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- Adavale Resources (ADD) securities have lifted amid the announcement that work will soon begin at its South Australia uranium licences
- Shares jumped more than 20 per cent during the first hour of trade after ADD confirmed exploration work would begin mid-October
- The materials stock plans to carry out 1100 line-kilometres of ultra high-resolution gamma surveying to define known surface anomalies
- ADD will also carry out geological sampling as it looks to upgrade the historic exploration results to comply with JORC 2012 standards
- Shares in Adavale are trading 16.7 per cent in the green at 7.7 cents at 12:30 pm AEST
Adavale Resources (ADD) securities have lifted amid the announcement that work will soon begin at its South Australia uranium licences.
ADD shares jumped over 20 per cent during the first hour of trade on Thursday after the company confirmed exploration work would begin mid-October, 2021.
The materials stock owns three tenements as part of its Lake Surprise Project, with the upcoming exploration work to target untested areas.
Among the work to be carried out is a 1100 line-kilometres of ultra high-resolution gamma surveying to define known surface anomalies.
ADD will also carry out geological sampling and analyses to help follow-up on historic portable XRF values.
The work program is designed to help Adavale upgrade the historic exploration results at Lake Surprise to comply with JORC 2012 standards.
Chairman Grant Pierce said despite the disruption of COVID-19 related border closures, work would soon kick off.
“We are rather excited to be finally preparing for the commencement of this
uranium program in South Australia,” Mr Pierce said.
“We have been in a state of readiness for some six months but as experienced by many exploration companies in Australia, COVID cross-border travel restrictions disrupted the best laid plans.
“It will be great to see some new results on these licences that show so much promise.”
Shares in Adavale are trading 16.7 per cent in the green at 7.7 cents at 12:30 pm AEST.
