Adavale Resources Limited (ASX:ADD) has reported significant progress in refining drill targets at its high-conviction Ashes Prospect, situated 12 kilometres east of the Northparkes mine (5.2Moz Au & 4.4Mt Cu) in New South Wales.
The company has commenced a detailed ground magnetics survey alongside an induced polarisation (IP) survey in a bid to sharpen the geological understanding of the area and extend a previously identified chargeability anomaly.
The ground magnetics survey spans 11.9 square kilometres, collected on 50-metre line spacing for a total of 238 line kilometres.
This program is designed to highlight subtle but highly prospective anomalies that could indicate the presence of porphyry-related intrusive systems.
At the same time, four north-oriented IP lines of 1,600 metres each are being run at 200-metre spacing north of the anomaly.
This work aims to extend and further define the previously measured 50 mV/V chargeability anomaly, which remains open towards the north.
The Ashes Prospect is located within the well-endowed Lachlan Fold Belt in a geological setting comparable to the Northparkes mining district.
Historical exploration has already highlighted the potential of the ground, with rock chip sampling returning impressive grades, including 10.65 g/t gold with 1.98% copper and 158 g/t silver, as well as 7.95 g/t gold with 2.2% copper and 96.4 g/t silver.
Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, highlighted the strategic importance of the work now underway, stating: “Adavale is currently carrying out a ground magnetics survey and most recently commenced an IP survey to better define and expand a previously identified high conviction chargeability anomaly.
“Following processing of the new IP data and interpretation of the results, Adavale intends to drill test the anomaly.”
“Adavale continues to progress its dual exploration and development strategy.
“Assay results from our brownfields London Victoria Mine are imminent and the company is advancing our greenfields prospects in the ongoing search for a new discovery on the Parkes Project.”
The Ashes Prospect forms part of Adavale’s broader Parkes Project, which covers approximately 371 square kilometres and includes a 72.5 per cent interest in four granted exploration licences highly prospective for gold and copper.
The licences sit adjacent to the giant Northparkes copper–gold mine and encompass prospective Ordovician-aged rocks of the Macquarie Arc within the Lachlan Transverse Zone, host to both Northparkes and the world-class Cadia mine.
Near-term milestones across the project include assay results from the recently completed 2,060-metre, 14-hole RC drill program at the historic London Victoria Mine.
The company is also progressing work to extend the recently released JORC 2012 Inferred Mineral Resource and is planning new geochemical surveys, with Parkvale South ranked as a high-priority target.
Reconnaissance exploration is also ongoing at other prospects, including No Mistake (EL8830), The Dish (EL9711), and Front Gate (EL8831), with assays pending from twelve recently collected rock chip samples at the Corner prospect.
Adavale’s diversified exploration portfolio extends beyond its NSW gold and copper focus, with the company also advancing uranium interests in South Australia and nickel sulphide targets in Tanzania.
