Adavale’s Parkes gold resource reaches 383koz after London-Victoria upgrade

Parkes Resource Reaches 383,300 Ounces

Adavale Resources Limited (ASX:ADD) has turned a project with no JORC 2012 gold resource into a 383,300-ounce inventory in roughly 20 months, marking a substantial change in the scale of its Parkes Gold-Copper Project in central-west New South Wales. The company’s headline asset is London-Victoria, where the updated Mineral Resource Estimate has risen to 9.74 million tonnes at 0.84 grams per tonne gold for 262,700 ounces, up from 115,000 ounces.

The broader increase is not solely a drilling story. Victoria South contributes 18,000 ounces and Armstrongs adds 51,800 ounces, taking the London-Victoria and satellite subtotal to 332,500 ounces. Calarie contributes a further 50,800 ounces at 1.83 grams per tonne, giving Adavale a portfolio that is larger, but also spread across resources with materially different confidence levels.

London-Victoria Gains Indicated Confidence

London-Victoria accounts for the most consequential part of the update. Its contained gold has increased 228%, while 126,200 ounces, or 48% of the deposit, is classified as Indicated. That classification gives Adavale a stronger technical base for the next stage of study work than the earlier estimate, which relied entirely on historical drilling.

The new estimate incorporates 82 reverse-circulation holes and three diamond holes completed by Adavale. The drilling tested mineralisation beneath and around the historic 1.5-kilometre open pit, confirming broad mineralised zones alongside structurally controlled higher-grade positions. Reported results include 31 metres at 1.29 grams per tonne from 133 metres in ALRC070 and 19 metres at 4.00 grams per tonne from 148 metres in ALRC076, including 1 metre at 52.6 grams per tonne.

Conceptual Pit Shell Sets Resource Boundary

The resource is reported within a conceptual open-pit optimisation shell based on a gold price of USD$4,200 per ounce. That figure is a reporting assumption, not a forecast price or a project valuation. The underlying optimisation excluded capital expenditure, taxation, depreciation and the time value of money, and the resulting resource is not an Ore Reserve.

The estimate also carries uneven levels of confidence. Victoria South and Armstrongs are entirely Inferred, while London-Victoria includes 136,500 ounces of Inferred material alongside its Indicated component. Derisk Geomining Consultants noted gaps in historical documentation, limited ability to validate some older drilling and a lack of reliable mine-production records. The oxide bulk-density assumptions were also identified as a risk or opportunity, and the estimate has not been externally reviewed.

Scoping Study Moves Project Towards Development Test

Adavale says it will now begin a Scoping Study examining open-pit configurations, production scale and scheduling, waste movement, metallurgy, processing options, infrastructure, permitting, preliminary capital and operating parameters. The work is also expected to assess whether shallow material beneath the existing pit could provide an early stage of a potential staged redevelopment, and whether Calarie or other satellites could provide supplementary feed.

Metallurgical testing on core is planned, alongside additional brownfields drilling, airborne geophysics and further work at Calarie and the wider Parkes portfolio. The company says London-Victoria remains open at depth, down plunge, along strike and in parallel structures, while the 610-square-kilometre project still contains regional gold and copper targets that have not been systematically drill tested.