26 February 2025 – Sydney, Australia | Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce high-grade gold, copper, and silver results from its first-pass reconnaissance rock chip sample program at the Ashes Prospect, within the Lachlan Fold Belt of New South Wales. The recent results further confirm the potential posed by the Ashes Prospect to host a significant gold-copper mineralised system, just 10km east of the Northparkes Mine (5.2 Moz Au & 4.4 Mt Cu).
Highlights
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Outstanding Rock Chip Results, Including:
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P24654: 7.95 g/t Au, 2.2% Cu, 96.4 g/t Ag
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P24651: 0.74 g/t Au, 0.76% Cu, 58.9 g/t Ag
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P24652: 0.32 g/t Au, 17.8 g/t Ag
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Confirmation of Historical High-Grade Samples:
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8.8 g/t Au & 19.2 g/t Ag
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5.5% Cu & 13.3 g/t Ag
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1.5 g/t Au, 84 g/t Ag & 2.1% Cu
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Pathfinder Elements Strengthening Mineralisation Potential:
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Highly anomalous antimony (Sb) up to 0.24%
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Arsenic (As) up to 0.1% and molybdenum (Mo) anomalies present
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Evidence of Nearby Intrusive Rocks:
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Fieldwork identified outcropping Ordovician-age monzonite (key host rock for large-scale mineralisation in the Lachlan Fold Belt).
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Expanding Exploration Program:
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Grid-based soil geochemistry program covering ~5km² at Ashes and Myalls Prospects will commence shortly.
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Further rock chip sampling and geological mapping will refine drill targets further.
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Expanding the Parkes Project’s Potential
The Ashes Prospect is part of Adavale’s broader Parkes Gold-Copper Project, which consists of four highly prospective exploration licences (EL’s) covering 354.15km² in the Macquarie Arc of the Lachlan Fold Belt. The region hosts major Tier-1 gold-copper operations, including:
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Northparkes (5.2 Moz Au & 4.4 Mt Cu)
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Cadia-Ridgeway (35.1 Moz Au & 7.9 Mt Cu)
The latest assay results confirm that the Ashes Prospect is an emerging high-priority target, with geochemical similarities to the large-scale deposits found within the Lachlan Transverse Zone (LTZ).
Commenting on the recent development, Mr Allan Ritchie, Executive Chairman and CEO, stated: “The elevated grade of these latest assay results are a further testament to the quality of the prospects that Adavale has recently acquired as part of the broader Parkes Project Transaction. We are excited at the potential of the Ashes Prospect to host a Gold and Copper mineralised system. The field team will soon be mobilised to site to commence with a much larger area soil geochemistry survey and further rock chip sampling at the Ashes and Myalls Prospects. This regional exploration strategy to identify AuCu mineralised systems will continue and further surface geochemical surveys will be conducted across the numerous prospects we have in the Parkes Project.”
Moving Forward
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Commence soil geochemistry program at Ashes and Myalls Prospects in Q2 2025.
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Detailed geological mapping and further rock chip sampling to define mineralised structures at the prospect.
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Expand surface geochemical surveys across multiple prospects within the Parkes Project.
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Progress towards drill targeting following results from geochemistry programs.
Allan Ritchie
Executive Chairman & CEO
Adavale Resources Limited
[email protected]
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]