Adavale Resources has acquired a strategic package of exploration tenure adjacent to its Parkes gold-copper project in New South Wales, strengthening its land position in one of Australia’s most prospective gold-copper corridors.
Adavale will acquire the package from Alkane Resources for a total consideration of 5.5 million Adavale shares at 5 cents per share.
The acquisition will expand Adavale’s land position in the Parkes tenement from 380 square kilometres to 440 square kilometres.
The tenure package includes two key areas: the southern 14 units of EL5675 adjacent to the high-priority Ashes prospect, and EL9178 located immediately south of the London-Victoria Gold Mine.
The acquisition of the southern portion of EL5675 will boost the company’s ability to explore and extend the Ashes prospect, while L9178 secures strategic ground along strike from the London-Victoria gold mine.
This acquisition is expected to deliver immediate exploration upside by removing boundary limitations at the site.
Adavale Resources Executive Chairman and CEO Allan Ritchie said: “Alkane’s decision to retain exposure through a shareholding in Adavale is a strong endorsement of the quality and upside of the expanded tenure, and Adavale is pleased to welcome Alkane as a shareholder.
“Our immediate focus remains on growing and upgrading the resource at our brownfield near-term production opportunity at London–Victoria, while swiftly and systematically progressing high-priority targets across the expanded Parkes tenure.”
The Parkes thrust is a major geological structure within NSW’s Lachlan Fold Belt, which hosts some of Australia’s largest gold and copper deposits.
The Parkes project lies at the intersection of the Macquarie Arc Volcanics, and the Lachlan Transverse Zone, which is a significant geological corridor that offers structurally-controlled gold and porphyry copper-gold mineralisation.
