unreal, page-23

On the 30/4, Adelaide Resources (ADN) Managing Director, Chris Drown made these comments following the release of the best of the last program results (30/04/13 following a trading halt):

“Our first drilling program at Alford West has delivered superb results. Indeed these are likely to be some of the best exploration results that any company, big or small, will achieve in Australia in 2013.”

The statement made by Chris Drown may be true since the Cascada deposit is located in Mexico.

ADN best drilling results (a fraction of Azure’s):
- 20m at 4.2% copper and 0.27 g/t gold from 32m (Hole 7); and
- 45m at 1.55% copper and 1.81 g/t gold from 15m (Hole 8)

ADN Share Price Close:
Pre trading halt – 4.2 cents
30/4 – 20 cents (an increase of 376% or 4.76 times)
1/5 – 16 cents (an increase of 281% or 3.81 times)
27/6 – 9.3 cents (an increase of 121% or 2.21 times)

Most drilling results were released in the main announcement. The remaining drilling results that followed didn’t impress at all, hence the reduction in share price, but it still is a 2 bagger with much worse results.

Azure’s Cascada results to date (only 4 holes out of 19 so far) already run rings around ADN’s results by multiples. However in my opinion in terms of scale and grade, Cascada will win hands down.
- The best intercept of 129m at 2.9%CuEq contains almost double the mineralisation of the 2 best Adelaide Resources intercepts (3.68m of 100% Copper vs 2.07m of 100% Copper).
- 3 out 4 intercepts are over 70m with an average intercept of 90m at grade of 2.6% CuEq (6.90m of 100% Copper)
- The worst intercept to date still encouraging with 12.7m at 1.95% CuEq
- Large continuous and wide intercepts at a shallow depth confirm scale and grade (from 31m)

AZS Share Price Close:
Pre trading halt – 4.7 cents
26/6 – 5.1 cents (an increase of 9% or 1.09 times)
27/6 – 4.5 cents (a DECREASE of 4% or 0.96 times)

The market is clearly not judging Azure on its results. I can’t wait for the financial year to tick over.