en.Wedoany.com Reported - Australian exploration company Adavale Resources (ASX:ADD) has increased its total gold resources by 44% to 165,796 ounces (approximately 4.6 tonnes) through the acquisition of interests in four mining tenements, including an additional 50,796 ounces from the Calarie project. The acquisition involves the Calarie mining lease and three exploration licenses in the Parkes mineral belt of New South Wales, Australia, expanding Adavale's total tenement area in the Parkes Thrust to 610 square kilometers, covering a continuous strike length of 70 kilometers.
The acquired Calarie project includes an approved mining lease, with associated mineral resource estimates of 870,000 tonnes of ore at an average grade of 1.83 g/t. The site is located a short transport distance from Adavale's existing London-Victoria gold mine, offering potential synergies for joint development. The three exploration licenses are all situated in high-potential greenfield exploration areas, with all tenements held at 100% ownership, clear title, and free of any net smelter return (NSR) royalties.
Following the completion of this acquisition, Adavale's total mineral resources in the Parkes Thrust of the Lachlan Fold Belt, calculated in accordance with the JORC Code, amount to 4.67 million tonnes of ore at an average grade of 1.11 g/t, containing 165,796 ounces of gold. Of this, the London-Victoria project accounts for 3.8 million tonnes at 0.95 g/t, containing 115,000 ounces of gold, while the Calarie project accounts for 870,000 tonnes at 1.83 g/t, containing 50,796 ounces of gold.
David Ward, Managing Director of Adavale Resources, stated that this acquisition establishes the company as a significant tenement holder in the Parkes Thrust of the Lachlan Fold Belt, with the high-grade Calarie resource complementing existing projects and offering future resource expansion potential. Executive Chairman and CEO Allan Ritchie noted that the acquisition strengthens the company's regional footprint in a mature gold belt, facilitating systematic, belt-scale exploration efforts.
Historical and recent drilling data from the Calarie project reveal significant exploration potential, with drill results showing high-grade mineralization zones including 13.7 meters at 7.60 g/t from 55.3 meters depth, 17 meters at 5.70 g/t from 34 meters depth, and 16 meters at 15.90 g/t from 98 meters depth. Adavale stated that it is currently well-funded, with subsequent exploration focus on resource growth and upgrade at the London-Victoria project, as well as advancing high-priority exploration targets in the Parkes tenement area.
Adavale Resources is an Australian junior exploration company focused on gold and copper assets in the Lachlan Fold Belt of New South Wales, in addition to holding a nickel project in Tanzania and uranium exploration interests in South Australia. The company was founded in 1969 and is headquartered in West Leederville, Western Australia.
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