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- Assays from a further 11 RC holes
- Results continue to demonstrate the continuity of gold mineralisation
- Intercepts below the existing 1.5km-long open pit at London-Victoria
- Highlighted intercepts span across 700m of the 1.5km open pit strike
Adavale Resources (ASX:ADD) has received promising assays from a further 11 reverse circulation holes completed as part of the ongoing resource drillout at the London-Victoria gold mine in NSW.
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Highlights include 31m at 1.29 grams per tonne (g/t) gold from 133m. Notably the intercept was 16m below the pit floor, highlighting the potential for near term production.
“These latest results reinforce what the systematic drillout is showing us, gold mineralisation is consistently developed below the London-Victoria pit across multiple sections. ALRC070’s 31-metre intercept at 1.29 grams per tonne, commencing just 16m below the pit floor, is a strong result in its own right, while the broad intervals in ALRC060 and ALRC061 demonstrate the continuity and scale of the mineralised package,” MD, David Ward, said.
“Importantly, this is not dependent on a single standout hole. The repeated intersections across the whole 1.5km strike of the open pit are increasing drill density and strengthening our geological interpretation ahead of the planned Mineral Resource update. London-Victoria continues to demonstrate the attributes of a substantial brownfields gold system, providing a clear foundation for further growth.”
Assay results have now been received comprising 11 RC holes for a total of 2,394m. These holes form the next batch from Adavale’s systematic resource drillout beneath the 1.5km-long London-Victoria open pit.
Most holes returned reportable gold mineralisation. The results occur across six drill sections spanning approximately 700m of northing and add drill density through the northern, central and southern parts of the deposit.
The broad intersection of 31m at 1.29 g/t gold in ALRC070 is considered particularly significant by the company due to its shallow position immediately beneath the existing London–Victoria open pit.
Adavale believes this mineralisation could potentially be accessed early in a future pit cutback and provide an important source of initial plant feed during the establishment of mining operations.
The additional drilling is increasing data density below the open pit which will be incorporated into the geological model and add to the planned mineral resource update this quarter. Drilling remains active, with additional assay results to be reported following receipt, validation and interpretation.
ADD was up 5.56% to 3.8¢. Mkt cap $12.06M.
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