Adavale Resources Limited has announced the successful granting of Exploration Licence EL9785, a 17.24km² tenement strategically positioned adjacent to its existing Parkes Project in the gold and copper-rich Lachlan Fold Belt of New South Wales.
This new licence expands Adavale’s total footprint in the region to over 371km², reinforcing its status as a major groundholder in one of Australia’s most prospective mineral belts.
The newly acquired tenement is underlain by the Macquarie Arc Volcanics, a geological formation renowned for hosting several world-class gold-copper deposits, including Cadia Ridgeway and Northparkes.
Central to EL9785 is the historic Koh-I-Noor underground gold mine, which was mined to a depth of 304 metres and previously delivered exceptionally high-grade gold from quartz veins, with historical grades reaching up to 43.8 grams per tonne gold.
The mine’s tailings were later reprocessed, yielding 545 ounces of gold at an average grade of 2.5 grams per tonne, underscoring the broader mineralisation potential of the tenement.
Adavale has already secured land access for EL9785, with geological mapping and geophysical surveys set to commence imminently.
Exploration activities will initially focus on mapping the historical shafts of the Koh-I-Noor mine and assessing the potential to extend mineralisation both parallel to and below the previously mined levels.
Commenting on the development, Adavale Executive Chairman and CEO Allan Ritchie stated: “The successful granting of EL9785 further demonstrates Adavale’s commitment to gold and copper exploration in the Lachlan Fold Belt of NSW.
“The historical high-grade production from Koh-I-Noor highlights the potential of the new tenement, with the team confident that both desktop and field work will lead to further exploration success and potential further mining activity.”
The grant of EL9785 adds to a suite of ongoing exploration activities at the Parkes Project, including geochemical surveys at Ashes-Myalls, rock chip assays at Parkvale South, and planning for a maiden drilling campaign in the second quarter of calendar year 2025.
