Adavale Extends High-Grade Gold Beyond London-Victoria Resource Boundary

Exceptional High-Grade Intercept Extends Gold Mineralisation

Adavale Resources (ASX:ADD) has delivered a striking assay result from its London-Victoria Gold Mine in New South Wales, reporting a 19-metre intersection grading 4.0 grams per tonne (g/t) gold, including a 1-metre high-grade spike of 52.6g/t Au. This intercept lies well beyond the limits of the existing 115,000-ounce Mineral Resource Estimate (MRE), which was based solely on historical drilling.

The standout hole, ALRC076, revealed a thick and consistent mineralised zone starting at 148 metres depth, with multiple cut-off grades confirming both breadth and grade continuity. Adjacent holes also returned broad mineralised intervals, reinforcing the potential for a materially larger resource footprint beneath and alongside the historic open pit.

Drilling Program Nears Completion Ahead of Resource Update

Adavale’s systematic drilling campaign has now completed 85 holes at London-Victoria, with assay results received for 80. The current resource of 3.8 million tonnes at 0.95g/t Au for 115,000 ounces does not incorporate any of this latest drilling, underscoring the significance of the new data.

The company expects to finalise assays from the remaining five holes shortly, enabling an updated geological model and MRE to be compiled. This update, targeted for Q3 2026, will be the first comprehensive assessment incorporating Adavale’s expanded dataset and is anticipated to better reflect the deposit’s scale and grade distribution.

Supporting Technical Work and Broader Exploration Plans

Beyond drilling, Adavale is advancing metallurgical testing on diamond core samples to evaluate gold recoveries and processing characteristics. Preliminary testwork on composite samples from previous drilling indicated recoveries in the 68–83% range with low reagent consumption, though further work is needed to confirm these findings across the deposit.

The company is also conducting high-resolution geophysical surveys to refine structural interpretations and improve targeting accuracy for future drilling. Early-stage scoping studies are underway to explore development pathways and economic potential.

Parkes Project and Regional Exploration Momentum

London-Victoria sits within Adavale’s broader Parkes Project, a belt-scale gold-copper exploration portfolio in the Lachlan Fold Belt, a Tier-1 mining jurisdiction hosting world-class operations like Cadia Ridgeway and Northparkes. The project area covers approximately 610 square kilometres and includes the Calarie Gold Mine, which is also undergoing follow-up drilling and geophysical assessment.

Adavale’s regional exploration strategy involves extending geophysical and geochemical surveys, with initial drill testing planned for newly identified greenfield targets. This approach aims to leverage the Parkes Project’s geological setting to uncover additional mineralised zones beyond the current resource base.

Implications for Project Economics and Next Steps

Managing Director David Ward highlighted the importance of the new high-grade intersection, noting it “reinforces the opportunity to materially advance the scale and economics of the London-Victoria gold deposit.” The expanded drilling dataset and imminent MRE update will provide investors and stakeholders with a clearer picture of the project’s potential.

With assays pending for a handful of holes and technical studies progressing, the coming weeks will be pivotal in defining the next phase for London-Victoria and the wider Parkes Project. The combination of high-grade extensions and broad mineralised zones suggests the deposit’s story is far from complete.