Adavale Resources has significantly upgraded the drill potential at its Ashes Prospect, which is part of the Parkes Project in New South Wales (acquired in January of 2025) after the reprocessing of historical Induced Polarization (IP) data.
The recent study, conducted by Mitre Geophysics, has identified a strong chargeability anomaly of 50 mV/V which indicates a compelling gold-copper-silver target that was likely missed by historical drillholes.
The anomaly is supported by high-grade surface rock chip results near the target zone, including:
- 10.65 g/t Au, 1.98% Cu, 158 g/t Ag
- 7.95 g/t Au, 2.2% Cu, 96.4 g/t Ag
- 0.74 g/t Au, 0.76% Cu, 58.9 g/t Ag
Notably, the strongest part of the anomaly on Line 10400N was not effectively tested by drilling undertaken by Meridian Minerals (2009) and AngloGold Ashanti (2015). Adavale is now preparing to step back east and target the high-chargeability core with an RC/diamond drillhole.
Executive Chairman and CEO of Adavale Resources, Mr Allan Ritchie, said: “The reprocessed IP data has highlighted that the previous explorers most likely have missed the main chargeability anomaly. The location of the shallow anomaly is further enhanced by the recently assayed and nearby rock chips which have returned up to 10.65 g/t Au, 1.98% Cu & 158 g/t Ag.
This is an exciting development at Adavale for our drill target selection and ranking process as we remain on track to drilling in this quarter.”
Soil and rock chip assay results are currently pending to help determine further exploration targets and next steps, and additional geochemical surveys and reconnaissance work is being planned. Maiden drilling remains on track for Q2 2025.