Adavale Resources

Completion of Placement, Parkes Project Acquisition and Site Visit

Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce the successful completion of a 72.5% interest acquisition in the Parkes Gold and Copper Project (the “Project”), located in the Lachlan Fold Belt of NSW, Australia.


KEY HIGHLIGHTS

  • Completion of the acquisition of a 72.5% interest in the Parkes Gold-Copper Project (“Parkes Project”).
  • A 354.15km2 tenement holding, encompassing a geological setting that is considered highly prospective for structurally controlled gold and gold rich porphyry copper-gold mineralisation.
  • The Parkes Project is located at the intersection of the crustal-scale Lachlan Transverse Zone structural corridor with Early Ordovician-age Macquarie Arc Volcanics.
  • The Project is adjacent to the giant Northparkes porphyry-hosted copper-gold mine (5.2Moz Au & 4.4Mt Cu) [ASX:EVN] and in a similar tectono-stratigraphic setting to the world-class Cadia-Ridgeway copper-gold porphyry deposits (35Moz Au & 7.9Mt Cu) [ASX:NEM].
  • The key Project asset is the former London-Victoria gold mine located in EL 7242, which contains a remnant (unmined) Historical Estimate of 124koz Au**
  • EL7242 was recently successfully renewed until 7 November 2030.
  • The Adavale team and the Vendor have conducted a geological reconnaissance to the Project to inspect London Victoria drill core, meet with local landholders and geological consultants and also to carry out some initial rock chip sampling.
  • Completion of the placement allows Adavale to progress exploration at a number of target prospects within the Project and focus on upgrading the London-Victoria Historical Resource to a JORC compliant Mineral Resource.
  • Directors and Officers co-invest ~$100,000 (over 6%) of the Placement.

The Project comprises four exploration tenements for a total area of 354.15km2, that are prospective for orogenic, epithermal and gold-rich porphyry-style copper-gold deposits. The Project area is located within the prolific gold and copper producing Macquarie Arc portion of the Lachlan Fold Belt in central NSW. The Exploration Licences (‘EL’s’) are situated where Early Ordovician-aged Junee-Narromine Volcanic Belt rocks of the western part of the Arc are intersected by the crustal-scale structural corridor of the Lachlan Transverse Zone (‘LTZ’). Significantly, the LTZ is host to Tier 1 gold and copper mines, such as Northparkes (5.2Moz Au & 4.4Mt Cu) and Cadia Ridgeway (35.1Moz Au & 7.9Mt Cu) where it intersects Macquarie Arc rocks (Figure 1).

Commenting on the developments, Adavale Resources Executive Chairman and CEO, Mr Allan Ritchie, stated: “The successful completion of the acquisition and placement mark a pivotal step forward to advancing our activity with this world-class asset. The Vendor and the Adavale team along with our very experienced Lachlan Fold Belt geologists have just returned from an initial field trip and we are incredibly excited to start our exploration efforts at our highly prospective Parkes Project. We are very grateful to the shareholders for their continued support, Adavale’s Directors and Officers have also co-invested a further ~$100,000 (6%) in this placement and we look forward to providing regular updates from the Lachlan Fold Belt throughout the program ahead.”

Figure 1: Map of the central New South Wales Lachlan Fold Belt

The Parkes Project’s most advanced prospect is the former London-Victoria Gold Mine which saw estimated historical production by BHP Gold and Hargraves Resources of 200,000 to 250,000 ounces at a head grade of 1.5-2g/t Au. A non-JORC Historical Estimate of 3.7Mt at 1.04 g/t Au for 123.8koz Au is defined for London-Victoria (refer to Cautionary Statement1 below).

At London-Victoria, it is intended to utilise the existing drillhole database, augmented by a small number of new and well-targeted deeper holes, to estimate a Mineral Resource. This opportunity comes at relatively low cost and at a time of record gold prices. The London-Victoria Mine is located on EL7242 which has recently been successfully renewed until 7 November 2030.

The map of the Lachlan Fold Belt area in NSW (Figure 1) shows the location of Adavale’s newly acquired mineral tenure relative to significant copper and gold deposits, the Lachlan Transverse Zone and Ordovician volcanic belts of the Macquarie Arc Group. Note the Project’s proximity adjacent to the Northparkes mine at the intersection of the Lachlan Transverse Zone with the Junee-Narromine Volcanic Belt.


