Adavale Resources Grows Gold Resource 44% to 166koz and Advances London-Victoria Drillout

Gold Resource Surges with Calarie Acquisition

Adavale Resources (ASX:ADD) has significantly bolstered its gold inventory, announcing a 44% increase in its JORC-compliant Mineral Resource to 166,000 ounces following the acquisition of the Calarie Gold Mining Licence (ML739) and three adjoining exploration licences. This strategic move expands Adavale’s footprint along the Parkes Thrust corridor in New South Wales, now spanning roughly 610 square kilometres and 70 kilometres of contiguous strike.

Strong Drill Results Extend London-Victoria Mineralisation

The June quarter saw vigorous drilling at the London-Victoria Gold Mine with two rigs systematically targeting 88 holes for approximately 18,000 metres at 25-metre spacing. Assay results from 19 holes received during the quarter delivered encouraging intercepts that confirm and extend mineralisation below the historic open pit. Highlights include 6 metres at 2.96 grams per tonne (g/t) gold from 219 metres, and a standout 10 metres at 2.11 g/t including 1 metre at 12.1 g/t from 180 metres depth.

Further assays announced post-quarter featured 14 additional drillholes with notable intercepts such as 7 metres at 2.42 g/t gold from 147 metres, reinforcing the potential for resource growth below the 1.5-kilometre-long open pit. The ongoing drillout is set to underpin an updated Mineral Resource Estimate (MRE) scheduled for release in the September quarter.

Portfolio Streamlining and Focus on Core Assets

In a parallel move, Adavale divested its non-core Marree Embayment Uranium Portfolio to Orpheus Uranium Ltd (ASX:ORP) for $650,000 cash plus 5 million ORP shares, representing about 1.4% of Orpheus’s issued capital. This transaction crystallises value from the uranium assets while maintaining exposure to uranium prices through the shareholding. The proceeds are earmarked to fund ongoing exploration at the Parkes Gold-Copper Project.

Near-Mine Targets and Tenement Consolidation Strengthen Pipeline

Adavale’s systematic review of near-mine surface geochemistry and historical drilling data has identified multiple high-quality gold targets adjacent to London-Victoria. At the Victoria South Prospect alone, historic drilling revealed a bonanza-grade intercept of 1 metre at 245.5 g/t gold from 22 metres, alongside other shallow, high-grade intervals. These prospects are interpreted as direct extensions of the London-Victoria mineralised system, offering material upside.

Post-quarter, the company secured the grant of EL9918 and the transfer of EL9178 from Alkane Resources (ASX:ALK), consolidating its position along the London-Victoria to Calarie corridor. High-grade surface sampling at the Ashes Prospect returned 9.2 g/t gold, 4.5 g/t silver, and 660 ppm copper, highlighting walk-up drill targets for potential new discoveries. Additionally, six near-mine satellite prospects have been delineated with significant historic intercepts, underpinning a robust pipeline of drill targets complementing the main London-Victoria resource drillout.

Financial Position and Exploration Investment

Adavale ended the quarter with approximately $1.95 million in cash, having spent $1.486 million on exploration and evaluation activities. The bulk of expenditure was directed to the Parkes Gold-Copper Project, covering drilling, geophysics, and metallurgical testwork. Preliminary metallurgical results from drill reject composites showed promising gold recoveries of 81–83% under standard cyanide leach conditions, supporting the economic potential of the resource.