KEY HIGHLIGHTS
Parkes Gold and Copper Mission, NSW
- All-scrip acquisition of 72.5% curiosity within the Parkes Gold and Copper Mission situated within the Lachlan Fold Belt of NSW, Australia
- Instant give attention to the London-Victoria Gold Mine, with historic estimates of three.70Mt @ 1.04g/t Au for 124koz gold1
- Diamond drilling accomplished in November 2024 demonstrates potential 12m thick down-dip extension of the London-Victoria mineralisation
- Parkes Mission acquisition was accomplished in January 2025 with the London- Victoria tenement EL7242 efficiently renewed till November 2030
Uranium Exploration Actions, SA
- Cultural Heritage survey finalised at MacDonnell Creek (SA) with 2,000m Uranium drilling program anticipated to start in Q2 2025
Company
- $1.675 million capital elevating to skilled and complex traders with Administrators and Officers co-investing ~$100,000 (over 6%) of the Placement to advance the Parkes Mission introduced through the quarter
- Mr. Allan Ritchie transitioned to Govt Chairman on 31 October 2024
- Adavale maintains a robust steadiness sheet following completion of the Tranche 2 Placement in January 2025
Adavale’s Govt Chairman and CEO, Mr. Allan Ritchie commented:
“The completion of each the Parkes Gold and Copper Mission acquisition and up to date Placement is a important step ahead for Adavale, with sufficient funding for exploration and drilling on the quite a few extremely potential targets throughout our 4 licences situated within the Lachlan Fold Belt, a Tier 1 mining jurisdiction. One in all Adavale’s licences additionally consists of the London Victoria historic mine with a historic useful resource of 124koz Au that Adavale will work on upgrading to JORC-qualifying standing.
As well as, the Adavale crew have simply returned from a website go to and are very excited with the Parkes Mission and the chance it presents to develop strong shareholder worth and we sit up for offering common updates from the Parkes Mission all through the exploration packages forward.”
Parkes Gold and Copper Mission (NSW)
Through the quarter, Adavale introduced the acquisition of a 72.5% curiosity within the Parkes Gold and Copper Mission (“Parkes Mission”) on 29 November 2024. The acquisition was accomplished in January 2025. Consult with ASX announcement dated 29 November 2024 for the phrases of the acquisition.
The Parkes Mission is situated throughout the prolific gold and copper producing Macquarie Arc portion of the Lachlan Fold Belt in central NSW – internet hosting a few of Australia’s most prolific gold and copper mines. The acquisition consists of 4 exploration tenements that embody a complete of 395km2 in an space that’s adjoining to the Northparkes copper gold-mine, in addition to Cadia-Ridgeway – a world-class deposit for copper and gold mineralisation.
The Exploration Licences (‘EL’s’) are located the place Early Ordovician-age Junee-Narromine Volcanic Belt rocks of the western a part of the Arc are intersected by the crustal-scale structural hall of the Lachlan Transverse Zone (‘LTZ’). Considerably, the LTZ is host to Tier 1 gold and copper mines, similar to Northparkes (5.2Moz Au & 4.4Mt Cu) and Cadia-Ridgeway (35.1Moz Au & 7.9Mt Cu) the place it intersects Macquarie Arc rocks (Determine 1).
The Parkes Mission’s most superior prospect is the previous London-Victoria Gold Mine which noticed estimated historic manufacturing by BHP Gold and Hargraves of 200,000 to 250,000 ounces at a head grade of 1.5-2g/t Au. A Historic Estimate of three.7Mt at 1.04g/t Au for 123.8koz Au was outlined for London-Victoria.
At London-Victoria, it’s supposed to utilise the present drillhole database, augmented by a small variety of new well-targeted deeper holes, to estimate a Mineral Useful resource. This chance comes at comparatively low price and at a time of document gold costs. Current diamond drilling on the mine intersected a 12m potential down-dip extension of the deposit to be confirmed with assay outcomes anticipated quickly.
Along side the acquisition of the Mission, Adavale acquired binding commitments to boost $1.675 million (earlier than prices) via a placement to new and present subtle {and professional} traders. Proceeds from the Placement will likely be used to speed up exploration actions throughout the Parkes Mission with a primarily give attention to growing and upgrading the London-Victoria useful resource to JORC-qualifying standing.
Click on right here for the complete ASX Launch
This text consists of content material from Adavale Assets, licensed for the aim of publishing on Investing Information Australia. This text doesn’t represent monetary product recommendation. It’s your duty to carry out correct due diligence earlier than appearing upon any info supplied right here. Please confer with our full disclaimer right here.
