EL 7739 Rover Annual report for the period ending 4 June 2007

Abstract

EL 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 and the tenement will now expire on 4 June 2008. The tenement is held by Adelaide Exploration Limited, a wholly owned subsidiary of Adelaide Resources Limited, a company listed on the Australian Securities 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 seventh year of title included: - drilling of five precollared diamond drill holes (totaling 2407.3 metres) at the Rover 12, Rover 4 and Rover 14 prospects; Four of the holes successfully intersected lode rocks of typical Tennant Creek Style, while the fifth (RV4ARD6) encountered intense hydrothermal alteration. - cutting and assaying of sections of historical core (totaling 37.6 metres) that had not previously been assayed. - attempted down hole magnetic surveying of the five 2006 drilled and three 2005 drilled diamond holes. - Rehabilitation of all collar sites and mud sumps for the eight diamond holes drilled in 2006 and 2007. Completion of these programs was conducted under the authority of an Aboriginal site clearance survey completed in 2005.