Adavale Resources has completed the acquisition of a 72.5% stake in the Parkes Gold and Copper Project, delivering promising early exploration results and securing $722,000 in new funding to support upcoming drilling programs.
- Completed acquisition of 72.5% interest in Parkes Gold and Copper Project, NSW
- Historical estimate of 124koz gold at London-Victoria Gold Mine under review for JORC upgrade
- High-grade rock chip assays at Ashes and Myalls prospects with gold, copper, and silver
- Raised approximately $722,000 in Tranche 2 placement to fund exploration
- Appointed experienced geologist David Ward as Non-Executive Technical Director
Strategic Acquisition Positions Adavale in NSW Lachlan Fold Belt
Adavale Resources Limited (ASX:ADD) marked a transformative quarter with the completion of its acquisition of a 72.5% interest in the Parkes Gold and Copper Project, located in the prolific Lachlan Fold Belt of New South Wales. This project includes the historically significant London-Victoria Gold Mine, which boasts a non-JORC historical estimate of approximately 124,000 ounces of gold at a grade of 1.04 g/t Au.
The Parkes Project’s location adjacent to world-class mines such as Northparkes and Cadia Ridgeway situates Adavale in a highly prospective geological corridor. The company is now focused on validating and upgrading the historical resource estimate to JORC 2012 standards, engaging Derisk Geomining Consultants to undertake this critical review.
Encouraging Early Exploration Results at Ashes and Myalls Prospects
During the quarter, Adavale completed a geochemical survey at the Ashes and Myalls prospects, returning high-grade rock chip assay results that underscore the project’s potential. Highlights include assays of 10.65 g/t gold, 1.98% copper, and 158 g/t silver, alongside other significant multi-element values. These results have laid the groundwork for defining drilling targets, with a maiden drilling program planned for the end of Q2 2025.
The positive assay results, combined with the geological setting, suggest the potential for orogenic, epithermal, and porphyry-style gold-copper mineralisation, which could add substantial value as exploration advances.
Strengthening Technical Leadership and Financial Position
Adavale has bolstered its technical expertise with the appointment of Mr. David Ward as Non-Executive Technical Director. With over 25 years of experience spanning exploration through to mining operations, Ward’s addition is a strategic move to support resource definition and development planning.
Financially, the company successfully completed Tranche 2 of its placement, raising approximately $722,000 at $0.0025 per share. This capital injection will underpin ongoing exploration activities at Parkes and other projects. At quarter-end, Adavale held cash reserves of approximately $608,000, with total available funding including undrawn facilities at $783,000, providing a runway for at least two quarters of operations.
Progress on Uranium and Nickel Fronts
Beyond gold and copper, Adavale is advancing its uranium exploration in South Australia, having completed heritage clearance surveys at MacDonnell Creek. The company awaits drilling permits to commence a 2,000m Aircore program targeting extensions of known uranium mineralisation. Meanwhile, nickel exploration projects in Tanzania remain on hold pending market recovery.
These diversified interests position Adavale to leverage multiple commodity cycles, though near-term focus remains on unlocking value at Parkes.
Outlook and Next Steps
Adavale’s immediate priorities include converting the London-Victoria historical estimate into a JORC-compliant resource and executing the maiden drilling campaign at Ashes and Myalls. The company’s strategic acquisitions, technical appointments, and capital raising efforts collectively signal a company gearing up for significant exploration milestones in 2025.
Investors will be watching closely for drilling results and resource updates that could materially enhance the project’s valuation and development prospects.
Bottom Line?
Adavale’s Parkes acquisition and early exploration success set the stage for a pivotal drilling campaign that could redefine its growth trajectory.
Questions in the middle?
- Will the London-Victoria historical estimate successfully convert to a JORC 2012 Mineral Resource?
- What will the maiden drilling program at Ashes and Myalls reveal about the scale and grade of mineralisation?
- How soon will uranium drilling permits be granted to advance exploration in South Australia?