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KEITH YATES – Adelaide Resources Limited. Adelaide Resources Limited. Directors. Keith Yates (Executive Chairman). The Company. Listed in 1996 ASX Code: ADN 57.3 million shares issued Unlisted options - 2.43 million Cash - $2.3 million 1100 shareholders - PowerPoint PPT Presentation
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KEITH YATES – Adelaide Resources LimitedKEITH YATES – Adelaide Resources Limited
Adelaide Resources LimitedAdelaide Resources Limited
The Company . . .The Company . . .
• Listed in 1996
• ASX Code: ADN
• 57.3 million shares issued
• Unlisted options - 2.43 million
• Cash - $2.3 million
• 1100 shareholders
• 12 month trading - 10 to 26 cents
• Market capitalisation - $12 million (21 cents)
• Listed in 1996
• ASX Code: ADN
• 57.3 million shares issued
• Unlisted options - 2.43 million
• Cash - $2.3 million
• 1100 shareholders
• 12 month trading - 10 to 26 cents
• Market capitalisation - $12 million (21 cents)
JohnHoranJohnHoran
Kevin WillsKevin Wills
Keith Yates(Executive Chairman)Keith Yates(Executive Chairman)
Directors . . .Directors . . .
ProminentHill
ProminentHill
Olympic DamOlympic Dam
MoontaMoonta
Olympic Copper-Gold ProvinceOlympic Copper-Gold Province
SOUTHAUSTRALIA
SOUTHAUSTRALIA
South AustraliaGAWLERCRATON
300 KM300 KM
Adelaide
Adelaide Resources LimitedAdelaide Resources Limited
Proterozoic Gold Arc
ChallengerChallenger
TarcoolaTarcoola
TunkilliaTunkillia
BarnsBarns
SOUTHAUSTRALIAN
PROJECTS
SOUTHAUSTRALIAN
PROJECTS
South AustraliaGAWLERCRATON
300 KM300 KM
ProminentHill
Olympic Dam
Adelaide
Proterozoic Gold Arc
Olympic Copper-Gold ProvinceOlympic Copper-Gold Province
BARTON(Nickel)
BARTON(Nickel)
THE TWINS (Copper-Gold)THE TWINS (Copper-Gold)
MOONTA - WALLAROO(Copper-Gold)
MOONTA - WALLAROO(Copper-Gold)
EYRE PENINSULA(Gold)
EYRE PENINSULA(Gold)
ANABAMA(Copper)
ANABAMA(Copper)
WARRAMBOO (Iron)WARRAMBOO (Iron)
Adelaide Resources LimitedAdelaide Resources Limited
Adelaide Resources LimitedAdelaide Resources Limited
• To demonstrate that a very poorly explored region with no mining history in an unfashionable province was prospective for gold
• To convince investors of the Gawler Craton’s gold potential and of the project’s merit
• To develop cost effective reconnaissance techniques to explore very large areas typically masked by extensive shallow cover and geochemically depleted regolith
• To demonstrate that a very poorly explored region with no mining history in an unfashionable province was prospective for gold
• To convince investors of the Gawler Craton’s gold potential and of the project’s merit
• To develop cost effective reconnaissance techniques to explore very large areas typically masked by extensive shallow cover and geochemically depleted regolith
EYRE PENINSULA PROJECTEYRE PENINSULA PROJECT
THE CHALLENGE IN 1996THE CHALLENGE IN 1996
CENTRAL GAWLER CRATONProterozoic Gold ArcCENTRAL GAWLER CRATONProterozoic Gold Arc
Australia’s new goldfrontier
Australia’s new goldfrontier
Stuart Shelf
Gawler RangeVolcanics
Hiltaba SuiteGranites
TarcoolaTarcoola
TunkilliaTunkillia
Nuckulla Hill Nuckulla Hill
BarnsBarnsWeednannaWeednanna
Proterozoicgoldmineralisation
Adelaide Resources LimitedAdelaide Resources Limited
THE GOLD ARCTHE GOLD ARC
• Emerging regional gold province ~500km long
• Very little outcrop - sand cover and deep weathering
• Recognition of significance required calcrete geochemistry commencing 1995
• Calcrete is highly effective and cost efficient
• Large mineralising systems evident in geology
• Emerging regional gold province ~500km long
• Very little outcrop - sand cover and deep weathering
• Recognition of significance required calcrete geochemistry commencing 1995
• Calcrete is highly effective and cost efficient
• Large mineralising systems evident in geology
Adelaide Resources LimitedAdelaide Resources Limited
Adelaide Resources LimitedAdelaide Resources Limited
PROTEROZOIC GOLD ARCPROTEROZOIC GOLD ARC
• << 1% outcrop
• Lack of drainage
• Geochemical depletion in upper regolith
• << 1% outcrop
• Lack of drainage
• Geochemical depletion in upper regolith
Q1: Why wasn’t it identified by early prospectors?
