Adavale Resources (ASX: ADD) drillout results begin to define growth below London Victoria pit
May 1, 2026Adavale Resources Managing Director David Ward spoke with MarketOpen to further discuss the initial results from the ongoing London Victoria drillout program and what they indicate for resource growth beneath the existing open pit. Drilling is ongoing with two rigs, with 1,338m completed to date out of an ongoing campaign. The first 6 holes, provide the earliest read on a broader dataset that is still building, with further drilling and assays pending. Ward’s comments focused on what these results confirm about mineralisation continuity, how emerging patterns across the deposit shape development thinking, and what milestones will determine the scale and confidence of the planned mid 2026 Mineral Resource update.
What do the first 6 holes from your 3rd round of drilling confirm about mineralisation below the pit and confidence in resource growth?
The first 6 holes confirm that mineralisation continues below the existing London Victoria open pit, which is the key point for us commercially. These holes are largely outside of the existing 115,000 ounce Mineral Resource and every hole with gold will add ounces to the resource. The initial assays show both higher-grade intercepts in the northern area and broader zones of consistent mineralisation in the southern area, with results including 6m at 2.96g/t Au from 219m, 10m at 2.11g/t Au from 180m, 31m at 0.91g/t Au from 147m and 54m at 0.75g/t Au from 124m.
The current drilling program is not targeted drilling but a systematic drillout below the open pit and existing 115,000 ounce resource, the results give us greater confidence that the system remains open at depth along the strike of the pit and that our strategy of increasing the resource base below the pit is working. Importantly, these first 6 holes represent only 1,338m of 5,594m drilled to date, with another 20 holes in the laboratory and drilling ongoing with 2 rigs. The resource growth case is in its infancy, but the early validation is constructive.
How should investors interpret the north south split between higher grade zones and broader mineralisation for mining optionality?
No gold deposit is uniform, the observations based on the drilling to date shows higher-grade intercepts in the north and broader consistent bulk tonnage intercepts in the south, what’s important is that these gold intercepts are 900m apart and outside of the 115,000 mineral resource estimate. In the northern area, we are seeing results such as 10m at 2.11g/t Au with a peak of 12.1g/t Au. These zones are more discrete, which in commercial terms points to potential for higher margin material at depth that could support future underground extraction below the existing pit.
In the southern area, the intercepts are wider and more consistent, such as 31m at 0.91g/t Au and broader zones up to 54m at 0.75g/t Au. That style is more aligned with bulk mining open-pit scenarios where scale and continuity support open pit growth.
For us, the importance is that both styles are present within the same system and both remain open at depth. It does not yet define a final mining approach, but it gives us optionality as the dataset builds and allows us to assess different development pathways as part of ongoing studies.
What milestones will determine whether the mid 2026 resource update is larger?
The mid-2026 Mineral Resource update is expected to grow with the current drillout, with all drilling targeting extensions of mineralisation beyond the existing 115koz resource.
Any gold intercepts returned from the ongoing program below the pit will translate directly into additional ounces, as this area sits outside the current resource envelope. The focus is therefore on systematically expanding the known mineralised system at depth and along strike.
Drilling is ongoing with two rigs and is not expected to stop in the near term, with the dataset continuing to build as results flow. The eventual Mineral Resource will effectively reflect how much drilling has been completed at the time of estimation and where we draw a line in the sand.
Alongside drilling, preliminary metallurgical testwork and early stage scoping studies will inform how that resource can be developed. These inputs, together with the drilling data, will underpin the scale and confidence of the updated resource.
Sequencing now centres on scale, continuity, and delivery of the full dataset
The current program remains in its early stages, and the immediate focus is on completing the drillout and receiving the balance of assay results across the remaining holes. As those results are delivered, the key test will be whether early indications of depth extension and continuity are repeated across the broader system. That will determine both the scale of any resource increase and the level of confidence applied in the update. With drilling ongoing, regular assay releases expected and supporting technical workstreams underway, Adavale Resources is now focused on converting early exploration success into a larger and more defined resource base ahead of mid 2026.
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