EL 8921 Annual and Final Report for the period ending 7 March 2009

Abstract

Exploration Licence 8921 'Rover North' was granted on 8 March 1999. The Licence expired after a ten-year term on 7 March 2009. Adelaide Exploration Pty Ltd (formerly Adelaide Exploration Limited), a wholly owned subsidiary of ASX listed Adelaide Resources Limited, acquired the tenement from Newmont Gold Exploration Pty Limited in April 2005. EL 8921 is located to the southwest of Tennant Creek in the Rover Field. Adelaide Resources believes the area of EL 8921 to be prospective for Tennant Creek style gold-copper-bismuth deposits. EL 8921 has been explored in conjunction with adjacent EL 7739. Work completed on EL 8921 since inception in 1999 includes the flying of an airborne magnetic survey by Normandy, and by Adelaide Exploration the completion of a ground magnetic survey of the Rover 3 prospect, analysis of exploration completed by previous explorers, and the flying of a high-resolution helimag surveying over the eastern half of the tenement in late 2008.