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- 100% scrip acquisition of four licences.
- Combined JORC-compliant resources will total 165,796 ounces of gold.
- Significant exploration upside remains at Calarie.
- Adavale well-funded to progress exploration at project.
Adavale Resources (ASX:ADD) has made a strategic acquisition to advance its gold and copper focus on the highly-prospective Lachlan Fold Belt of New South Wales.
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The company has entered into three agreements to acquire a package of three exploration licences and a mining licence contiguous to Adavale’s existing Parkes project area. The acquisition includes an established inferred gold resource of 0.87 million tonnes (Mt) at 1.83 grams per tonne (g/t) for 50,796 ounces.
Adavale’s managing director, David Ward, said the deal materially consolidates the company’s landholding across the broader Parkes mineralised belt.
“This acquisition firmly establishes Adavale as a dominant landholder across the Parkes Thrust of the Lachlan Fold Belt. The inclusion of the Calarie Gold resource is complementary to the existing London– Victoria project, increasing Adavale’s global gold resources to 166,000 ounces,” he explained.
“Importantly, Calarie delivers a high-grade resource on a granted Mining Licence and is located within close trucking distance of London–Victoria, providing potential future development and operational synergies.
“The board is particularly encouraged by the significant exploration upside at Calarie, where both historical and recent drilling has returned multiple high-grade gold intercepts. These results highlight the potential for resource growth and grade improvement through targeted follow-up drilling.”
Mr Ward said the enlarged package enhances the potential for a district-scale discovery and supports a more integrated exploration strategy, including resource growth, target generation and regional-scale geological understanding.
EC and CEO, Allan Ritchie, said the acquisition is considered highly strategic, combining a granted mining licence hosting an established 51,000 ounces gold resource with substantial exploration upside, all within a single, contiguous project footprint.
“The 100% scrip acquisition of a large, contiguous package materially enhances Adavale’s regional contiguous footprint to 610 sqkm and approximately 70 kilometres of strike along a proven gold corridor and strengthens the company’s ability to systematically explore and unlock belt-scale opportunities,” he said.
“Adavale is well funded to advance exploration across the project portfolio. The company’s immediate focus will remain on increasing and upgrading the London–Victoria resource, while systematically progressing the high-priority targets across the expanded Parkes tenure.”
ADD is up is up +3.37%, to 4.6¢. Mkt cap $14.91M.
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