Adavale Resources (ASX:ADD) Completes Acquisition of 72.5% Interest in Parkes Gold-Copper Project in Lachlan Fold Belt of NSW

28 January 2025 – Sydney, Australia | Adavale Resources Limited (ASX:ADD) has successfully completed their recently announced acquisition of a 72.5% interest in the highly-prospective Parkes Gold-Copper Project Australia’s renowned Lachlan Fold Belt, located in New South Wales (NSW). This is a significant step forward in advancing Adavale’s exploration efforts, with a recent focus on gold exploration, as well as establishing its activity in one of Australia’s premier gold and copper regions.

Highlights

• The Parkes Project spans 354.15km² across four exploration tenements, located at the intersection of the Lachlan Transverse Zone and Macquarie Arc Volcanics.

• The project is adjacent to the Northparkes copper-gold mine (5.2Moz Au, 4.4Mt Cu [ASX:EVN]) and shares a geological setting with the world-class Cadia-Ridgeway deposits (35Moz Au, 7.9Mt Cu [ASX:NEM]).

• The London-Victoria gold mine is a key prospect within the project that the company will be targeting.

Advancing Adavale’s Exploration Efforts

Adavale’s team has now also conducted a geologically-focsued site visit to the Parkes Project with experienced Lachlan Fold Belt geologists. Activities included:

• Inspection of existing drill core (hole AEIDD001) with assay results expected later this quarter; 

• Preliminary rock chip sampling; 

• Engagement with local landholders; 

• Meeting with local geological teams; 

The London-Victoria deposit will be a focal point for exploration, with plans to upgrade an existing Historical Estimate to a JORC-compliant Mineral Resource using existing drill data and additional targeted drilling. 

Speaking about the recent developments, Executive Chairman, Allan Ritche stated: “The successful completion of the acquisition and placement mark a pivotal step forward to advancing our activity with this world-class asset. The Vendor and the Adavale team along with our very experienced Lachlan Fold Belt geologists have just returned from an initial field trip and we are incredibly excited to start our exploration efforts at our highly prospective Parkes Project. We are very grateful to the shareholders for their continued support, Adavale’s Directors and Officers have also co-invested a further ~$100,000 (6%) in this placement and we look forward to providing regular updates from the Lachlan Fold Belt throughout the program ahead.”

Next Steps

Moving forward, the Company will be focused on:

• Prioritising targets for exploration and drilling across tenements;

• Receiving and analysing assay results from recent drilling at London-Victoria;

• Advancing London-Victoria resource to JORC compliance status;

• Expanding exploration efforts across tenements like “Front Gate”, “No Mistake”, and the newly-granted “The Dish”.

For more information, please contact:

Allan Ritchie
Executive Chairman & CEO
Adavale Resources
[email protected]

Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]

ABOUT ADAVALE RESOURCES
Exploring for Gold and Copper in the NSW Lachlan Fold Belt, Uranium in South Australia, and Nickel Sulphide in Tanzania.

The Parkes Project
Adavale Resources Limited (ASX:ADD) holds a 72.5% interest in the Parkes Gold and Copper Project, consisting of four granted exploration licences that are highly prospective for Au-Cu, primarily due to their location adjacent the giant Northparkes copper-gold mine and encompassing the Ordovician-aged rocks of the Macquarie Arc, within the crustal-scale structure of the Lachlan Transverse Zone (LTZ) that contain both Northparkes and the world-class Cadia gold-copper Mine.
 
South Australian Uranium Portfolio
Adavale also holds seven granted exploration licences that are prospective for their sedimentary uranium potential within the northern part of the highly- prospective Northern outwash from the Flinders Ranges in South Australia, as well as four exploration licences east of Ceduna on the Eyre Peninsula, increasing Adavale’s uranium tenement holdings including to include uranium rights to 4,959km2.

The Kabanga Jirani Nickel Project
Adavale also holds the Kabanga Jirani Nickel Project, a portfolio of twelve highly prospective granted licences along the Karagwe-Ankolean belt in Tanzania. The nine southernmost licences are proximal to the world class Kabanga Nickel Deposit (87.6Mt @ 2.63% Ni Eq). Adavale holds 100% of all licences except for two licences that are known as the Luhuma-Farm-in, which are held at 65%, adding a further 99km2 and bringing the portfolio to 1,315km2. Adavale’s licences were selected based on their strong geochemical and geophysical signatures from the previous exploration undertaken by BHP.

Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]