Adavale Resources Limited has successfully completed their recently announced acquisition of a 72.5% interest in the highly-prospective Parkes Gold-Copper Project Australia’s renowned Lachlan Fold Belt, located in New South Wales (NSW). This is a significant step forward in advancing Adavale’s exploration efforts, with a recent focus on gold exploration, as well as establishing its activity in one of Australia’s premier gold and copper regions.
Highlights
- The Parkes Project spans 354.15km2 across four exploration tenements, located at the intersection of the Lachlan Transverse Zone and Macquarie Arc Volcanics.
- The project is adjacent to the Northparkes copper-gold mine (5.2 Moz Au, 4.4 Mt Cu) and shares a geological setting with the world-class Cadia-Ridgeway deposits (35 Moz Au, 7.9 Mt Cu).
- The London-Victoria gold mine is a key prospect within the project that the company will be targeting.
Advancing Adavale’s Exploration Efforts
Adavale’s team has now also conducted a geologically-focsued site visit to the Parkes Project with experienced Lachlan Fold Belt geologists. Activities included:
- Inspection of existing drill core (hole AEIDD001) with assay results expected later this quarter;
- Preliminary rock chip sampling;
- Engagement with local landholders;
- Meeting with local geological teams;
The London-Victoria deposit will be a focal point for exploration, with plans to upgrade an existing Historical Estimate to a JORC-compliant Mineral Resource using existing drill data and additional targeted drilling.
Speaking about the recent developments, Executive Chairman, Allan Ritche stated: “The successful completion of the acquisition and placement mark a pivotal step forward to advancing our activity with this world-class asset. The Vendor and the Adavale team along with our very experienced Lachlan Fold Belt geologists have just returned from an initial field trip and we are incredibly excited to start our exploration efforts at our highly prospective Parkes Project. We are very grateful to the shareholders for their continued support, Adavale’s Directors and Officers have also co-invested a further ~$100,000 (6%) in this placement and we look forward to providing regular updates from the Lachlan Fold Belt throughout the program ahead.”
Next Steps
Moving forward, the Company will be focused on:
- Prioritizing targets for exploration and drilling across tenements;
- Receiving and analysing assay results from recent drilling at London-Victoria;
- Advancing London-Victoria resource to JORC compliance status;
- Expanding exploration efforts across tenements like “Front Gate”, “No Mistake”, and the newly-granted “The Dish”.