Adavale Resources (ASX:ADD) expands Parkes gold inventory to 383,300oz

Adavale Resources has increased the Mineral Resource inventory at its Parkes Gold Project in central west New South Wales to 13.45Mt at 0.89g/t Au for 383,300oz, incorporating updated estimates for London Victoria and new Inferred Mineral Resources at Victoria South and Armstrongs.

Highlights

The previous London Victoria Mineral Resource of 3.8Mt at 0.95g/t Au for 115,000oz was based entirely on historical drilling.

The updated estimate incorporates Adavale’s modern drilling, geological interpretation and structural model following the completion of 82 reverse circulation holes and 3 diamond drillholes.

The systematic 85 hole program tested mineralisation beneath the historic open pit, increased drilling density across the mineralised corridor and examined the position, dip and continuity of the principal mineralised structures.

It also provided geological, assay and quality assurance information to support Mineral Resource classification, as well as diamond core for structural, density and metallurgical assessment.

Drilling confirmed broad mineralised zones and structurally controlled higher grade positions beneath the existing 1.5km open pit.

Results included 19m at 4.00g/t Au from 148m in ALRC076, including 4m at 15.02g/t Au and 1m at 52.6g/t Au, and 20.95m at 2.25g/t Au from 278m in ALD003, including 10m at 3.69g/t Au.

Detailed structural mapping, historical BHP Gold grade control information and 3 dimensional modelling identified fold geometry and an east dipping mineralised shear as important controls on the distribution of gold mineralisation.

The updated geological interpretation indicates potential for extensions beneath the current Mineral Resource, continuation down plunge, additional higher grade shoots, extensions to the north and south of the historical pit, and mineralisation within parallel or repeated structures.

Adavale Executive Chairman Allan Ritchie said:

“When we completed the Parkes acquisition in January 2025, the project had no gold Mineral Resource reported under JORC 2012. In approximately 20 months, we have built a total Parkes gold resource inventory of 383,300 ounces through resource definition, successful drilling and strategic acquisitions.”

The updated Mineral Resources at London Victoria, Victoria South and Armstrongs are shallow and contained within modelled USD$4,200/oz open pit optimisation shells.

The estimates provide a basis for evaluating open pit mining configurations, strip ratio and potential staged development of the historical gold mine.

Adavale intends to commence a Scoping Study considering potential mining configurations, production scale and scheduling, preliminary waste movement and strip ratio assumptions, metallurgical performance and gold recovery, processing alternatives, infrastructure, permitting, and preliminary capital and operating parameters.

The study will also consider potential supplementary feed from Calarie or other satellite deposits.

Planned work at Calarie includes a detailed review and reinterpretation of the existing Mineral Resource and drilling, evaluation of high grade results and potential extensions, assessment of metallurgical characteristics, preliminary mining, haulage and processing studies, and modern drilling of priority resource and extension targets.

Additional brownfields drilling is being planned within the greater London Victoria Project area.

Adavale also plans metallurgical testing on core samples, high resolution airborne geophysics and exploration across its approximately 610km² Parkes Gold Copper Project, which includes historically drilled prospects, the Ashes gold copper prospect and largely untested prospective geology along approximately 70km of the Parkes Thrust corridor.