Adelaide Resources secures $290,000 in co-funding through successful PACE Discovery Drilling applications

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The South Australian Government has awarded Adelaide Resources with PACE Discovery Drilling 2016 grants for two Eyre Peninsula projects.

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The first grant is for up to $200,000 to test gold targets located in the vicinity of the Barns gold deposit where Adelaide Resources recently announced a maiden 107,000 ounce Mineral Resource.

According to the company, the co-funding grant will see drilling completed at Baggy Green, Empire, Barns West and Barns South, all of which returned gold intersections in drill holes completed more than ten years ago.

“Targets to be tested at Baggy Green and Empire include anomalies defined by biogeochemistry and Field Portable X-Ray Fluorescence (FPXRF) soil geochemistry, serving to advance the Company’s R&D programme which is investigating the use of biogeochemistry and FPXRF as new exploration methods in the district,” Adelaide Resources told the ASX on Tuesday.

The second grant of up to $90,000 is for the Thurgla Joint Venture with Investigator Resources which is exploring an Eyre Peninsula tenement for silver, gold and other minerals. According to Adelaide Resources, this grant will see the JV drill six recently defined geochemical and geophysical targets.

“The successful grants represent significant and material financial support that will effectively leverage the value of funds raised recently in a modest equity placement,” reads the company’s statement.