A1: The early prospectors missed it because:
Q1: Why wasn’t it identified by early prospectors?
A1: The early prospectors missed it because:
Adelaide Resources LimitedAdelaide Resources Limited
PROTEROZOIC GOLD ARCPROTEROZOIC GOLD ARC
• Lack of effective reconnaissance gold exploration technique until calcrete geochemistry (1993)
• Excepting Tarcoola-Glenloth, 20th century gold exploration didn’t commence until 1995
• Many gold finds are very recent: - Tunkillia 1996, Nuckulla Hill 1996, Weednanna 1999, Barns 2000
• Gold exploration effort only 7 years old with negative market sentiment prevailing for half that time
• Lack of effective reconnaissance gold exploration technique until calcrete geochemistry (1993)
• Excepting Tarcoola-Glenloth, 20th century gold exploration didn’t commence until 1995
• Many gold finds are very recent: - Tunkillia 1996, Nuckulla Hill 1996, Weednanna 1999, Barns 2000
• Gold exploration effort only 7 years old with negative market sentiment prevailing for half that time
Q1: Why wasn’t it identified earlier by modern explorers?
A1: Modern explorers missed it because:
Q1: Why wasn’t it identified earlier by modern explorers?
A1: Modern explorers missed it because:
Calcrete sampling using hand auger
Nodular calcrete
Calcrete bearing soil profile
Calcrete horizon
CALCRETECALCRETE
19.0
14.012.0
12.0
11.0
7.8
7.2 6.7
5.6 5.15.1
4.6
4.0
4.03.8
3.4
3.3
3.2
3.0
2.9
2.9
2.8
2.7
2.4 2.4
2.4
2.3
2.3
2.2 2.2
2.2
2.1
2.1 2.1
2.1
2.0
1.91.8
1.8
1.7
1.6
1.6
1.6
1.6
1.6
1.5
1.5
1.4
1.4
1.4
1.4
1.4
1.3 1.3
1.3
1.3
1.2
1.2
1.2 1.2
1.2
1.1
1.1
1.1
1.1
1.0
1.0
1.0
1.0
1.0
1.0
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.8
0.8 0.8
0.8
0.8
0.7
0.7
0.3
0.3 0.2
0.1
10.0
200 Metres
2.4 Calcrete sample location andgold value in parts/billion 2.5 ppb gold 5 ppb gold 10 ppb gold
TYPICAL CALCRETE ANOMALYTYPICAL CALCRETE ANOMALY
Kyancutta
BarnsMinnipa
Yaninee
Wudinna
Kimba
Darke Peak
Lock
32º30'
33º30'
33º
136º 136º30’135º 135º30'
EL 2869
Eyre
Highway
EL 2752
EL3076
EL 2806
EL2669
EL 2844
Warramboo Iron Project(Excluded from Newmont Joint Venture)
30 Kilometres
EL 2846
EL2845
Eyre Peninsula Tenements
EL 3119
GOLD IN CALCRETEGOLD IN CALCRETE
THE NEWMONT - ADELAIDE DEALTHE NEWMONT - ADELAIDE DEAL
• 4.65% shareholding in Adelaide Resources
• $5 million over 5 years max. for 51%
• $1 million minimum per year
• Adelaide initial operator
• Adelaide may contribute at 49% or dilute to 30% free carried
• If required Newmont to assist with mine financing
• Sole risk arrangements
• 4.65% shareholding in Adelaide Resources
• $5 million over 5 years max. for 51%
• $1 million minimum per year
• Adelaide initial operator
• Adelaide may contribute at 49% or dilute to 30% free carried
• If required Newmont to assist with mine financing
• Sole risk arrangements
EYRE PENINSULA JOINT VENTUREEYRE PENINSULA JOINT VENTURE
EYRE PENINSULA TENEMENTS
EYRE PENINSULA TENEMENTS
WarrambooIron ProjectWarrambooIron Project
Barns Gold ProjectBarns Gold Project
Lock
EyreEyre
HighwayHighway
WudinnaWudinna
Kimba
30 KM30 KM
Newmont JV(6,701 sq km)
Newmont JV(6,701 sq km)
EYRE PENINSULA JOINT VENTUREwith Newmont Australia
EYRE PENINSULA JOINT VENTUREwith Newmont Australia
Update . . . Update . . .