Click here for the full ASX Release

This article includes content from Adavale Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

ADD:AU
Adavale Resources

Adavale Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Adavale Resources (ASX:ADD)

Adavale Resources


Keep reading...Show less

Unlocking gold and copper in a Tier-1 mining jurisdiction, alongside a portfolio of uranium and nickel projects well positioned for the future.

Wide Gold Intercepts Confirm Open Mineralisation

Wide Gold Intercepts Confirm Open Mineralisation

Adavale Resources (ADD:AU) has announced Wide Gold Intercepts Confirm Open Mineralisation

Download the PDF here.

Shallow High-Grade Gold Intercepts Confirm Growth Upside

Shallow High-Grade Gold Intercepts Confirm Growth Upside

Adavale Resources (ADD:AU) has announced Shallow High-Grade Gold Intercepts Confirm Growth Upside

Download the PDF here.

Thistle Resources Corp.

St. Davids Capital Inc. and Thistle Resources Corp. Enter Definitive Agreement for Qualifying Transaction

St. Davids Capital Inc. (TSXV: SDCI.P) ("St. Davids" or the "Company") and Thistle Resources Corp. ("Thistle") are pleased to announce that, further to the news release dated July 10, 2025, they have entered into a definitive acquisition agreement dated September 15, 2025 (the "Acquisition Agreement") in respect of the previously announced arm's length "qualifying transaction" (the "Qualifying Transaction"), as such term is defined in Policy 2.4 - Capital Pool Companies of the TSX Venture Exchange (the "TSXV") Corporate Finance Manual. In this news release, the term "Resulting Issuer" refers to the Company after the closing of the Qualifying Transaction.

Thistle Resources Corp.

Keep reading...Show less
Gold bar on top of many gold nuggets.

How to Use Gold Investments as a Hedge

It can be tempting for investors to focus on specific assets or strategies when building an investment portfolio, but those taking a long-term approach will want to diversify in order to balance out potential portfolio instability.

Gold has a reputation for being a reliable diversifier because it can act as a hedge against various risks.

For those unfamiliar with the term, put simply, a hedge is an investment position whose main purpose is to offset potential losses or gains related to another asset. But how does that work, and what's the best way to get exposure to gold as a hedge?

Keep reading...Show less
Red stamp on paper with "approved" in bold red letters.

Brightstar Resources Gets Approval for Lord Byron Open-pit Mining Proposal

Brightstar Resources (ASX:BTR,OTCQB:BTRAF) said on Monday (September 22) that the Department of Mines, Petroleum and Exploration has approved its mining proposal and mine closure plan for the Lord Byron project.

Lord Byron is located approximately 85 kilometres southeast of Laverton, Western Australia.

The gold asset was acquired by Brightstar as part of its purchase of Linden Gold in July 2024.

Keep reading...Show less
Gareth Soloway, gold, silver and Bitcoin.

Gareth Soloway: Gold's Next Price Target, Plus Silver and Bitcoin Calls

Gareth Soloway of VerifiedInvesting.com shares price targets for gold, silver and Bitcoin.

He also discusses the health of the US economy and shares concerns about the stock market.

Keep reading...Show less
Three gold bars on price chart with magnifying glass.

What Was the Highest Price for Gold?

Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.

The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has pushed the precious metal to record highs as market participants seek its perceived security.

And each time the gold price rises, there are calls for even higher record-breaking levels.

Keep reading...Show less
Prince Silver (CSE:PRNC)

Prince Silver Announces Approved to Commence Trading on OTCQB

Prince Silver Corp. ("Prince" or the "Company") (CSE:PRNC)(OTCQB:PRNCF) is pleased to announce that it has been approved for trading on the OTCQB Venture Market ("OTCQB") effective September 24, 2025. The shares trade on the OTCQB under trading symbol "PRNCF". The Company's shares will continue to trade on the Canadian Securities Exchange (CSE) under the symbol "PRNC"

"Trading on the OTCQB gives Prince enhanced access to the U.S. capital markets and makes it easier for American investors to participate in our Nevada based silver growth story" said Ralph Shearing, President of the Company.

Keep reading...Show less
Adavale Resources

Adavale Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News