Adavale Resources Limited is pleased to announce the grant of Exploration Licence EL9785, which is a 17.24km² tenement strategically located adjacent to the existing Parkes Project in the highly-prospective Lachlan Fold Belt of New South Wales.
Highlights:
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Newly granted EL9785 expands Adavale’s footprint to over 371km² in the Lachlan Fold Belt.
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Historic Koh-I-Noor mine has previously delivered exceptionally high-grade gold (up to 43.8g/t Au).
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Tenement is underlain by Macquarie Arc Volcanics, host to major gold-copper deposits including Cadia Ridgeway and Northparkes.
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Land access secured; geological mapping and geophysical surveys to commence imminently.
EL9785 includes the historical Koh-I-Noor underground gold mine, which was mined to 304 metres in depth and produced high-grade gold from quartz veins. Historical work recorded grades reaching up to 43.8g/t Au. The mine’s tailings were later reprocessed for 545 ounces of gold at an average of 2.5g/t Au which underscores the broader mineralisation potential of the tenement.
Adavale Executive Chairman and CEO Allan Ritchie commented: “The successful granting of EL9785 further demonstrates Adavale’s commitment to gold and copper exploration in the Lachlan Fold Belt of NSW. The historical high-grade production from Koh-I-Noor highlights the potential of the new tenement, with the team confident that both desktop and field work will lead to further exploration success and potential further mining activity.”
This tenement adds to a suite of ongoing exploration activities at the Parkes Project, including geochemical exploration Ashes-Myalls, rock chip assays at Parkvale South, and planning for maiden drilling in Q2 CY2025.
For further information, please contact:
Allan Ritchie
Executive Chairman and CEO
[email protected]
Jane Morgan
Jane Morgan Management
Investor & Media Inquiries
[email protected]
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]