Adavale Resources Returns High-Grade Gold Rock Chip at Parkvale South Prospect in Lachlan Fold Belt, NSW

Adavale Resources has announced the discovery of a high-grade rock chip sample assaying 22.2 g/t gold at the newly defined Parkvale South Prospect in the recently acquired Parkes Project. This result confirms the area as a high-priority target and supports its geological similarity to major gold systems in the region.

Highlights:

• A rock chip sample at Parkvale South has now returned 22.2 g/t Au, confirming the area’s suspected prospectivity.
• Parkvale South is interpreted to sit within a structural zone associated with magnetite destruction and bears geological similarities to the Tomingley Gold Mine.
• Soil geochemistry and further geophysical surveys are planned to refine drill targets.
• The Welcome Mine Prospect nearby, a historic underground mine, also returned encouraging gold assays of 1.61 g/t Au and 0.647 g/t Au.

Executive Chairman and CEO Allan Ritchie commented: “Adavale is continuing its systematic and methodical approach to target generation and prospect evaluation. The Parkvale South prospect is considered a prime target due to its geological setting being similar to Tomingley, which is now supported by an outstanding rock chip assay result of 22.2 g/t Au.

Adavale has significant news flow emanating from the field work over the last months and will be used to define our initial prospect for a drilling campaign which is on track for Q2 2025.”

Next Steps at the Parkes Project 

• Geochemical Assays and Interpretation of Results Pending: 
  • 279 grid-based soil samples and a total of 19 rock chips from Ashes Myalls geochemical survey.
• Further Geochemical Survey Planning: Identification of future targets for geochemical work to take place simultaneously with other activity; Parkvale South becoming a high priority dependent on results of further rock chip sampling.
• Drill Program Planning: Adavale’s maiden drilling program is anticipated in Q2 CY2025, following assessment of existing and expected new target generation from geochemical survey assay results and the current IP reprocessing.
• Exploration Target from London-Victoria: Stemming from the recent JORC 2012 Mineral Resource Estimate (MRE); expected outlining of a range of potential additional tonnes and grade of the deposit outside of the area of the current MRE.
• Further Prospect Reconnaissance: Visits to additional targets being planned for future reconnaissance efforts, including additional areas on No Mistake (EL8830) and an initial visit to The Dish (EL9711), as well as the Northern Areas of Front Gate (EL8831).