Adavale Resources Ltd. has reported a substantial updated mineral resources estimate (MRE) for the Parkes gold project in central-west New South Wales, tripling its total mineral resource inventory from zero to 383,300 ounces of gold in just 20 months.
The resource growth follows a comprehensive updated MRE for the London-Victoria deposit, located approximately five kilometres from Parkes. London-Victoria’s resource surged 228 per cent to 262,700 ounces at 0.84 grams per tonne of gold, up from its previous baseline of 115,000 ounces.
The upgrade marks the first MRE to incorporate modern exploration data from Adavale’s maiden drilling program, which comprised 82 reverse circulation (RC) holes and three diamond drill holes.
Previous resource figures relied entirely on historical data. The 85-hole program confirmed broad zones of consistent gold alongside high-grade positions directly beneath the historic 1.5-kilometre open pit.
Near-mine exploration added a further 70,000 ounces to the project’s base, with maiden Inferred estimates established at the adjacent Victoria South, with 18,000 ounces, and Armstrongs, with 51,800 ounces. Combined with the existing Calarie deposit, Adavale’s overall project resource now stands at 383,300 ounces.
Adavale Executive Chairman Allan Ritchie noted that the company acquired the asset in January 2025 when it held no JORC 2012-compliant resources.
“In approximately 20 months, we have built a total Parkes gold resource inventory of 383,300 ounces through resource definition, successful drilling and strategic acquisitions,” Ritchie said.
“That progress demonstrates our ability to recognise an overlooked opportunity and turn it into a growing resource base.”
Managing Director David Ward described the update as a step-change result, emphasising that mineralisation at London-Victoria remains open in every direction, at depth, down plunge, along strike, and across parallel structures.
Adavale will now focus on evaluating development options through an upcoming scoping study while continuing systematic exploration across untested regional gold and copper targets.
