Adelaide Resources' has been successful in receiving the benefit of two PACE Discovery Drilling 2016 grants totalling up to $290,000 from the South Australian Government.
The first grant is for up to $200,000 to test gold targets located in the vicinity of the Barns gold deposit where the Company recently announced a maiden 107.000 ounce Mineral Resource. The co-funding grant will see drilling completed at Baggy Green, Empire, Barns West and Barns South, four prospects which returned gold intersections in drill holes completed more than ten years ago.
The Thurlga Joint Venture with Investigator Resources Limited is exploring the Eyre Peninsula tenement for silver, gold and other minerals. A second grant of up to $90,000 will see the Joint Venture 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 raisied recently in a modest equity placement.
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Successful PACE applications secure $290,000 in co-funding
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