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- Assays from further five drillholes at London-Victoria returned an exceptional intercept
- Hit 19m at 4.0 g/t of gold in highlight intersection
- Continued broad gold intercepts below the existing 1.5km-long open pit
- High-grade intersection lies well outside the existing MRE
Adavale Resources (ASX:ADD) has reported promising assay results from a further five drillholes completed at the London-Victoria gold mine in the Lachlan Fold Belt region of NSW.
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The program of four reverse circulation holes and one diamond drillhole for 1,156m included an exceptional intercept of 19m at 4.0 grams per tonne (g/t), including 1.0m at 52.6 g/t, along with continued broad gold intercepts below the existing 1.5km-long open pit.
“This is an exceptional result for London-Victoria. A broad intersection of 19m at 4.00 g/t gold, including 4.0m at 15.02 g/t, is significant in its own right, and its location well outside the existing mineral resource envelope makes it particularly important,” MD, David Ward, said.
“The current 115,000 ounce mineral resource estimate is based entirely on historical drilling and contains none of the 85 drillholes now completed by Adavale.
“With assay results from only five holes remaining from the current resource drilling program, we are approaching the point where this substantially expanded dataset can be incorporated into an updated geological model and mineral resource estimate.”
Mr Ward said the upcoming MRE will provide the first comprehensive measure of the impact of Adavale’s drilling.
“This new high-grade intersection, together with the broad and consistent mineralisation encountered throughout the program, reinforces the opportunity to materially advance the scale and economics of the London-Victoria gold deposit.”
The high-grade intersection lies well outside the modelled limits of the current London-Victoria MRE and Mr Ward said its position demonstrates that significant high-grade mineralisation continues beyond the area defined by the historical drilling used in the current resource estimate.
Following receipt and validation of the final assays, the complete Adavale drilling dataset will be incorporated into an updated geological interpretation and mineral resource model. Completion of the updated London-Victoria MRE is targeted in the coming weeks.
ADD was up 14.3% to 4.0¢. Mkt cap $13.79M.
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