• JV expenditure to end 2003 of $0.77 million
• District wide gold exploration effort implemented
• 391 RAB/Aircore holes (20,150m) completed at nine gold prospects
• 1440 surface calcrete samples collected on nine tenements
• Very promising gold targets emerging
• JV expenditure to end 2003 of $0.77 million
• District wide gold exploration effort implemented
• 391 RAB/Aircore holes (20,150m) completed at nine gold prospects
• 1440 surface calcrete samples collected on nine tenements
• Very promising gold targets emerging
2004 RC Drilling
2004 RC Drilling
10 KM
EYRE PENINSULA JV - A new gold districtEYRE PENINSULA JV - A new gold district
WUD6WUD6
KO3KO3
WUD2CentralWUD2Central
65 x 20km65 x 20km
Barns Gold ProjectBarns Gold Project
AdvancedAdvanced
DefinedDefined
AnomalyAnomaly
WudinnaWudinna
6 3 6 50 0 0 m N
6 3 6 60 0 0 m N
6 3 6 40 0 0 m N
6 3 6 70 0 0 m N
6 3 6 80 0 0 m N
5 4 0 00 0 m E 5 4 1 00 0 m E 5 4 2 00 0 m E 5 4 3 00 0 m E
1 00 0 m etre s
2.5ppb gold incalcrete contour
Drill traverse
Bedrock anomalyzone
Western ZonesEastern Zone
Southern Zone
NorthernZone
White TankZone
5ppb gold incalcrete contour
Barns Gold Project
500 metres
Section 6365900mN
BARNS GOLD PROJECT
BARNS GOLD PROJECT
Mineralised zoneMineralised zone
16m @ 1.0 g/t16m @ 1.0 g/t
11m @ 2.84 g/t11m @ 2.84 g/t
36m @ 1.80 g/t36m @ 1.80 g/t11m @ 2.45 g/t11m @ 2.45 g/t
9m @ 1.17 g/t9m @ 1.17 g/t
2m @ 67.6 g/t2m @ 67.6 g/t
PrimaryPrimary
OxideOxide
DepletedDepleted
100 M100 M
BARNS GOLD PROJECTEastern Zone Section - 6365900mN
BARNS GOLD PROJECTEastern Zone Section - 6365900mN
146.7 @ 0.87 g/t146.7 @ 0.87 g/t88.6 @ 1.25 g/t88.6 @ 1.25 g/t
2003 RAB Drilling
2003 RAB Drilling
10 KM
EYRE PENINSULA JV - A new gold districtEYRE PENINSULA JV - A new gold district
WUD6WUD6
KO3KO3
WUD2CentralWUD2Central
65 x 20km65 x 20km
Barns Gold ProjectBarns Gold Project
AdvancedAdvanced
DefinedDefined
AnomalyAnomaly
WudinnaWudinna
25ppb gold in bedrock25ppb gold in bedrock
100ppb gold in bedrock100ppb gold in bedrock
EYRE PENINSULA JOINT VENTURE
WUD6 - RAB Drilling
EYRE PENINSULA JOINT VENTURE
WUD6 - RAB Drilling
> 2.5ppb calcrete anomaly> 2.5ppb calcrete anomaly
500 M500 M
1/2.691/2.69
1/1.441/1.44
6/0.896/0.89
15/1.0415/1.04
RAB drillingRAB drilling
2.6km2.6km
217 RAB Holes9,058 metres> $300,000 spent
217 RAB Holes9,058 metres> $300,000 spent
SectionSection
Planned RC DrillholePlanned RC Drillhole
EYRE PENINSULA JOINT VENTUREWUD6 - 6362900mN
Red Rag Zone
EYRE PENINSULA JOINT VENTUREWUD6 - 6362900mN
Red Rag Zone
SaproliteSaprolite
BedrockBedrock
22/0.3822/0.382/1.782/1.78
50 to 100ppb Au50 to 100ppb Au
100 to 500ppb Au100 to 500ppb Au
>500ppb Au>500ppb Au
00
-50-50
-100-100
