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Adelaide Resources Ltd.
Summary
| Project: | Eyre Peninsula | |
|---|---|---|
| Deposit: | Barns | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/19/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 19-7-2016: Adelaide Resources Ltd. announces a Resource Estimation report for its Barns deposit at the Eyre Peninsula project. Initial mineral resource estimate for Eyre Peninsula project (Barns deposit). A maiden Mineral Resource estimate for the 100% ow | |
| Resources: | (Resource, I+I): 2.11Mt @ 1.6g/t Au for 107000oz Au contained at Barns | |
| CP/QP: | [Resources]: Richard Buerger (Mining Plus Consulting Pty Ltd.) | |
| ABSTRACT: | A maiden Mineral Resource estimate for the 100% owned Barns deposit located on the Eyre Peninsula in South Australia declared. The Barns gold deposit is located 23 km north of the town of Wudinna on South Australia’s Eyre Peninsula (Figure 1). The deposit is 100% owned by a subsidiary of Adelaide Resources, with Newcrest Mining Limited retaining a 1.5% NSR royalty. Using a 0.5g/t gold cut-off grade, the maiden Mineral Resource estimate for the Barns deposit is estimated to be 2.11 million tonnes at 1.6g/t gold for 107,000 ounces of gold (Table 1). Part of the supergene lodes is drilled at a sufficient density to allow classification as Indicated Resources, while the primary lodes and remainder of the supergene is classified in the Inferred category. The Mineral Resource estimate was jointly completed by independent consultant Mining Plus Pty Ltd and Adelaide Resources. Mining Plus assumes responsibility for the block modelling, geostatistical analysis, grade interpolation and estimation classification. Adelaide Resources assumes responsibility for the sampling techniques, integrity of the drill hole data and interpretation of the 3-D mineralisation model. The drill hole database for Barns comprises 327 drill holes. | |
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