Annual report for EL 7739 Rover, 5 June 2005 to 4 June 2006

Abstract

Exploration Licence 7739 'Rover' was granted on 5 June 2000 and reached the end of its six year term on 4 June 2006. A successful application for a two year extension of term was lodged with DPIFM earlier in 2006. The tenement is currently held by Adelaide Exploration Limited, a wholly owned subsidiary of Adelaide Resources Limited, a company listed on the Australian Stock Exchange. EL 7739 is located to the southwest of Tennant Creek in the Rover Field. The area is considered to be highly prospective for Tennant Creek style gold-copper-bismuth deposits. EL 7739 is explored in conjunction with adjacent EL 8921. Work completed on EL 7739 in its sixth year of title included: ground magneticsurveying of eight magnetic anomalies evident in existing airborne magnetic surveys, reading of magnetic susceptibility on diamond drill core recovered during historic drill testing of targets on the area now held by EL 7739, drilling of three precollared diamond drill holes at the Rover 12 target located in the western part of the tenement. Completion of these programs first required an Aboriginal site clearance survey and the re-clearing of very overgrown historic access tracks. Office studies included evaluation and digital compilation of previous exploration completed on the tenement area, geophysical modeling of ground magnetic data collected during the year, and economic modeling of hypothetical Tennant Creek style mineral deposits discovered in a Rover setting.