How Is Adavale Unlocking Value at Parkes with New Drilling and Surveys?

Exploration Momentum Builds at Parkes Project

Adavale Resources Limited (ASX – ADD) has reported significant progress at its Parkes Gold and Copper Project in New South Wales, reinforcing its dual strategy of advancing brownfields assets while exploring greenfield opportunities. The company has commenced a maiden resource extension drilling program at the London Victoria Mine, aiming to expand its recently established JORC mineral resource estimate.

The 10-hole, 2,200-metre reverse circulation drilling campaign is designed to test extensions of the existing mineralisation, which currently stands at 115,000 ounces of gold, including a higher-grade component of approximately 107,000 ounces at 1.06 grams per tonne gold. This drilling represents a critical step in validating and potentially upgrading the resource base, which could enhance the project's economic prospects.

Systematic Prospect Assessments Across Multiple Targets

Alongside drilling, Adavale's geological team has conducted further reconnaissance and sampling at several key prospects within the Parkes Project area. Notably, rock chip sampling at Parkvale South has followed up on a previous high-grade assay of 22.2 grams per tonne gold, underscoring the prospect's potential. Additional reconnaissance was carried out at the Cunich Prospect and the Golden Bar area, both of which exhibit promising geological signatures.

At the historic Koh-I-Noor Mine, drone photogrammetry surveys have mapped the east-west orientation of old workings, complementing initial rock chip sampling. This mine is known for exceptionally high gold grades, reportedly up to 43.8 grams per tonne, which adds an intriguing dimension to Adavale's exploration portfolio.

Strategic Positioning in a Tier-1 Mining Jurisdiction

The Parkes Project covers approximately 371 square kilometres within the Lachlan Fold Belt, a world-class geological province that hosts major operations such as Cadia Ridgeway and Northparkes. Adavale's tenements are strategically located adjacent to these giants, offering significant exploration upside given the region's proven endowment of gold and copper mineralisation.

Adavale’s Executive Chairman and CEO, Allan Ritchie, emphasised the company’s commitment to a two-pronged approach – advancing the brownfields London Victoria Mine while systematically exploring underexplored greenfield targets. This balanced strategy aims to deliver near-term resource growth alongside the potential for new discoveries.

Looking Ahead – Multiple Exploration Fronts

Adavale is planning further geochemical surveys and reconnaissance visits to additional prospects, including No Mistake and The Dish, as well as northern areas of Front Gate. These efforts will help refine drill targeting and prioritise high-potential zones. The company’s methodical approach to exploration, combining modern techniques like drone surveys with traditional sampling, positions it well to unlock value across its portfolio.

While assay results from recent sampling and drilling are pending, the ongoing activities at Parkes underscore Adavale’s ambition to build a significant gold and copper resource in a highly prospective region. Investors will be watching closely for updates that could signal a step-change in the project’s valuation.