Adavale Resources Unveils Maiden JORC Resource and High-Grade Targets at Parkes Project
Adavale Resources (ASX:ADD) advances its Parkes Project in NSW’s Lachlan Fold Belt with a maiden JORC resource at London-Victoria and promising copper-gold targets at Ashes and Myalls. The company is gearing up for a maiden drilling campaign in Q2 2025.
- Maiden JORC (2012) resource of 3.14Mt at 1.06g/t Au for 107,000oz gold at London-Victoria
- High-grade copper-gold rock chip assays at Ashes and Myalls prospects
- Parkes Project acquired via all-scrip deal for $900k in a Tier-1 Lachlan Fold Belt jurisdiction
- Maiden drilling program planned for Q2 2025 with nine RC/DD holes
- Strong regional exploration potential supported by recent geochemical surveys and historic data
Strategic Acquisition in a Tier-1 Mining Jurisdiction
Adavale Resources Ltd (ASX:ADD) has taken a significant step forward with its acquisition of the Parkes Project in New South Wales’ Lachlan Fold Belt, a region renowned for its prolific gold and copper endowment. The all-scrip deal valued at $900,000 secures a substantial landholding of 354.15 km² across four historic exploration licences, including the London-Victoria Mine area, located just 20km south of the Northparkes copper-gold mine.
Maiden JORC Resource Confirms Gold Potential
Promising Copper-Gold Targets at Ashes and Myalls
Beyond London-Victoria, Adavale has identified high-priority copper-gold targets at the Ashes and Myalls prospects within the Front Gate Licence (EL8831), approximately 12km east of Northparkes. Recent rock chip sampling and systematic geochemical surveys have returned impressive assays, including gold grades up to 10.65 g/t, copper up to 2.2%, and significant silver values. These results validate historic findings and highlight the potential for orogenic and porphyry-style mineralisation in the area.
Advancing Exploration with Maiden Drilling Planned
Adavale is advancing rapidly towards its maiden drilling campaign, scheduled for the second quarter of 2025. The program will comprise nine reverse circulation and diamond drill holes designed to test the defined mineralisation at London-Victoria and the high-grade targets at Ashes and Myalls. The company has secured all necessary land access and permits, positioning it well to deliver meaningful exploration results in the near term.
Context of a Dynamic Regional Mining Landscape
The Lachlan Fold Belt is a globally significant mineral province, having produced over 80 million ounces of gold and 13 million tonnes of copper historically. It hosts major operations such as Northparkes, Cadia, and Newcrest’s flagship mines. The region has attracted over $16 billion in mergers and acquisitions among majors and substantial investment in junior explorers. Adavale’s Parkes Project sits strategically within this corridor, benefiting from proximity to infrastructure and a proven mineralised system.
Experienced Leadership and Capital Structure
Adavale’s management team brings extensive experience in exploration and mining, with key appointments including David Ward as a non-executive director and Allan Ritchie as chairman and CEO. The company’s capital structure features over 2 billion shares on issue, with a market capitalisation around $4.6 million as of early May 2025. This positions Adavale to fund its upcoming exploration activities while maintaining shareholder alignment.
Bottom Line?
With a maiden resource in hand and high-grade targets ready for drilling, Adavale is poised to unlock value in one of Australia’s most coveted mining belts.
Questions in the middle?
- Will the upcoming drilling confirm extensions to the London-Victoria resource and validate copper-gold targets at Ashes and Myalls?
- How might ongoing regional M&A activity among majors impact Adavale’s strategic positioning and potential partnerships?
- What are the timelines and capital requirements for advancing the Parkes Project beyond exploration into development?
