
January 27, 2025
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.
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The Conversation (0)
12 May
Adavale Resources
Investor Insight
Adavale Resources’ transformative January 2025 acquisition of gold and copper assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
Overview
Adavale Resources (ASX:ADD) is a dynamic junior exploration company primarily focused on its flagship gold and copper projects in New South Wales (NSW), within the prolific Lachlan Fold Belt. This portfolio spans 354.15 sq kmand comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Parkes Project in the Lachlan Fold Belt
In addition to gold and copper, Adavale boasts extensive uranium assets in South Australia and nickel projects in Tanzania. These diversified holdings place the company at the forefront of exploration across commodities critical for global industrial and technological advancement.
Adavale Resources is poised for significant growth as it advances its gold and uranium projects through strategic drilling programs in 2025. With a robust exploration pipeline, world-class assets in tier-one jurisdictions, and a leadership team aligned with shareholder interests, the company is well-positioned to capitalise on favourable commodity trends.
Company Highlights
- A junior explorer, with projects in tier-one jurisdictions; focused on gold and copper, Adavale also holds valuable uranium and nickel licences .
- The January 2025 acquisition of the Parkes project in the Lachlan Fold Belt, spanning 354.15 sq km, strategically positions Adavale to expand on the historic orogenic gold resource (124 koz gold) and make a major epithermal and/or porphyry gold and copper discovery in this tier-1 mining jurisdiction. The Lachlan Fold Belt assets are strategically located near world-class mining operations, including Cadia, Northparkes and Cowal.
- The company’s extensive uranium tenements span 4,959 sq km across the Flinders Ranges and Eyre Peninsula, regions known for hosting tier-one uranium deposits.
- Adavale’s nickel projects in Tanzania’s East African Nickel Belt are strategically located adjacent to the Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit.
- Drilling and resource-definition programs in 2025 will target key gold, copper and uranium assets, building on the company’s diversified growth strategy.
Key Projects
Gold and Copper – Lachlan Fold Belt, NSW
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Exploration activity in 2024 included diamond drilling, which intersected a 12-meter-thick zone of quartz-carbonate veining and shearing, consistent with high-grade mineralisation seen in historical operations. Assay results from this program are pending and expected to provide critical insights for resource expansion.
In addition to the London-Victoria gold mine, the Ashes Prospect (EL8831) has returned high-grade rock chip samples, including results of 8.8 g/t gold and 5.5 percent copper. Similarly, the Birthday mine (EL8830) boasts historical grades averaging 11 g/t gold. The 2025 exploration strategy focuses on resource definition and advancing London-Victoria to JORC-compliant status, testing extensions, and unlocking additional mineralised zones at these prospects, supported by advanced geophysical and geochemical surveys.
Uranium – South Australia
Adavale holds 4,959 sq kmof uranium-rich tenements across the highly prospective Flinders Ranges outwash and Eyre Peninsula, regions known for hosting tier-1 uranium deposits. Historical drilling has revealed promising results, including intercepts of 1 metre at 263 parts per million (ppm) eU3O8 and 0.65 meters at 235 ppm eU3O8. These results underscore the region’s potential to host significant uranium resources.
The company is advancing its maiden 2,000 metre air core drilling program in Q1 of 2025, targeting paleochannel extensions and uranium redox boundaries, which have been identified through advanced geophysical surveys. Adavale’s uranium portfolio is particularly well-positioned to benefit from increasing global demand for uranium, driven by geopolitical factors, rising nuclear energy investment globally, and surging prices, which reached $106/lb in early 2024.
Nickel – East African Nickel Belt, Tanzania
Adavale’s nickel portfolio includes 1,315 sq km across 12 highly prospective exploration licences in Tanzania’s East African Nickel Belt. It is strategically located next to and along strike of the world-class Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit. Recent exploration at the Luhuma Central prospect has confirmed nickel sulphides in all five drill holes completed, with mineralisation trends extending southwest.
The company employs a combination of geophysical methods, including gravity, magnetics and Heli-EM surveys, to refine its understanding of subsurface structures and identify high-priority drill targets. Adavale’s ongoing exploration in this globally significant nickel belt is expected to build on recent successes, advancing resource definition and project development, making the company well-positioned to make a significant contribution to the global demand for battery metals.
Leadership Team
Allan Ritchie - Executive Chairman and CEO
Allan Ritchie is a seasoned executive with more than 30 years of experience in corporate finance and resource management, including as director and officer of ASX and HK listed companies. Ritchie’s distinguished career spans both the energy, resources, and investment banking sectors, and includes leadership roles in both private and publicly listed companies.
Ritchie has served as non-executive director of ASX listed Hydrocarbon Dynamics (ASX:HCD), and executive director and deputy CEO of HK listed energy group, EPI Holdings (0689.HKEX).
Ritchie’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. His investment banking achievements have been recognised several times at the top of BRW’s annual poll of bankers.
Ritchie graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate diploma in Applied Finance from the Financial Services Institute of Australia.
Maurice (Nic) Matich - Non-executive Director
Maurice (Nic) Matich is a mechanical engineer and finance professional with over 17 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier-1 mining companies with operations in lithium, iron ore, mineral sands, gold and kaolin.
Matich previously served as managing director of Pinnacle Minerals (ASX:PIM) and executive director of Heavy Minerals (ASX:HVY), delivering both a maiden resource and scoping study (NPV8 $253M) for the Port Gregory project.
He holds a Bachelor of Engineering with Honours, Bachelor of Science (Phys/IT) and a graduate diploma in Applied Finance and is a graduate of the AICD.
David Ward - Non-executive Technical Director (Geologist)
David Ward is a seasoned geologist and mining industry executive with over 25 years of experience encompassing early-stage exploration, project development through to open pit and underground mining. For the last 8 years, he served as chief geologist of private company, Bacchus Resources. Ward was instrumental in defining over 950Koz of gold resources in the NT, while overseeing the development of other exploration assets in the NT, QLD and NSW. These assets were then incorporated into key projects for multiple ASX-listed exploration companies.
In addition to his success at Bacchus Resources, Ward has played key exploration and operational technical roles in several companies, including Newcrest Mining, as Production and Resource Definition Geologist for the Cadia Gold Mine and Clancy Exploration as senior exploration geologist overseeing porphyry and epithermal exploration in the Lachlan Fold Belt NSW.
Leonard Math - CFO & Company Secretary
Leonard Math is a chartered accountant with extensive experience managing financial operations for ASX listed resources companies. He graduated with a Bachelor of Business (double major in accounting and information systems) from Edith Cowan University in 2003 and became a chartered accountant in September, 2008. He has held multiple director, CFO and company secretary roles in the resources sector, most recently with Summit Minerals (ASX:SUM).
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The operation has been producing since 2015, though the incident occurred in a non-producing development zone.
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Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Falco owns about 67,000 hectares of land package in the Abitibi, Lessard noted. “That gives us the possibility to increase additional resources closer to the surface, add some feed to the central mill of the Horne 5 project, and that will increase the life of mine.”
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