1. Main commodity interest is gold - some lithium icing and some solid copper projects whose time will come again with better Cu market
2. Throughout its history ADN has been a very active mineral explorer working hard to deliver shareholder value creation through discovery
3. 100% owned Eyre Peninsula Gold - Imminent release of maiden gold resource for the Barns deposit. Barns is one of three deposits (the others being Baggy Green and White Tank) for which we released an Exploration Target in October last year. We have been telling the market we are confident of delivering a resource within the ounce range of the 3-deposit Exploration Target with Barns the first cab of the rank.
4. Resource release to be followed by Met. testing and economic scoping studies
5. Barns resource remains open down-dip and to the south - excellent potential to grow in size
6. There are five nearby other prospects that can deliver additional resources - Baggy Green will be our first focus where we plan to do shallow infill drilling into the deposit which will allow resource estimation and should deliver some exciting results along the way.
7. Moving on from Baggy Green there are four other targets where we have historical drill intersections - all are within 6km of Barns so we think we have a gold camp
8. Advanced nature if these prospects means we are confident of positive news flow
Drummond Basin Epithermal Gold
9. 100% owned ground position in the highly pedigreed Drummond Basin in QLD (Pajingo belt)
10. A range of gold targets of confirmed epithermal style
11. Bunyip prospect - delineated in 2015. Never drilled by anyone in the past. 2000 metres of outcropping epithermal quartz veins. Rock chips to 19.65g/t gold. Anomalous arsenic, vein textures and preserved sinters indicate only limited erosion of system so any bonanza grade gold zone should be preserved at depth.
12. Also another three targets scheduled for testing with Bunyip - aboriginal heritage surveys complete - ready to go in 2016
13. Earlier stage than Eyre peninsula but intersection of gold at Bunyip or one of the other targets could see significant rerating
14. Have pegged a number of 100% owned tenements in NT, WA and SA with are conceptual prospectivity for lithium
15. Hard rock plays in NT and WA
16. Lithium brine play in SA following Geoscience Australia salt lakes study
17. No certainty that Li. is present but cheap to do first pass sampling with confirmation of presence of Li likely to be positively viewed by market
18. Timing of sampling related to tenement grant and sorting of other access Oks but should see some sampling done in 2016
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About Andromeda Metals Ltd
Andromeda Metals 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. Andromeda Metals 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.
Andromeda Metals' vision is to be a sustainable minerals exploration company providing shareholders with risk managed discovery, development and mining opportunities.
Andromeda Metals Ltd