Join our daily newsletter At The Bell to receive exclusive market insights
Adavale Resources (ASX:ADD) has added a strategic tenure next to its existing Parkes gold-copper project in NSW. The complementary acquisition covers two areas made up of 14 southern units of licence EL5675 adjacent to the Ashes Prospect (EL8831) and EL9178 immediately south of the London-Victoria gold mine title.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
“Acquisition of the adjacent tenement package strengthens Adavale’s regional position, expanding its footprint from 380 sq. km to 440 sq. km and consolidating approximately 56km of strike along the highly prospective and proven Parkes thrust gold corridor,” said Adavale’s MD, David Ward, today.
“This also minimises the impact of the Ashes prospect proximity to the EL boundary and extends the prospective strike of the London-Victoria gold corridor.”
The New South Wales tenure package was acquired from Alkane Resources for 100% scrip, with that company becoming an important shareholder.
“Alkane’s decision to retain exposure in Adavale is a strong endorsement of the quality and upside of the expanded tenure, and Adavale is pleased to welcome Alkane as a shareholder,” Adavale’s chief, Allan Ritchie, said.
“With the recent $5.15 million raise, Adavale is now fully funded to aggressively advance exploration across its project portfolio,” Mr Ritchie continued. “Our immediate focus remains growing and upgrading the resource at our brownfield near-term production opportunity at London-Victoria, while swiftly and systematically progressing high-priority targets across the expanded Parkes tenure.”
Following completion of this February acquisition, the Australian company will now undertake a structured review of prospect priorities across the expanded Parkes project, integrating geochemical, geophysical and structural datasets to refine targeting and sequence future exploration activities.
The review will mainly focus on assessing brownfields extensions and regional opportunities, ensuring Adavale’s capital is directed toward the highest-priority targets within the enlarged tenure position.
The company will also soon be re-evaluating the Ashes IP survey, in light of the expanded tenure, and reassess the broader area, with the view to potentially drill testing existing anomalism and extending the geochemical and geophysical surveys across what is now a consolidated exploration area.
ADD is up +4.17% at 5c. Mkt cap $15.79M.
Join the discussion: See what HotCopper users are saying about Adavale Resources Ltd and be part of the conversations that move the markets.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
