Perth, Australia – 29 November 2024 | Adavale Resources Limited (ASX: ADD) (“Adavale” or “the Company”) is pleased to announce the acquisition of a 72.5% interest in the Parkes Gold and Copper Project, located in the prolific Lachlan Fold Belt area of New South Wales, Australia. The acquisition represents a significant expansion of the Company’s portfolio, with the project boasting high-grade gold and copper targets in a Tier-1 jurisdiction.
Highlights
-
Strategic Acquisition in the Lachlan Fold Belt:
-
Adavale has acquired a 72.5% interest in the Parkes Project, which encompasses 395km² of tenements that are highly-prospective for orogenic gold and porphyry copper-gold mineralisation.
-
-
Proximity to Tier 1 Assets:
-
The tenements are strategically located adjacent to the Northparkes copper-gold mine (5.2Moz Au, 4.4Mt Cu) and near the Cadia-Ridgeway copper-gold deposits (35.1Moz Au, 7.9Mt Cu).
-
The area lies within the Lachlan Transverse Zone, which is a structural corridor that hosts significant gold and copper deposits.
-
-
High-Priority Targets:
-
Exploration prospects include the Ashes Prospect, which features former rock chip assays up to 7.8% Cu and 8.8g/t Au, as well as the Myalls Prospect, which returned 0.86% Cu and 0.91g/t Au in quartz veins.
-
A recently completed diamond drill hole (AEIDD001) intersected a 12m zone of quartz-carbonate veining and shearing.
-
Speaking about the acquisition, Allan Ritchie, Executive Chairman and CEO of Adavale Resources, stated: “We are absolutely thrilled to announce this transformational gold and copper project acquisition with significant upside, located in the Tier 1 jurisdiction of the Lachlan Fold Belt in NSW, near Parkes. The Parkes Project contains four granted licences with advanced gold and copper prospects and drill-ready targets identified in three of the Licenses. A diamond drill hole was also recently completed with assays currently pending.
The Project is located adjacent to the giant Northparkes mine (ASX:EVN) that hosts 5.2Moz Au and 4.4Mt Cu, is along strike of the Tomingley mine (ASX:ALK) with 2.3Moz Au and not far from the world-class Cadia mine (ASX:NEM) with 35.1 Moz Au and 7.9Mt Cu.
Adavale has the London-Victoria deposit with an Historical Estimate of 124koz Au. We are very excited about the deposit’s exploration potential and we see significant scope to increase the resource. We also have 3 other licences with abundant gold and copper targets.
We are also very pleased with the support received for this Placement and welcome all our new investors. The company is now well-funded to advance exploration at the Parkes Project and commence our maiden drilling program at our uranium prospects in South Australia once we receive the final necessary approval. There is a lot of exciting work ahead of us and we look forward to providing regular updates to all shareholders.”
Placement to Fund Exploration
-
The Company has also raised $1.675 million via a placement to fund crucial aspects of their upcoming exploration, including:
-
Exploration at the Parkes Project, focused on upgrading the London-Victoria resource (historical results) to a JORC-compliant status.
-
-
Participants in the placement will receive 1 free-attaching option for every share purchased, exercisable at $0.005 (expiring 31 December 2027).
Upcoming Investor Webinar
Adavale will also host an investor webinar to give an overview of the acquisition on Thursday 5th of December 2024.
Executive Chairman Allan Ritchie will provide further insights into the acquisition and the Company’s exploration strategy, as well as host a Q&A.
Event Details:
-
Date: Thursday, 5 December 2024
-
Time: 11:30am AEDT / 8:30am AWST
-
Registration:https://janemorganmanagement-au.zoom.us/webinar/register/WN_pgjfbjkVQgaV6Pgc99-RlA
For further information, please contact:
Allan Ritchie
Executive Chairman and CEO
investor@advaleresources.com
Jane Morgan
Media and Investor Inquiries
jm@janemorganmanagement.com.au
About us:
About Adavale Resources Limited:
Adavale Resources Limited is engaged in the business of mineral exploration for Nickel in Tanzania and Uranium in South Australia. The Company holds the Kabanga Jirani Nickel Project, a portfolio of 12 highly prospective granted licenses along the Karagwe-Ankolean belt in Tanzania. The nine southernmost licenses are proximal to the world-class Kabanga Nickel Deposit. It holds 100% of all licenses except two licenses known as the Luhuma-Farm-in are held 65% adding a further 99 square kilometers (km2) bringing the portfolio to 1,315 sq km. It also holds five granted exploration licences prospective for their sedimentary uranium potential within the northern part of the highly prospective Northern outwash from the Flinders Ranges in South Australia and four exploration licence applications east of Ceduna on the Eyre Peninsula. This will increase the Company’s uranium tenement holdings to 5,160 km2. The Company also has a 100% interest in EL6553 from Kilonova Metals.
Contact details:
Jane Morgan
Jane Morgan Management
Media and Investor Inquiries
jm@janemorganmanagement.com.au