Adavale Resources Limited (“Adavale”) is pleased to announce the acquisition of a 72.5% interest in the Parkes Gold and Copper Project, located in the prolific Lachlan Fold Belt area of New South Wales, Australia. The acquisition represents a significant expansion of the Company’s portfolio, with the project boasting high-grade gold and copper targets in a Tier-1 jurisdiction.
Highlights
- Strategic Acquisition in the Lachlan Fold Belt:
- Adavale has acquired a 72.5% interest in the Parkes Project, which encompasses 395 km2 of tenements that are highly-prospective for orogenic gold and porphyry copper-gold mineralization.
- Proximity to Tier 1 Assets:
- The tenements are strategically located adjacent to the Northparkes copper-gold mine (5.2 Moz Au, 4.4 Mt Cu) and near the Cadia-Ridgeway copper-gold deposits (35.1 Moz Au, 7.9 Mt Cu).
- The area lies within the Lachlan Transverse Zone, which is a structural corridor that hosts significant gold and copper deposits.
- High-Priority Targets:
- Exploration prospects include the Ashes Prospect, which features former rock chip assays up to 7.8% Cu and 8.8 g/t Au, as well as the Myalls Prospect, which returned 0.86% Cu and 0.91 g/t Au in quartz veins.
- A recently completed diamond drill hole (AEIDD001) intersected a 12 m zone of quartz-carbonate veining and shearing.
Speaking about the acquisition, Allan Ritchie, Executive Chairman and CEO of Adavale Resources, stated: “We are absolutely thrilled to announce this transformational gold and copper project acquisition with significant upside, located in the Tier 1 jurisdiction of the Lachlan Fold Belt in NSW, near Parkes. The Parkes Project contains four granted licences with advanced gold and copper prospects and drill-ready targets identified in three of the Licenses. A diamond drill hole was also recently completed with assays currently pending.
The Project is located adjacent to the giant Northparkes mine that hosts 5.2 Moz Au and 4.4 Mt Cu, is along strike of the Tomingley mine with 2.3 Moz Au and not far from the world-class Cadia mine with 35.1 Moz Au and 7.9 Mt Cu.
Adavale has the London-Victoria deposit with an Historical Estimate of 124 koz Au. We are very excited about the deposit’s exploration potential and we see significant scope to increase the resource. We also have 3 other licences with abundant gold and copper targets.
We are also very pleased with the support received for this Placement and welcome all our new investors. The company is now well-funded to advance exploration at the Parkes Project and commence our maiden drilling program at our uranium prospects in South Australia once we receive the final necessary approval. There is a lot of exciting work ahead of us and we look forward to providing regular updates to all shareholders.”
Placement to Fund Exploration
- The Company has also raised $1.675 million via a placement to fund crucial aspects of their upcoming exploration, including:
- Exploration at the Parkes Project, focused on upgrading the London-Victoria resource (historical results) to a JORC-compliant status.
- Participants in the placement will receive 1 free-attaching option for every share purchased, exercisable at $0.005 (expiring 31 December 2027).
Upcoming Investor Webinar
Adavale will also host an investor webinar to give an overview of the acquisition on Thursday 5th of December 2024.
Executive Chairman Allan Ritchie will provide further insights into the acquisition and the Company’s exploration strategy, as well as host a Q&A.
Event Details: