Location: Approximately 75 kms south west of Tennant Creek, Northern Territory
Geological Province: Proterozoic Warramunga Group overlain by Cambrian Wiso Basin cover
Ground Holding: 2 tenements comprising 287 sq kms
Commodity: Gold, Copper
Ownership Status: 100% owned by Adelaide Resources
- Rover Field geologically identical to the Tennant Creek district where over 5.5 million ozs of gold and 480,000 tonnes of copper have been mined
- A total of 9 magnetite-bearing ironstone bodies have been identified at Rover, most of which are contained on ADN’s tenement holding
- Historical grades from these type of deposits are generally exceptionally high
- Rover 1 (owned by Metals X) located immediately south of ADN’s tenement boundary has established a resource of 1.22 million gold equivalent ozs and MLX is completing feasibility studies in preparation for development in 2016/17
- Rover 1 deposit continues over the tenement boundary into ADN’s tenement, resulting in opportunities for the Company.
- Significant copper and gold mineralisation has been discovered at ADN’s Rover 4 prospect
- Mineralisation at both Rover 1 and Rover 4 remains open in various directions presenting future exploration possibilities
Adelaide Resources holds 100% equity in two tenements which secure 287 sq kms of ground in the Rover Field located southwest of Tennant Creek in the Northern Territory.
Rover Project location plan.
Franco-Nevada retains a royalty or alternatively, a buy back right over the project. The buy back right is a once only right to acquire a 70% interest in the project should a resource of at least 2 million ounces of gold be established on the project. The buy back right cannot be triggered by definition of a copper resource.
Geological Setting – The Tennant Creek District
Gold was first mined at Tennant Creek in the 1930s with the field producing over 5.5 million ounces of gold and nearly 500,000 tonnes of copper since that time. Mineral deposits in the Rover Field are geologically identical to the Tennant Creek deposits.
At both Rover and Tennant Creek, copper-gold mineralisation is hosted in magnetite-hematite ironstones and their associated alteration haloes. Deposit grades are often exceptionally high. The White Devil deposit produced about 750,000 ounces of gold from 1.6 million tonnes of ore averaging 14.6g/t gold, while the Juno deposit produced 815,000 ounces of gold from just 450,000 tonnes of ore grading 56.1g/t gold.
Anatomy of a Tennant Creek deposit – Juno section.
The prospective rocks of the Rover Field are buried beneath 100-200 metres of barren cover sediments of the Wiso Basin, however the magnetite-bearing ironstone bodies that host mineralisation source magnetic anomalies that can be detected using airborne or ground magnetic surveys. All ironstone systems located to date at Rover, and many of the deposits at Tennant Creek, owe their discovery to the drill testing of magnetic anomalies.
Project History and Current Status
Exploration of the Rover Field was initiated by Peko Mines Ltd in 1971 after recognizing the similarity of the Rover magnetic anomalies to those of the Tennant Creek Field. The most prominent magnetic anomaly, at Rover 1, was Peko’s main focus and was targeted by numerous diamond drill holes. This work returned several high grade gold and copper intersections including 15 metres at 17.3g/t gold and 0.7% copper and 20 metres at 5.2g/t gold and 1.7% copper.
Peko (and its joint venturer Shell Company of Australia) went on to discover nine ironstone systems at Rover, with drilling at all but Rover 1 limited to only a handful of holes. The initial exploration phase at Rover ended in 1982 and the project entered a 23 year period of inactivity until the mid 2000s.
Rover 1 is located immediately south of the Company’s tenement boundary, and in recent years neighbouring explorers have established a resource of 1.22 million ounces (gold equivalent) at the deposit. Its current owner, Metals X Limited, is completing feasibility studies in preparation for first production it anticipates occurring in the 2016/17 financial year.
Adelaide Resources acquired 100% equity in the two Rover Field tenements from Newmont Australia Limited in 2005, with the licences capturing six of the nine known Rover Field ironstone systems.
Adelaide Resources has completed programs of ground magnetics and gravity, airborne magnetics, and diamond drilling at a number of targets. This work discovered the Rover 4 deposit and an extension of the Rover 1 deposit where it crosses the tenement boundary into the Company’s ground.
The Rover 4 prospect is located in the southeast of the project tenements about 2.2 kilometres northeast of Rover 1. Drilling by the Company intersected significant copper and gold in two main areas at Rover 4, with significant intersections including 21 metres at 2.33% copper and 0.94g/t gold from 379 metres in R4ARD28, and 22 metres at 1.87% copper and 1.30g/t gold from 212 metres in R4ARD40.
Rover 4 Prospect summary plan.
Rover 4 includes the shallowest known mineralisation in the Rover Field, with mineralisation in the eastern part of the deposit commencing at about 150 metres below surface. The mineralisation remains open in various directions.
The majority of the Rover 1 deposit falls in tenements now owned by Metals X Limited, however the Company owns part of the deposit where drilling has confirmed mineralisation crosses over the tenement boundary into Adelaide Resources’ ground.
Rover 1 Prospect summary plan.
Rover 1 Prospect section.
Drilling returned a number of outstanding intersections in Adelaide Resources’ tenement including 55 metres at 3.36% copper and 0.16g/t gold from 357 metres, and 34 metres at 2.05% copper and 2.14g/t gold from 450 metres in R1ARD30, and 26 metres at 3.87% copper and 0.22g/t gold from 445 metres in R1ARD35.
Both Rover 4 and Adelaide Resources’ part of the Rover 1 are considered too small to warrant development in their own right, however may have value as a secondary ore source for a mill processing Rover Field ores.
Mineralisation at both Rover 4 and Rover 1 remains open in various directions presenting future exploration opportunities, while a number of other promising earlier stage prospects are present on the Rover Project, including the Rover 12 prospect which has delivered a number of narrow high grade copper and gold drill intersections.