Adavale Uncovers Shallow High-Grade Gold at London Victoria, Eyes Resource Expansion

Initial Drilling Success at London Victoria

Adavale Resources Limited (ASX – ADD) has delivered encouraging results from its maiden reverse circulation drilling campaign at the London Victoria Gold Mine in New South Wales. The program, the first since 1997, returned multiple significant gold intercepts, including 10 metres at 1.95 grams per tonne gold from 149 metres depth and a standout 3 metres at 6.64 grams per tonne from just 10 metres below surface. These findings confirm the presence of shallow, high-grade mineralisation immediately beneath the existing pit floor.

The current JORC Mineral Resource for London Victoria stands at 3.14 million tonnes grading 1.06 g/t gold, equating to approximately 107,000 ounces. The new drilling results extend mineralisation beyond this footprint, both along strike over 1.4 kilometres and down dip, suggesting substantial upside potential for resource expansion.

Strategic Use of Geophysical Data

One of the key insights from the drilling program is the observed relationship between magnetic susceptibility and gold mineralisation. The gold-bearing volcanics exhibit a magnetic low response, likely due to alteration processes affecting magnetite. This correlation enables Adavale to use magnetic surveys as an effective proxy for targeting mineralisation zones, improving the efficiency of future drill campaigns.

In response, the company is planning detailed airborne and/or ground magnetic surveys to refine the definition of magnetic lows associated with gold mineralisation. This geophysical approach, combined with structural geology mapping by specialist consultants, is expected to sharpen drill targeting and accelerate resource growth.

Next Steps and Broader Exploration Ambitions

With assay results pending for three additional holes, Adavale is already advancing phase two drilling, designed to test extensions beneath the existing pits and along strike. The company’s Executive Chairman and CEO, Allan Ritchie, emphasised that these results validate their strategy of leveraging brownfield assets like London Victoria alongside greenfield exploration within the broader Parkes Project portfolio.

Beyond London Victoria, Adavale continues to explore multiple targets across its Parkes Project, including geochemical surveys and reconnaissance at prospects such as Parkvale South, No Mistake, The Dish, and Front Gate. These efforts underscore the company’s commitment to building a diversified pipeline of gold and copper opportunities in the Lachlan Fold Belt, a region renowned for world-class deposits.

Context Within a Tier-1 Mining Jurisdiction

The Parkes Project, encompassing over 370 square kilometres of tenements, sits within the Macquarie Arc of the Lachlan Fold Belt, a Tier-1 mining jurisdiction in central New South Wales. This geological setting hosts major operations such as Cadia Ridgeway and Northparkes, underscoring the prospectivity of Adavale’s landholdings. The London Victoria Gold Mine itself has a rich mining history dating back to the late 19th century, with previous production of 145,000 ounces at 1.5 g/t gold between 1988 and 1996.

Adavale’s recent drilling success at London Victoria, coupled with its strategic use of geophysical data and ongoing exploration across the Parkes Project, positions the company well to unlock further value and potentially advance towards production in the medium term.