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- Ashes and London-Victoria gold corridor consolidated
- Strategic tenement moves made with grant of EL9918 and transfer of EL9178
- Tenure expanded across the broader Ashes prospect area
- High-grade surface samples at Ashes including 9.2 g/t Au
Adavale Resources (ASX:ADD) has made strategic moves to consolidate its gold and copper exploration portfolio in the rich Lachlan Fold Belt of New South Wales.
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The company has been granted exploration licence EL9918, finalising the consolidation of the broader Ashes prospect area and completed the transfer of EL9178l – providing tenure control over the southern strike of the London-Victoria Shear Zone.
High-grade surface sample results from Ashes including 9.2 grams per tonne (g/t) gold have extended gold, silver, copper strike south-east into EL9918, building on previously reported high-grade rock chips.
“The 9.2 g/t Au surface result strengthens the Ashes prospect and confirms high-grade gold-copper-silver mineralisation extends into the newly granted EL9918,” MD, David Ward, said.
“The EL9178 transfer is equally important, it brings a highly prospective, largely untested corridor south of London-Victoria under Adavale’s direct control, where surface soil geochemistry has defined multiple priority areas ready for modern exploration and a number of walk-up drill targets.”
The Ashes prospect is located within Adavale’s Parkes gold-vopper project, in the Macquarie Arc of the Lachlan Fold Belt.
EL9918 covers the former ELA7017 area, which was applied for following Adavale’s acquisition of the southern 14 units of EL5675 from Alkane Resources, The area was identified as strategically important because the broader Ashes IP and geochemical target footprint extends toward and across the previous tenure boundary.
Executive chairman and CEO, Allan Ritchie, said the grant of EL9918 materially improves Adavale’s ability to explore Ashes by consolidating the broader prospect area into Adavale’s tenure position and providing clear 100% ownership of the newly granted licence.
“With EL9918 granted and the transfer of EL9178 complete, Adavale now holds a consolidated belt-scale gold-copper position along one of Australia’s most prospective corridors, from London-Victoria in the north through to Calarie in the south,” Mr Ritchie said.
“This consolidation is a real inflection point. It gives us direct control over multiple walk-up drill targets and allows us to advance both near-mine growth at London-Vicotria and district-scale discovery opportunities in parallel, a step-change in how efficiently we can unlock the full potential of the Parkes project.”
The successful transfer of EL9178 into Adavale’s 100% ownership secures a highly prospective extension of the London-Victoria gold corridor immediately south of the company’s flagship London-Victoria gold mine.
The licence covers approximately 20 sq. km of strategically located ground where geological interpretation indicates the continuation of the same structural and lithological corridor that hosts the existing 115,000 ounce London-Victoria mineral resource.
ADD was steady at 3.6¢ with a Mkt cap of $12.06M prior to markets opening.
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