Adavale Boosts Parkes Project to 440km² with 5.5 Million Shares to Alkane

Strategic Expansion of Parkes Tenure

Adavale Resources Limited (ASX, ADD) has announced a significant step forward in its exploration ambitions with the acquisition of two key exploration licences from Alkane Resources Limited (ASX, ALK). This move expands Adavale’s Parkes Gold-Copper Project tenure from 380 square kilometres to 440 square kilometres, consolidating a continuous strike length of approximately 56 kilometres along the highly prospective Parkes Thrust gold corridor in New South Wales.

The acquisition includes the southern 14 units of EL5675, adjacent to the Ashes Prospect, and EL9178, located immediately south of the London-Victoria Gold Mine title. Both areas are strategically important, offering Adavale the opportunity to systematically explore extensions of known mineralisation and to test new targets along a proven structural trend.

Partnership and Funding Boost

As part of the deal, Alkane Resources will receive 5.5 million fully paid ordinary shares in Adavale at a deemed price of $0.05 per share, making Alkane a significant shareholder in the company. This share-based consideration reflects Alkane’s confidence in the quality and upside potential of the expanded tenure.

Adavale’s Executive Chairman and CEO, Allan Ritchie, highlighted the strategic value of Alkane’s ongoing involvement, stating that the partnership is a strong endorsement of Adavale’s exploration strategy. Coupled with a recent $5.15 million capital raise, Adavale is now well-positioned financially to accelerate its exploration programs across the enlarged Parkes project area.

Exploration Plans and Next Steps

The company is already advancing an expanded Phase 3 drilling program at the London-Victoria Gold Mine, targeting resource growth with an initial 6,000 metres of drilling underway. Complementary geochemical logging and structural studies are refining the geological model to guide further drilling efforts.

Adavale also plans to revisit and extend its induced polarisation (IP) geophysical surveys at the Ashes Prospect, now unhindered by previous tenement boundaries. The acquisition enables a comprehensive review of geochemical and geophysical datasets across the consolidated tenure, aiming to prioritise targets and sequence exploration activities efficiently.

Additional geophysical work, including airborne and ground magnetic surveys, is scheduled for March 2026 to further delineate prospective zones along the Parkes Thrust corridor.

Broader Implications for Adavale

This acquisition not only strengthens Adavale’s regional footprint but also enhances its strategic position in a world-class mineral province. The Lachlan Fold Belt is renowned for hosting major gold and copper deposits, and Adavale’s expanded tenure now covers key extensions that could unlock new discoveries or resource expansions.

With Alkane’s backing and a solid funding base, Adavale is poised to deliver on its near-term production opportunity at London-Victoria while exploring the broader potential of the Parkes project.