Adavale Resources (ASX:ADD) extends gold mineralisation beneath London-Victoria Open Pit ahead of resource update

Adavale Resources has reported further assay results from its ongoing resource drillout at the London-Victoria Gold Mine, with 14 additional reverse circulation holes continuing to define gold mineralisation beneath the historic 1.5km-long open pit.

The results contribute to the company’s geological understanding of the deposit ahead of an updated Mineral Resource Estimate expected this quarter.

Highlights

• 7m @ 2.42g/t Au from 147m within 23m @ 1.1g/t Au from 136m in ALRC045

• 5m @ 1.67g/t Au from 156m within 9m @ 1.19g/t Au from 153m in ALRC047

• 4m @ 1.83g/t Au from 163m within 10m @ 0.98g/t Au from 158m in ALRC050

• 3m @ 1.34g/t Au from 135m within 27m @ 0.75g/t Au from 135m and 3m @ 1.88g/t Au from 112m within 14m @ 0.75g/t Au from 106m in ALRC054

• 5m @ 1.95g/t Au from 175m in ALRC055

• Two rigs remain active, with assays for a further 13 drillholes currently at the laboratory.

The latest assays from ALRC042 to ALRC055 represent the most recent 14 holes completed as part of Adavale’s systematic drill program beneath the London-Victoria open pit.

The new holes tested the central and southern parts of the pit area and continue to define the east-dipping gold-bearing shear zone, which remains open down dip below existing drilling.

Results from ALRC045, ALRC047, ALRC049 and ALRC050 demonstrate continuity of narrower, higher-grade positions within the broader mineralised package, including 7m @ 2.42g/t Au from 147m in ALRC045 and 4m @ 1.83g/t Au from 163m in ALRC050.

Results from ALRC054 and ALRC055 provide further information from the southern-central part of the system, where multiple mineralised intervals at different depths are helping refine lode geometry for the planned Mineral Resource update.

The London-Victoria Gold Mine forms part of Adavale’s Parkes Project in New South Wales’ Lachlan Fold Belt. The project comprises the Calarie Mining Licence, London-Victoria Mine and an additional 10 granted exploration licences covering ~610km² across 70km of contiguous Belt-Scale strike, with the project resource of 166koz Au including the Calarie Mining Licence and London-Victoria Mine.

Adavale’s current resource drillout has used reverse circulation drilling to build a consistent drill pattern across key sections of the 1.5km-long London-Victoria open pit and identify areas requiring closer-spaced or structurally focused follow-up.

Diamond drilling is being undertaken in parallel, with the company currently drilling its third diamond hole while two completed diamond holes have been logged and are awaiting cutting and assay.

Adavale Managing Director David Ward said,

“These results continue to demonstrate that gold mineralisation extends beneath the historic London-Victoria open pit, with every new hole adding to our understanding of the deposit. With 72 RC holes and 3 diamond holes completed, we’re approaching a logical transition point ahead of an updated Mineral Resource Estimate.”

The company’s next steps at London-Victoria include continued brownfields drilling, metallurgical testing on core samples, preliminary scoping studies, geophysical surveys and an update to the Mineral Resource Estimate expected by mid-3Q CY26.

Regional activities across the Parkes Project include extending high-resolution magnetics, surface geochemistry programs and first-pass drilling of priority greenfield targets generated from geophysics and geochemistry.

With further assay results pending from completed drillholes, Adavale continues its drilling program at London-Victoria while progressing the work required for the planned Mineral Resource update and ongoing exploration activities across the Parkes Project.