Adavale Resources (ASX:ADD) reports a 228% surge in its London-Victoria Mineral Resource Estimate (MRE) to 263,000 ounces following the company’s first standalone drilling campaign at the deposit in almost 30 years.
The updated estimate of 9.74 million tonnes (Mt) @ 0.84 grams per tonne gold (Au) for 263,000 ounces represents a substantial increase from the previous estimate of 3.8Mt @ 0.95g/t for 115,000 ounces reported in May 2025.
Combined with new resources at the Victoria South and Armstrongs satellite deposits totalling approximately 70,000 ounces, Adavale’s total Parkes Project inventory now stands at 383,300 ounces.
The updated London-Victoria estimate includes 126,200 ounces classified as indicated resource, representing 48% of contained gold.
Executive Chairman Allan Ritchie says the company built a total Parkes gold resource inventory of 383,300 ounces in approximately 20 months through resource definition, successful drilling, and strategic acquisitions.
“When we completed the Parkes acquisition in January 2025, the project had no gold mineral resource reported under JORC 2012,” Ritchie notes.
“We see this as just the beginning. Our drilling has concentrated on London-Victoria alone, where mineralisation remains open, while exploration across the broader project area is still at an early stage.”
Managing Director David Ward says the result reflects the quality of the 85-hole drilling program recently completed at London-Victoria.
Systematic drilling confirmed broad mineralised zones and structurally controlled higher-grade positions beneath the 1.5km-long open pit. Key drilling results included 19m @ 4g/t Au from 148m, including 4m @ 15.02g/t Au and 1m @ 52.6g/t Au; and 31m @ 1.29g/t Au from 133m.
The Victoria South deposit, located 300m south of London-Victoria, contains 18,000 ounces, while Armstrongs, situated 1.8km northwest, hosts 51,800ounces. Adavale says both deposits are interpreted to have similar structural controls to London-Victoria.
The company plans to commence a Scoping Study considering potential open pit mining configurations, production scale and scheduling, and metallurgical performance.
Adavale also intends to evaluate processing alternatives and infrastructure requirements for the shallow resources beneath the existing pit.
London-Victoria was historically the largest gold producer in the Parkes district, with open pit mining and processing carried out by BHP Gold and later Hargraves Resources from 1988 to 1996.
Adavale Resources is a gold and copper explorer focused on the Belt-Scale Parkes Project in NSW’s Lachlan Fold Belt.
Write to Paula Fabe at Mining.com.au
Main image: Adavale Resources
