Adavale Resources Limited has reported its highest-grade gold intercepts to date from the London-Victoria Gold Mine in central-west New South Wales, with early results from its Phase 2 drilling program confirming the potential to expand the existing Mineral Resource both at depth and along strike.
Assay results have now been received from 5 of the 12 holes completed as part of the Phase 2 program, with highlights including:
- 14 m @ 2.62 g/t Au from 133 m (1.0 g/t Au cut-off) (ALR018)
- 23 m @ 1.64 g/t Au from 142 m (0.5 g/t Au cut-off) (ALR020) including
- 4 m @ 3.46 g/t Au from 157 m; and
- 2 m @ 5.17 g/t Au from 145 m (1.0 g/t Au cut-off)
Intercepts such as these represent the highest-grade drill results achieved by Adavale at London-Victoria to date and were intersected approximately 30 meters below the existing pit floor. Additional notable intercepts from the first batch of results include hole ALRC025:
- 31 m @ 0.71 g/t Au from 151 m (0.5 g/t Au cut-off) (ALR025) including
- 6 m @ 1.39 g/t Au from 157 m (1.0 g/t Au cut-off)
Results also suggest the presence of a potential footwall lode. The current drilling has focused on validating the structural controls on gold mineralization and testing extensions below the existing JORC 2012 Mineral Resource Estimate.
Adavale Resources Managing Director, Mr. David Ward, commented:
“These early Phase 2 drilling results from London Victoria are highly encouraging and continue to demonstrate the scale and continuity of gold mineralization below the existing Resource. The intercepts reported, particularly the 14 m @ 2.62 g/t gold in ALRC018 and 23 meters at 1.64 g/t gold in ALRC020, are the highest grade drillholes drilled by Adavale to date and confirms that our targeting strategy is working and that the system remains robust below the existing pit.”
Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented:
“With assays still pending for 7 additional holes, we see strong potential for these results to further support Resource expansion and strengthen the long-term development case for London Victoria. We look forward to reporting the remaining results as they become available.”
The London-Victoria mineral system remains open at depth, down plunge and along strike, with all completed Phase 2 drillholes considered capable of supporting a material increase to the existing Mineral Resource Estimate once fully incorporated. Assays from a further seven holes, totalling 1,476 meters of drilling, are pending and expected to be released as they become available.
Following the completion of Phase 2 drilling, Adavale is progressing additional geological and geochemical analysis to refine its structural and resource models, with a Phase 3 drilling program expected to commence in the near term. The Company is also assessing further geophysical survey work to assist in targeting additional zones of gold mineralization.
The London-Victoria Gold Mine forms part of Adavale’s broader Parkes Gold-Copper Project, located within the highly prospective Lachlan Fold Belt of New South Wales, a region that hosts several world-class gold and copper operations.