EYRE PENINSULA JOINT VENTURE2004 Budget - $1.3 million
EYRE PENINSULA JOINT VENTURE2004 Budget - $1.3 million
RAB Drilling $245KRAB Drilling $245K
RC Drilling$795K
RC Drilling$795K
Calcrete sampling $45KCalcrete sampling $45K
Tenement maintenance $60KTenement maintenance $60K
~80% on drilling related activities~80% on drilling related activities
Administration $155KAdministration $155K
SOUTHAUSTRALIAN
PROJECTS
SOUTHAUSTRALIAN
PROJECTS
South AustraliaGAWLERCRATON
300 KM300 KM
ProminentHill
Olympic Dam
Adelaide
Proterozoic Gold Arc
Olympic Copper-Gold ProvinceOlympic Copper-Gold Province
BARTON(Nickel)
BARTON(Nickel)
THE TWINS (Copper-Gold)THE TWINS (Copper-Gold)
MOONTA - WALLAROO(Copper-Gold)
MOONTA - WALLAROO(Copper-Gold)
EYRE PENINSULA(Gold)
EYRE PENINSULA(Gold)
ANABAMA(Copper)
ANABAMA(Copper)
WARRAMBOO (Iron)WARRAMBOO (Iron)
Adelaide Resources LimitedAdelaide Resources Limited
BARTONBARTON
WESTERN GAWLER CRATONWESTERN GAWLER CRATON
BARTONNICKEL
EXPLORATIONCONCEPT
BARTONNICKEL
EXPLORATIONCONCEPT
Barton SidingImmarna Trans Australia Railway
Eyre Highway20 KM20 KM
Target intrusiveTarget intrusive
Airborne EMTraverse
Airborne EMTraverse
Proposed airborneEM survey areas
Hoistem systemHoistem system
BARTON NICKEL PROJECTAirborne Electromagnetics
BARTON NICKEL PROJECTAirborne Electromagnetics
BARTON NICKEL PROJECTBARTON NICKEL PROJECT
• Vastly underexplored area
• Conceptually attractive geological setting
• Target is massive nickel sulphides of Voisey’s Bay style
• Airborne EM provides the exploration tool
• Negotiations with potential JV party at advanced stage
• Vastly underexplored area
• Conceptually attractive geological setting
• Target is massive nickel sulphides of Voisey’s Bay style
• Airborne EM provides the exploration tool
• Negotiations with potential JV party at advanced stage
ANNUAL DRILLING ACTIVITYANNUAL DRILLING ACTIVITY
Adelaide Resources LimitedAdelaide Resources Limited
RC / Diamond RAB / Aircore
0
10000
20000
30000
40000
50000
1998 1999 2000 2001 2002 2003
Metres
2004
ForecastForecast
0
2.5
3.0
1998 1999 2000 2001 2002 2003 2004
$ (million)
ANNUAL EXPLORATION EXPENDITUREANNUAL EXPLORATION EXPENDITURE
Adelaide Resources LimitedAdelaide Resources Limited
Joint VentureJoint Venture
2.0
1.5
1.0
0.5
Adelaide Resources LimitedAdelaide Resources Limited
High levels of drilling in Australia’s newest gold frontier
Exciting new gold prospects
Active drilling program on new targets inpedigreed copper-gold district
~$2M funding by joint venturers in 2004 with additional ADN expenditure
New deals and projects in pipeline
Providing shareholders with discovery opportunities!
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