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Adavale Resources (ASX:ADD) is ramping up exploration at the Parkes gold-copper project in New South Wales after the explorer identified multiple high-quality targets close to the London–Victoria gold mine.
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A detailed review of historic soil geochemistry at London–Victoria confirmed a compelling and low-risk pathway to rapidly expand the existing 115,000 ounce inferred mineral resource estimate (MRE).
The targets have been defined to have footprints comparable in scale and tenor to those associated with the known London–Victoria mineralisation.
Adavale’s MD, David Ward, said their position along the interpreted shear zone, and within the immediate mine corridor, materially increases the likelihood of successful drill conversion into additional mineral resources.
“This work continues to demonstrate that the London–Victoria system is far from closed off, with multiple coherent soil gold anomalies now defined along the interpreted shear corridor and immediately adjacent to the existing resource. Importantly, these anomalies show strong spatial correlation with favourable structural positions identified through our evolving geological model,” he said.
“The integration of soil geochemistry with high-resolution drone magnetics is allowing us to resolve subtle structural features, including parasitic fold geometries and repeated mineralised positions, which are emerging as key controls on gold distribution.”
Mr Ward told Adavale shareholders that Victoria South is a clear example of where a well-defined anomaly with results up to 600 parts per billion (ppb) gold aligns with an interpreted repeated structural position.
“The model-driven approach is significantly increasing our confidence in target ranking and drill positioning, and we see strong potential for future near-mine drilling to advance these anomalies to add to the inventory.”
He added that critically, the near-mine targets are being advanced through a model-driven exploration approach, underpinned by a rapidly evolving understanding of the structural controls on gold mineralisation at London–Victoria.
The explorer’s CEO, Allan Ritchie, also told shareholders the structural model will be actively extrapolated into the near-mine environment through integration with high-resolution drone magnetic data when complete.
Mr Ritchie today added that the expanding drone magnetic survey is enabling detailed mapping of subtle structural features, including shear zones, fold hinges, and potential repetitions of favourable mineralised positions, which are not readily apparent from surface mapping alone.
A second drill rig is due to start work imminently.
ADD is down -2.33% to 4.2¢ today.
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