Sydney, Australia – 24 March 2025 | Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce the successful completion of a first-pass geochemical survey across the Ashes and Myalls Prospects within the Company’s recently acquired Parkes Project in the Lachlan Fold Belt of New South Wales, Australia.
Highlights
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279 grid-based soil samples and 19 rock chip samples have now been collected over a 5km² area at the Ashes and Myalls Prospects.
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Samples have been submitted to ALS (Orange) for gold and multi-element analysis, with results expected in April of 2025.
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Survey follows up on the recent high-grade rock chip results that came from the Ashes Prospect, including:
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7.95 g/t Au, 2.2% Cu & 96.4 g/t Ag
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0.74 g/t Au, 0.76% Cu & 58.9 g/t Ag
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0.32 g/t Au & 17.8 g/t Ag
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Data will guide the delineation of potential maiden drill targets that will be part of a drilling campaign being planned for Q2 of 2025.
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Assays will also test for pathfinder elements (As, Bi, Sb) that are commonly associated with gold-copper systems in the Lachlan Fold Belt region.
Commenting on the recent geochemical survey, Executive Chairman and CEO, Mr Allan Ritche, stated: “It’s been just over 6 weeks since the acquisition of the Parkes Project and the team has been busy at site. The completion of the systematic geochemical survey at Adavale’s highly prospective Ashes and Myalls Prospects in just over 2 weeks is a testament to the exploration team’s dedication and efficiency. The Board is fully aligned with shareholders wishing to see funds spent in the ground which is why drilling at these Prospects will be a priority with permits already approved.”
The Ashes & Myalls Prospects
The Ashes and Myalls Prospects are located within the Macquarie Arc of the Lachlan Fold Belt, adjacent to the Northparkes (5.2Moz Au & 4.4Mt Cu) site and near the world-class Cadia Ridgeway Mine (35.1Moz Au & 7.9Mt Cu). This current geochemical survey aims to build on previous fieldwork as well as:
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Refine surface anomalies and define structural controls;
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Prioritise zones for initial drilling campaign;
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And support future geophysical and geochemical programs across the broader tenement package.
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 crustal-scale structure of the Lachlan Transverse Zone (LTZ) that contain both Northparkes and the world-class Cadia gold-copper Mine.
Adavale also holds seven granted exploration licences that are prospective for their sedimentary uranium potential within the northern part of the highlyprospective 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 .
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.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]