en.Wedoany.com Reported - Adavale Resources (ASX:ADD) has recently entered into a strategic transaction with Orpheus Uranium Limited (ASX:ORP), transferring its Marree Embayment asset portfolio in South Australia in exchange for cash and equity, allowing the company to sharpen its focus on its flagship Belt-Scale Parkes Thrust gold-copper project in New South Wales.
The Marree Embayment portfolio includes seven contiguous exploration licenses covering 2,513 square kilometers, located approximately 90 kilometers from the operating Beverley and Four Mile uranium mines. Under the agreement, Adavale will receive A$650,000 in cash and 5 million shares in Orpheus Uranium (representing approximately 1.4% of the company). Adavale stated that the transaction unlocks value from non-core assets while retaining upside exposure to uranium exploration through its shareholding in Orpheus.
The proceeds will support the company's work on its recently expanded gold-copper footprint. Earlier this month, Adavale acquired the Calarie mining license and three additional contiguous licenses within the Parkes Thrust in the Lachlan Fold Belt, securing 70 kilometers of continuous belt-scale strike length in the region. This all-share acquisition includes the Calarie gold deposit, which hosts an inferred resource of approximately 51,000 ounces of gold, adding to the company's existing 115,000-ounce Mineral Resource Estimate (MRE) at London-Victoria. Located 20 kilometers north of Calarie, notable historical and recent gold intercepts include: 16m @ 15.9 g/t Au (from 98m, CARC069), and 17m @ 5.7 g/t Au (from 34m, OCRC006), including 9m @ 8.9 g/t Au (from 35m).
Allan Ritchie, Executive Chairman and CEO of Adavale Resources, stated that this transaction is the second in a series of corporate actions reshaping Adavale into a focused gold-copper exploration and development company, with the cash component of the consideration supporting the company's continued focus on the belt-scale Parkes project. The company now controls 70 kilometers of continuous strike length in one of Australia's most prospective gold corridors.
The recent Parkes acquisition has increased Adavale's overall resource base by 44% to 166,000 ounces of gold, while consolidating its position within the broader mineralized belt. The company now holds 11 granted exploration licenses and one mining license covering 610 square kilometers. Adavale is conducting a drilling program targeting resource growth and upgrade beneath the historical London-Victoria open pit. Exploration at Calarie will follow, where significant opportunities exist to increase ounces and grade. Notable historical and recent gold intercepts include: 16m @ 15.9 g/t Au (from 98m, CARC069); 5m @ 8.1 g/t Au (from 126m, CARC075); 17m @ 5.7 g/t Au (from 34m, OCRC006), including 9m @ 8.9 g/t Au (from 35m); 14m @ 3.4 g/t Au (from 112m, OCRC003); and 5m @ 13.5 g/t Au (from 143m, OCRC008).
In terms of next steps, systematic drilling aimed at expanding the London-Victoria resource is ongoing. Adavale is also planning initial metallurgical test work to assess recovery rates for the resource, alongside early-stage technical and economic studies to evaluate potential development pathways. High-resolution airborne geophysical surveys are also on the agenda to refine structural interpretations, improve target precision, and prioritize subsequent drilling. At Calarie, Adavale is evaluating ground magnetic surveys to precisely locate drill targets, noting a positive correlation between magnetic anomalies and gold mineralization at London-Victoria. Additionally, a review of historical data is planned, which may generate follow-up drilling opportunities around previously identified high-grade gold zones. More broadly, the company continues to advance multiple exploration projects across its consolidated Parkes tenement package, including geophysical surveys at the Ashes prospect and recently acquired blocks, as well as expanding rock chip sampling activities. Adavale is also conducting first-pass drilling at priority greenfield targets to seek new discoveries.
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