Adavale Resources (ASX:ADD) completes Phase 2 drilling at London-Victoria

Adavale Resources has closed out 2025 with the completion of a focused Phase 2 reverse circulation drilling program at its brownfields London-Victoria Gold Mine near Parkes in central New South Wales, marking a further step in its effort to grow the existing gold inventory and advance technical understanding of the deposit.

The program forms part of a broader strategy to strengthen the geological and development case at London-Victoria while maintaining parallel momentum across the wider Parkes Gold-Copper Project portfolio.

Highlights

• 2,411m of Phase 2 RC drilling completed across 12 holes at the London-Victoria Gold Mine.

• Drilling targeted resource growth and validation of structural controls on mineralisation.

• Follow-up of ALRC014, which previously intersected 48m @ 0.82g/t Au from 133m, including 25m @ 1.2g/t Au from 144m.

• Existing Mineral Resource of 3.14Mt @ 1.06g/t Au for 107koz Au at a 0.5g/t cut-off.

• Samples dispatched in 2 batches, with assay results expected early in the New Year.

• Greenfields work progressed at the Corner and Parkvale South prospects.

The Phase 2 program was completed on 18 December, with drilling designed to test mineralisation immediately below the existing pit floor and along strike within the established shear corridor.

This work builds on a growing technical dataset that includes historic BHP grade control drilling and recent independent structural studies, which together indicate that the mineralised system remains open at depth and plunges to the south.

The targeting rationale reflects a deliberate attempt to move beyond incremental step-outs and instead interrogate the structural architecture that underpins gold distribution at London-Victoria.

Adavale Resources Managing Director, Mr. David Ward commented,

“The Phase 2 drilling program was designed to validate the high-quality technical work completed
previously, with the objective of improving our understanding of the structural controls on mineralisation as well as adding to the existing MRE. I am satisfied with the operational progress achieved on the ground. The drilling was following up strong results from ALRC014, which intersected 48m of gold mineralisation 100m below the pit floor. Multiple compelling targets remain untested across a 1.5km strike length, providing significant scope for follow-up drilling campaigns and further Resource growth. In parallel with work completed at London-Victoria, we have also advanced our Corner and Parkvale South greenfields prospects, consistent with our strategy of maintaining a robust pipeline of gold and copper opportunities.”

The drilling followed up the deeper ALRC014 intersection, located around 100m below the pit floor, reinforcing the view that the system extends well beyond the limits of historical mining.

London-Victoria sits within the Lachlan Fold Belt, a region that hosts several established gold and copper operations, and benefits from a brownfields setting with existing access and historical production.

Between 1988 and 1996, open pit mining at the site produced 145,000oz of gold at an average grade of 1.5g/t Au, before operations ceased during a period of lower gold prices.

Adavale’s current Mineral Resource Estimate, announced in May 2025, provides a defined base from which further drilling can seek to increase scale and continuity.

Alongside the brownfields focus, Adavale continues to advance greenfields opportunities across the Parkes Project area.

Ground magnetics have been completed at the Corner Prospect, where recent reconnaissance rock chip sampling returned results of 1.16g/t Au, 1.82g/t Au and 1.55g/t Au from quartz veining exposed at surface.

At Parkvale South, ground magnetics are underway following earlier rock chip results of up to 22.2g/t Au, highlighting the company’s intention to maintain a pipeline of targets beyond London-Victoria.

With assay results pending and further drilling programs to be planned once results are received, attention will increasingly turn to the next phase of technical work.

Adavale has outlined metallurgical assessments and a scoping study in 2026 to assess potential development and production pathways for London-Victoria.

In the context of sustained gold price strength and renewed interest in brownfields redevelopment, the company’s near-term focus remains on converting geological insight into a clearer view of scale, continuity and development optionality within the Parkes district.

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