Adavale Resources (ASX:ADD) has completed a 100% scrip acquisition of four licences, boosting its combined gold resource to 165,796 ounces.
The company has acquired mining licence ML379 at Calarie in New South Wales, with a resource of 0.87Mt @ 1.83 grams per tonne gold for 50,796 ounces, plus three exploration licences containing multiple high-potential greenfield prospects.
All tenure was acquired with a clean title, 100% ownership, and no net smelter royalty attached.
The combined JORC-compliant resources now total 4.67Mt @ 1.11g/t for 165,796 ounces, including London-Victoria at 3.8Mt @ 0.95g/t for 115,000 ounces and Calarie at 0.87Mt @ 1.83g/t for 50,796 ounces.
Significant exploration upside remains at Calarie, with historical and recent drilling returning ‘high-grade’ intercepts, including 13.7m @ 7.60g/t gold from 55.3m, 17m @ 5.70g/t gold from 34m, and 16m @ 15.90g/t gold from 98m.
Adavale’s Parkes Project tenure now stands at 11 granted exploration licences and a mining licence over 610km² across 70km of contiguous strike along the gold-rich Parkes Thrust region.
Managing Director David Ward says the acquisition 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 166koz,” Ward adds.
Adavale Resources CEO Allan Ritchie says the acquisition enhances the company’s regional footprint and strengthens its ability to explore ‘belt-scale opportunities’.
The company remains well-funded to progress exploration across the project portfolio, focusing on increasing and upgrading the London-Victoria Resource while progressing high-priority targets across the expanded Parkes tenure.
Adavale Resources is an Australian junior explorer focused on advancing its gold and copper assets in the Lachlan Fold Belt of New South Wales.
Write to JC Villarba at Mining.com.au
Images: Adavale Resources
