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Adelaide Resources Ltd.
Summary
| Project: | Eyre Peninsula | |
|---|---|---|
| Deposit: | Barns | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 6/10/2016 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 10-6-2016: Adelaide Resources Ltd. announces a Scoping Study report for its Barns deposit at the Eyre Peninsula project. Amended Scoping Study on the Barns gold deposit. Following consultation with ASX, Adelaide Resources Limited wishes to retract its ASX | |
| Resources: | Exploration target: 2.5 - 3.5Mt @ 1.3 - 2.0g/t Au at Barns, White Tank, Baggy Green prospects | |
| CP/QP: | [Overall Report]: Chris Drown (Drown Geological Services Pty Ltd.) | |
| ABSTRACT: | Following consultation with ASX, Adelaide Resources Limited wishes to retract its ASX announcement dated 16 May 2016 titled “Barns scoping study indicates economic potential”. As a consequence of the retraction, the Company advises that investors should not be influenced by the 16 May 2016 announcement. A replacement announcement is attached. ASX has raised concerns about the 16 May 2016 announcement’s “compliance with Clause 17 of the JORC Code given the potential for the exploration target to be misconstrued as a mineral resource estimate where used as the basis for a scoping study.” It was never the company’s intention to misrepresent an Exploration Target as a Mineral Resource. Adelaide Resources consulted with the ASX regarding the 16 May 2016 announcement prior to its public release. Work to estimate a JORC Compliant maiden Mineral Resource for the Barns gold deposit, upon which basis the results of scoping studies could be publicly disclosed, is ongoing as previously advised. | |
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