Adavale Resources (ASX:ADD) has reported significant progress at its Parkes Gold and Copper Project in NSW, Australia, during the quarter ended March 31, 2025. The company finalized the all-scrip acquisition of a 72.5% interest in the project, situated within the Lachlan Fold Belt, a region known for its rich gold and copper deposits. A key asset within the Parkes Project is the London-Victoria Gold Mine, which has a historical estimate of 3.70Mt @ 1.04g/t Au for 124koz gold. Derisk Geomining Consultants are currently reviewing this historical estimate with the aim of converting it into a JORC 2012 compliant Mineral Resource Estimate.
Geochemical surveys at the Ashes and Myalls Prospects have yielded high-grade assay results, including 10.65 g/t Au, 1.98% Cu & 158 g/t Ag, further boosting the project’s potential. To bolster its technical expertise, Adavale appointed experienced geologist Mr. David Ward as Non-Executive Technical Director.
Financially, Adavale completed Tranche 2 of its placement, raising approximately $722,000 to fund ongoing exploration at the Parkes Project. As of the end of the quarter, the company held approximately $608,000 in cash reserves. Exploration and evaluation activities during the quarter totaled $243,000, with $125,000 specifically allocated to the Parkes Gold and Copper Project. In South Australia, permitting is being sought for aircore drilling at the MacDonnell Creek Uranium Project. No significant activities occurred at the Kabanga Jirani Nickel Project in Tanzania due to unfavorable nickel prices.
Adavale is planning a maiden drilling program at Ashes and Myalls by the end of Q2 2025, with the goal of defining infill sampling and potential drilling targets, marking a key step toward resource definition and development. Executive Chairman Allan Ritchie highlighted the quarter as a period of significant transformation, citing encouraging early-stage fieldwork results and a strengthened technical leadership team.
