Adavale Resources (ASX:ADD) phase 2 drilling targets growth at London Victoria

Adavale Resources has begun a high conviction second phase drilling program at the London Victoria Gold Mine within its Parkes Gold Copper Project in New South Wales, following a maiden campaign that delivered the strongest gold intercept recorded at the operation in 30 years.

The work builds on detailed structural mapping and modelling that has clarified the controls on mineralisation over a 1.5km strike length within the open pit.

Highlights

• Second phase drilling has commenced at the London Victoria Gold Mine.

• Program comprises ~2,300m of reverse circulation drilling across approximately 10 holes in the southern portion of the 1.5km long pit.

• Drilling follows phase 1 hole ALRC014, which returned 48m @ 0.82g/t Au from 133m, including 25m @ 1.2g/t Au from 144m, around 100m below the pit floor and outside the current JORC Mineral Resource Estimate of 3.14Mt @ 1.06g/t Au for 107koz.

• Structural geology interpretation shows gold mineralisation controlled by a major east dipping shear and associated anticline with an interpreted folded and stacked sequence that repeats in parallel at depth and plunges to the south.

• Program led on site by Managing Director David Ward, who has 30 years of industry experience and a record of exploration outcomes across the Lachlan Fold Belt.

The new campaign is designed to test a series of high conviction growth targets in the southern part of the pit, where the structural model and prior drilling indicate potential extensions beneath existing workings.

The company plans approximately 10 holes for ~2,300m of reverse circulation drilling, with specific holes positioned to probe the >1g/t Au zone immediately below the pit floor, targeting extensions to the mineralisation intersected in ALRC014 within the mineralised shear corridor.

Phase 1 drilling at London Victoria established the reference point for this follow up work. Hole ALRC014 delivered 48m @ 0.82g/t Au from 133m, including 25m @ 1.2g/t Au from 144m, and demonstrated mineralisation extending about 100m below the pit floor and outside the current JORC Mineral Resource Estimate of 3.14Mt @ 1.06g/t Au for 107koz.

The company reports that the controls on mineralisation in ALRC014 are strongly supported by the recently completed 3D structural geology model.

Executive Chairman and CEO Allan Ritchie frames the significance of the program, stating that

“this drilling program is the most technically informed Adavale has undertaken at London–Victoria to date. Structural mapping shows that gold mineralisation extends over 1.5km of strike and is controlled by a major east-dipping shear and associated anticline. Importantly, the folded and stacked sequence is interpreted to repeat in parallel at depth and plunge to the south, materially increasing the scale and growth potential of the system.”

Operationally, the drilling program is scheduled to continue until 18 December 2025, with assays expected in January or February 2026.

The company notes that the work will be directly overseen by recently appointed Managing Director David Ward, who brings 30 years of experience and a proven record of delivering exploration outcomes across the Lachlan Fold Belt.

Following receipt and assessment of results, Adavale Resources will consider commencing a phase 3 program.

At the project scale, London Victoria sits within the broader Parkes Project, which comprises five granted exploration licences covering ~371.39km² in the Macquarie Arc of the Lachlan Fold Belt, described as a Tier 1 mining jurisdiction that hosts operations such as Cadia Ridgeway with 35.1Moz Au and 7.9Mt Cu and Northparkes with 5.2Moz Au and 4.4Mt Cu, located adjacent and directly west of the Parkes Project.

The London Victoria work is accompanied by ongoing geochemical survey planning, further prospect reconnaissance and preparation for magnetic surveys, including at areas such as Parkvale South, No Mistake, The Dish and the northern areas of Front Gate.

Looking ahead, the phase 2 program at London Victoria is structured to test both depth and strike potential within a structurally controlled corridor that has already delivered wide gold intercepts beneath the existing pit.

With assays expected early in 2026 and a possible phase 3 campaign under consideration, the results are likely to inform the trajectory of Adavale’s work across the Parkes Project within a well established gold and copper district.

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