5 May 2025 – Sydney, Australia | Adavale Resources Limited (ASX:ADD, “Adavale” or the “Company”) is pleased to announce the Comapny’s maiden JORC (2012) Inferred Mineral Resource Estimate (MRE) for the London-Victoria Gold Mine, which is part of the recently acquired Parkes Project in New South Wales.
The Inferred Mineral Resource Estimate (MRE) for the London-Victoria deposit received is 3.8Mt @ 0.95g/t Au for 115koz Au at a reporting cut-off of 0.25 g/t Au. The board has reviewed the MRE prepared by Derisk Geomining Consultants Pty Ltd (“Derisk”), their resource extension recommendations, as well as the “grade-tonnage” table and have concluded that a cutoff grade of 0.5g/t is optimal for Adavale’s economic assessment of the deposit, which totals 3.14Mt @ 1.06 g/t Au for 107koz.
The resource lies within a shallow conceptual open pit, no more than 100m below the current pit floor, and is located adjacent to existing historical processing infrastructure, highlighting significant near-term development potential.
Adavale Executive Chairman and CEO, Mr Allan Ritchie, said:
“Adavale are absolutely delighted to announce the release of the maiden JORC MRE, a significant milestone for Adavale, especially within only 3 months since completing the acquisition of the Parkes Project. It comes in the context of recent all-time record high gold prices exceeding AU $5,000 per oz and represents significant value for Adavale.
We look forward to being able to commence the recommended resource extension drilling program to significantly increase the maiden resource. London-Victoria’s opportune location, with ample processing capacity in the region provides multiple paths for Adavale to monetise the London-Victoria Resource.”
The Company notes that the mineralisation remains open along strike and at depth, with historical drilling outside the resource envelope providing further upside. A follow-up drilling campaign targeting extensions is being planned, alongside the definition of an Exploration Target to expand the mineralised footprint.
For further information, please contact:
Allan Ritchie
Executive Chairman and CEO
Adavale Resources Limited
[email protected]
Jane Morgan
Media and Investor Inquiries
Jane Morgan Management
[email protected]
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]