Adavale Resources Limited (ASX:ADD) has announced significant shallow, high-grade gold intercepts from its maiden drilling program at the London-Victoria Gold Mine within the Parkes Project in New South Wales, confirming strong growth potential both down dip and along strike.
The drilling results include multiple notable gold intercepts immediately below the pit floor, with mineralisation now confirmed over 1.4 kilometres of strike beyond previously mined lodes and outside the current resource area.
The company received gold assay results from the first batch of 1,375 samples obtained across 11 reverse circulation (RC) holes in its maiden program at London Victoria.
These are the first drill results from the project since 1997 and confirm gold mineralisation at shallow depths both below and along strike from the JORC Mineral Resource of 3.14 Mt at 1.06 g/t Au for 107,000 ounces.
Key intercepts reported include:
- 10m @ 1.95g/t Au from 149m, including 1m @ 8.3g/t Au (ALRC001)
- 12m @ 1.48g/t Au from 38m (ALRC004)
- 6m @ 1.69g/t Au from 33m (ALRC008)
- 3m @ 1.92g/t Au from 9m (ALRC009)
- 3m @ 6.64g/t Au from 10m, including 1m @ 14.6g/t Au (ALRC011)
The results confirm that mineralisation now extends over 1.4 kilometres of strike, well beyond previously mined lodes and the current resource area, which highlights significant potential for resource expansion.
Three holes are still pending assays, with visual logging indicating further mineralisation; these results are expected in October.
A phase two drilling campaign is being planned to test extensions beneath existing pits and along strike.
Adavale will also undertake a magnetic survey targeting detailed definition of magnetic lows in the gold-bearing volcanics, building on insights from downhole logs that reveal a relationship between magnetic susceptibility and gold mineralisation.
This demagnetisation acts as a proxy for mineralisation and will help refine future drill targeting.
Observations during the campaign suggest the deposit architecture is a doubly plunging fold, with mineralisation plunging both north and south.
Specialist structural consultants will refine this model to better target high-grade zones in subsequent drilling.
Adavale Resources Executive Chairman and CEO, Allan Ritchie, stated: “The initial assay results from the maiden drilling program have reinforced the conviction Adavale has a potential producing asset in the London Victoria Gold Mine.
“High-grade mineralisation has been confirmed both within and outside of the existing JORC Mineral Resource envelope which will be utilised to further expand upon the size and confidence of the Resource.”
Allan Ritchie said the analysis of downhole logs has underscored a connection between magnetic susceptibility and gold mineralisation, allowing Adavale to identify demagnetised volcanic rocks as indicators of gold using established geophysical techniques.
He noted this will support more efficient drill targeting in future campaigns.
Ritchie added that the positive results validate Adavale’s approach to generating shareholder value from both brownfield and greenfield activities within the Parkes Project and position the company to capitalise on its strong momentum
With high-grade, shallow gold mineralisation confirmed both inside and outside of its current resource base, and further assays pending, Adavale is positioned to pursue substantial resource growth and value creation as exploration activities continue.
