Adavale Resources (ASX:ADD) identifies 6 additional gold prospects at the Parkes Thrust Project

Adavale Resources has identified gold mineralisation at 6 additional prospects following a systematic review of historical drill hole data surrounding the London Victoria Gold Mine.

The company says the review identified gold mineralisation at 6 prospects along strike and immediately adjacent to the London Victoria Gold Mine, reinforcing London Victoria's position within its consolidated Parkes Thrust gold system.

The broader Parkes Thrust Project currently hosts a 166koz Gold Mineral Resource based on historical data only, which does not yet include 88 Adavale drill holes completed to date, with an updated Mineral Resource Estimate scheduled for the September quarter.

Highlights

The historical drilling reviewed in the announcement was completed primarily by third party explorers, with most undertaken under a joint venture between Michelago Resources NL and Sipa Exploration NL during the 1990s.

According to the company, the exploration tenure surrounding the London Victoria Mining Licence was not held by the operator of the London Victoria Gold Mine at the time, with the result that the joint venture drilling data was not included in Adavale's drill hole database.

The historical drilling compilation comprises 188 drill holes for 11,529m, including shallow aircore and reverse circulation drilling with an average depth of 61m.

The historical drilling compilation identified gold mineralisation across Drapers, Nibblers Hill, Waterhouse, Somers, Armstrongs and McGuiggans. At Drapers, historical hole DR02 returned 11m @ 4.94g/t Au from 9m.

The company states the hole was drilled to a depth of 20m and that the mineralised intersection remains open at depth.

At Nibblers Hill, historical hole NB05 returned 9m @ 4.90g/t Au from 28m, while Waterhouse returned 4m @ 4.55g/t Au from 4m in WH002.

According to the company, Somers comprises a 2.4km coherent gold soil anomaly located parallel and adjacent to the London Victoria Gold Mine.

The compilation includes 71 historical drill holes within the anomaly, with significant intersections including 8m @ 3.20g/t Au from 36m, 4m @ 4.02g/t Au from 36m and 7m @ 2.14g/t Au from 33m.

Armstrongs, which the company describes as the most extensively drilled of the satellite opportunities identified in the compilation, returned multiple mineralised intersections including 32m @ 0.93g/t Au from 24m, 18m @ 1.29g/t Au from 98m, 22m @ 1.05g/t Au from 8m, 30m @ 0.77g/t Au from 41m and 26m @ 0.87g/t Au from 28m.

Adavale Managing Director David Ward said,

“These 6 prospects sit right on London Victoria’s doorstep and complement the high grade Victoria South Prospect where historic drilling returned 6m @ 41.3g/t Au. The prospects are along strike and parallel from the existing resource and within reach of existing infrastructure. They give us a clear pipeline of high quality targets to drill test as we build out the broader scale and development potential of the Parkes Project.”

The company's disclosed next steps include continued brownfields drilling at London Victoria, where 2 drill rigs remain active, together with metallurgical testing, preliminary scoping studies, geophysical surveys and completion of an updated Mineral Resource Estimate by mid 3Q CY26.

The announcement also outlines planned work at the Calarie Gold Mining Licence and regional exploration targets across the broader Parkes Project.