18 February 2025 – Sydney, Australia | Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce its plans for a geochemical survey at the Ashes and Myalls Prospects within its recently acquired Parkes Gold and Copper Project (the “Project”) in the Lachlan Fold Belt of New South Wales. This program will aim to define high-priority drill targets by leveraging modern exploration techniques now that the acquisition is finalised.
Highlights
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Adavale geologists have completed further reconnaissance following the acquisition of the 354.15km² Parkes Project.
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The project is located adjacent to the Northparkes copper-gold mine (5.2Moz Au & 4.4Mt Cu) and south of Alkane’s Tomingley Gold Mine (1.7Moz Au).
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Geochemical Program Initiation:
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A 5km² grid-based rock chip and soil geochemistry survey will be conducted.
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Full access agreements have been reached with local landholders, allowing uninterrupted exploration activities.
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Experienced geological consultants that have specialised experience in the Lachlan Fold Belt of NSW have been appointed to assist with the program.
Adavale Executive Chairman and CEO, Allan Ritchie, commented: “We are highly encouraged after this recent visit and confident that we can get our proposed geochemical survey at the Ashes and Myalls prospects underway shortly and be completed swiftly. It was particularly rewarding to meet with the local landholders and secure complete access to 100% of the survey area, ensuring an uninterrupted and efficient program. Additionally, we are pleased to have engaged highly experienced local geologists with expertise in the Lachlan Fold Belt, who will ensure the survey is conducted methodically and to the highest standards.
The geochemical survey is feasible at or near the surface across the proposed area, where the extent of outcropping Ordovician rock is promising for gold and copper discoveries. This advantage sets us apart from many others in the region.
We look forward to delivering updates to our shareholders shortly as results come in from this survey and as we progress with similar programs across Adavale’s broader tenement package. These efforts will ultimately help us define superior, more robust drilling targets and unlock the potential of our assets.”
Exploration Strategy and Next Steps
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Soil and rock chip sampling will be completed across structured grid to refine potential high-grade mineralisation zones that show promise.
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Geochemical results will be analysed to prioritise drilling targets with the most potential.
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Regional assessment will be expanded to additional prospective areas, including Front Gate (EL8831), No Mistake (EL8830), and The Dish (EL9711) exploration licenses.
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JORC-compliant resource evaluation is ongoing for the London-Victoria Mine (EL7242) to upgrade it to a new mineral resource estimate, with assay results expected from drill programs.
For Further Information:
Allan Ritchie
Executive Chairman & CEO
Adavale Resources Limited
[email protected]
Jane Morgan
Media & Investor Relations
[email protected]
About us:
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 crustalscale 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 licence applications east of Ceduna on the Eyre Peninsula. Adavale has also secured the uranium rights over EL6968, increasing Adavale’s uranium tenement holdings including to include uranium rights to 6,117km2.
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 LuhumaFarm-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.
For more information, visit www.adavaleresources.com.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]