Adavale Resources (ASX:ADD) completes London Victoria drillout ahead of MRE update

Adavale Resources has received assays from the final 5 drillholes in its resource drillout at the London Victoria Gold Mine in New South Wales, completing reporting across the 85 hole program ahead of an updated Mineral Resource Estimate targeted for Q3 CY2026.

Highlights

The final batch comprised 3 reverse circulation holes and 2 diamond drillholes covering 1,717 m, with the completed drilling providing the information required to advance the updated Mineral Resource Estimate following Adavale’s acquisition of the project 19 months ago.

Diamond drillhole ALD003, drilled oblique to the line of mineralisation, returned a composite intersection of 20.95 m at 2.25 g/t Au from 278 m using 4 m of internal dilution, including 10 m at 3.69 g/t Au from 278 m and 5 m at 1.84 g/t Au from 292 m.

Reverse circulation drillhole ALRC080 returned 39m at 1.01g/t Au from 140m, including 6m at 2.01g/t Au from 140m and 8m at 1.21g/t Au from 169m.

A separate higher grade zone recorded 8m at 5.27g/t Au from 202m, including 7m at 5.97g/t Au.

ALRC081 returned 17 m at 1.38 g/t Au from 295 m, including 5 m at 3.24 g/t Au from 306 m, while ALD002 recorded 13 m at 1.18 g/t Au from 127 m, including 6 m at 1.87 g/t Au from 132 m, and ALRC082 returned 12 m at 0.63 g/t Au from 247 m, including 6 m at 0.96 g/t Au from 252 m.

The existing London Victoria Inferred Mineral Resource Estimate was constructed entirely from historical drilling.

The drilling completed by Adavale is not included in the current estimate and represents geological, structural and assay information that will be used to update the London Victoria resource model.

Gold mineralisation at London Victoria has been interpreted as a narrow mineralised shear and alteration zone in andesitic volcanics immediately adjacent to the steeply east dipping London Victoria Fault, as well as a more diffuse fracture zone east of the structure.

The mineralisation is structurally controlled, with quartz veining and sericite, silica, chlorite and pyrite alteration evident within volcanic and volcaniclastic rocks.

Preliminary observations from the drilling program indicate that the mineralisation is hosted within a tight antiformal structure.

According to Adavale, the final results provide additional information on the continuity, geometry and grade distribution of the mineralised system.

Adavale Managing Director David Ward commented:

“With the complete assay dataset now available, our focus shifts to geological interpretation and resource estimation.”

The updated estimate will assess the impact of the drilling program on tonnes, grade, contained gold and the classification of the London Victoria Mineral Resource.

Completion is targeted for Q3 CY2026, with the outcome intended to establish a new technical baseline for the project and assist Adavale in determining priorities for the next phase of project advancement.

Following the update, Adavale intends to advance a Scoping Study using the revised geological and Mineral Resource models together with the results of metallurgical testwork.

The study is planned to assess potential mining and processing pathways, development scale, infrastructure requirements and preliminary capital and operating parameters.

The company’s stated work program also includes comprehensive metallurgical testwork on core samples and high resolution airborne geophysics.

The metallurgical program will assess recoveries and support future development studies, while the geophysical surveys are planned to refine structural interpretation, improve targeting accuracy and prioritise follow up drilling.