16 July – Sydney, Australia | Adavale Resources Limited (ASX:ADD), an Australian gold and copper explorer, is delighted to report the latest progress for its maiden reverse circulation (RC) drilling campaign at the London-Victoria Gold Mine, located within the Parkes Project in New South Wales. The program has drilled 9 holes totalling 996 metres, and remains ahead of schedule.
Highlights:
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Maiden RC drilling program at London-Victoria progressing and ahead of schedule, with 9 out of 14 planned holes completed (996m total).
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All holes intersected the target mineralised shear zone, validated by visual inspection and correlating with historical drilling.
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The drilling program has now also expanded from 10 holes to 14 holes, following in-pit geological review.
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Completion of drilling anticipated by the end of July, with assays expected later this quarter.
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A primary program aim is to increase and potentially upgrade the current JORC Inferred Mineral Resource of 3.14Mt @ 1.06 g/t Au for 107koz.
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Further reconnaissance work is also planned across other targets at the Parkes Project, including The Dish and No Mistake.
Initial geological logging from the initial drilling has confirmed that all completed holes have intersected the targeted mineralised shear zone, characterised by variably quartz-veined material. The initial confirmation also aligns with the historic data and Adavale’s current geological interpretation of the target area.
The Company has also decided to expand the program from 10 to 14 holes following encouraging results and insights from an in-pit geological review now underway. Regulatory approvals for the additional drillholes are now pending, and the program is scheduled to conclude before the end of July.
Commenting on the initial drilling, Adavale Executive Chairman and CEO, Mr Allan Ritchie, stated: “The maiden RC drilling program at the London Victoria Gold Mine has progressed rapidly and efficiently, with all 9 holes drilled successfully intersecting the target mineralised zone, as noted from visual inspection of the drill chips. The Company has now confidently extended this program from 10 to 14 holes, following an active and ongoing in-pit geological review. The Adavale team eagerly anticipates the results of the drilling program that is expected to increase the JORC MRE, and will provide a further update upon completion of the current work.”
One of the primary objectives for the program is to grow and potentially enhance the classification of the previously announced JORC Inferred Mineral Resource Estimate (MRE) at 3.14Mt @ 1.06 g/t Au for 107,000oz of gold.
In parallel with these initial drilling activities, Adavale is progressing a broader regional exploration strategy across the Parkes Project. Imminent milestones and goals for the Company include
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Defining an Exploration Target at London Victoria.
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Follow-up geochemical surveys at key prospects.
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Reconnaissance work at prospective areas, such as The Dish (EL9711), No Mistake (EL8830), and the northern end of Front Gate (EL8831).
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) tenements span ~371km2 including 100% of EL9785 and 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.
Contact details:
Jane Morgan
Jane Morgan Management
Investor & Media Relations
[email protected]