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Adavale Resources’ Strategic Drilling Campaign Targets High-Grade Gold Extensions Within Parkes Project in NSW

Adavale Resources Limited is pleased to announce that it will commence its maiden drilling program at the London Victoria Mine within its Parkes Project in New South Wales, acquired in January earlier this year. The approved 10-hole, 2,200-meter reverse circulation (RC) campaign will focus on high-priority targets identified from recent mapping and geophysical surveys.

Highlights:

  • Maiden 10-hole, 2,200 m RC drilling program approved and commencing at London Victoria Mine.
  • Program aims to extend the JORC Inferred Mineral Resource of 3.14 Mt @ 1.06 g/t Au for 107 koz.
  • Targets include shallow mineralization extensions and untested high-grade east-west vein structures.
  • Historic nearby Koh-I-Nor Mine reported grades up to 43.8 g/t Au within similar structural settings.
  • Drilling contractor appointed with mobilization underway and first drilling imminent.

The primary aim of the program is to extend known gold mineralization associated with a north-south trending shear zone, currently hosting an Inferred Mineral Resource of 3.14 Mt @ 1.06 g/t Au for 107 koz.

Additionally, Adavale will test for a series of high-grade east-west trending dilation vein structures, which are analogous to those that have been historically mined at the nearby Koh-I-Nor deposit, which reported grades of up to 43.8 g/t Au.

Adavale Resources Executive Chairman and CEO, Mr Allan Ritchie, commented: “With our high priority targets now well-defined and the drilling program approved, Adavale is preparing for the commencement of its maiden drilling program this week. Adavale will be the first Company to undertake systematic resource extension drilling at the London Victoria Mine in more than 30 years at an opportune time with the gold price at a record high above A$5,000 per oz.”

The program includes partial oblique orientations to the main shear zone, in order to increase the likelihood of intersecting both known and previously untested structures. It is hoped that this will enhance the project’s potential to deliver high-grade results.

This drilling campaign is part of a broader strategy at the Parkes Project, with geochemical survey planning and follow-up reconnaissance currently underway at additional prospects including Parkvale South, The Dish, No Mistake, and Front Gate.

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