Adavale Resources Limited (“Adavale”) is pleased to announce its plans for a geochemical survey at the Ashes and Myalls Prospects within its recently acquired Parkes Gold and Copper Project (the “Project”) in the Lachlan Fold Belt of New South Wales. This program will aim to define high-priority drill targets by leveraging modern exploration techniques now that the acquisition is finalized.
Highlights
- Adavale geologists have completed further reconnaissance following the acquisition of the 354.15 km2 Parkes Project.
- The project is located adjacent to the Northparkes copper-gold mine (5.2 Moz Au & 4.4 Mt Cu) and south of Alkane’s Tomingley Gold Mine (1.7 Moz Au).
- Geochemical Program Initiation:
- A 5 km2 grid-based rock chip and soil geochemistry survey will be conducted.
- Full access agreements have been reached with local landholders, allowing uninterrupted exploration activities.
- Experienced geological consultants that have specialized experience in the Lachlan Fold Belt of NSW have been appointed to assist with the program.
Adavale Executive Chairman and CEO, Allan Ritchie, commented: “We are highly encouraged after this recent visit and confident that we can get our proposed geochemical survey at the Ashes and Myalls prospects underway shortly and be completed swiftly. It was particularly rewarding to meet with the local landholders and secure complete access to 100% of the survey area, ensuring an uninterrupted and efficient program. Additionally, we are pleased to have engaged highly experienced local geologists with expertise in the Lachlan Fold Belt, who will ensure the survey is conducted methodically and to the highest standards.
The geochemical survey is feasible at or near the surface across the proposed area, where the extent of outcropping Ordovician rock is promising for gold and copper discoveries. This advantage sets us apart from many others in the region.
We look forward to delivering updates to our shareholders shortly as results come in from this survey and as we progress with similar programs across Adavale’s broader tenement package. These efforts will ultimately help us define superior, more robust drilling targets and unlock the potential of our assets.”
Exploration Strategy and Next Steps
- Soil and rock chip sampling will be completed across structured grid to refine potential high-grade mineralization zones that show promise.
- Geochemical results will be analysed to prioritise drilling targets with the most potential.
- Regional assessment will be expanded to additional prospective areas, including Front Gate (EL8831), No Mistake (EL8830), and The Dish (EL9711) exploration licenses.
- JORC-compliant resource evaluation is ongoing for the London-Victoria Mine (EL7242) to upgrade it to a new mineral resource estimate, with assay results expected from drill programs.