Adavale Resources Expands Parkes Project With 9.2g/t Gold Surface Hit

Adavale Resources Locks In Belt-Scale Gold-Copper Position With Two Key Tenure Moves and 9.2g/t Au Surface Hit

Adavale Resources (ASX: ADD) has reported two tenure milestones at its Parkes Project in New South Wales that materially expand its control across the London-Victoria to Calarie gold-copper corridor. The grant of EL9918 and the completed transfer of EL9178 give the company broader access to near-term drill targets, while a new surface rock chip result of 9.2g/t gold, 4.5g/t silver and 660ppm copper at Ashes adds fresh support to the exploration case.

According to the ASX announcement, the combined Parkes Project now covers about 610km² across 70km of contiguous belt-scale strike, with a current project resource of 166,000oz gold across the Calarie Mining Licence and London-Victoria Mine. For investors, the update matters because it removes previous tenure constraints across key target areas and allows multiple exploration programmes to advance in parallel.

Two Licences Reshape Exploration Access Across Parkes

The announcement centres on two separate tenure developments that serve different exploration objectives.

The first is the grant of EL9918, previously known as ELA7017. This licence was applied for after Adavale acquired the southern 14 units of EL5675 from Alkane Resources. According to the company, the grant finalises consolidation of the broader Ashes Prospect area, where geophysical and geochemical targets had extended across a former tenure boundary.

The second is the completed transfer of EL9178 from Alkane Resources into Adavale's 100% ownership. This ground, covering around 20km², sits immediately south of the London-Victoria Gold Mine and is interpreted to cover the southern continuation of the same structural and rock corridor associated with the existing 115,000oz London-Victoria Mineral Resource.

Taken together, the two tenure changes improve Adavale's ability to carry out integrated exploration over a larger and more continuous land position.

What Does Management Say?

"The 9.2g/t Au surface result strengthens the Ashes prospect and confirms high-grade gold-copper-silver mineralisation extends into the newly granted EL9918," said David Ward, Managing Director of Adavale Resources.

Ward added that the EL9178 transfer brings "a highly prospective, largely untested corridor south of London-Victoria under Adavale's direct control."

Management also framed the move as an operational turning point for the wider project. "This consolidation is a real inflection point. It gives us direct control over multiple walk-up drill targets and allows us to advance both near-mine growth at London-Victoria and district-scale discovery opportunities in parallel," said Allan Ritchie, Executive Chairman and CEO.

Ashes Expands With New 9.2g/t Au Surface Result

The strongest new assay in the announcement came from surface sampling within EL9918, where Adavale reported a rock chip grading 9.2g/t Au, 4.5g/t Ag and 660ppm Cu. In exploration terms, a rock chip is a sample collected from exposed rock at surface and tested for metal content.

This result is important because it indicates that the mineralised trend seen at Ashes may continue into the newly granted licence area. It also adds to previously reported high-grade rock chips from adjacent EL8831, which included:

The repeated presence of gold, silver and copper across multiple rock chips is consistent with the company's interpretation of a broader hydrothermal mineral system. Hydrothermal systems form when hot fluids move through rocks and can deposit metals such as gold and copper along fractures and altered zones.

Surface sampling on its own does not define a resource or confirm economic mineralisation. However, when high-grade rock chips align with other datasets such as soil chemistry and geophysics, they can help rank targets for drilling.

Why Is Ashes Attracting Attention?

According to the announcement, the Ashes Prospect is supported by three main exploration datasets:

1. Surface geochemistry — Rock chip sampling has returned multiple high-grade gold-copper-silver results across the prospect area.

2. Soil geochemistry linked to porphyry fertility — Previous work at Ashes-Myalls identified elevated V/Sc ratios and high-vanadium, low-niobium andesitic signatures. In simpler terms, these are chemical patterns in the host rocks that geologists use to identify volcanic rocks that may be favourable for copper-gold systems.

3. Induced Polarisation (IP) geophysics — IP surveys have identified chargeability and resistivity anomalies that the company interprets as potentially linked to sulphide-bearing and silica-rich alteration.

With EL9918 now granted, Adavale can furthermore assess these datasets across the full interpreted target area rather than stopping at a tenure boundary.

What Induced Polarisation Means for Investors

Induced Polarisation, or IP, is a commonly used geophysical method in gold and copper exploration. It helps geologists detect rocks below surface that may contain sulphide minerals or alteration linked to mineral systems.

In practical terms:

• Chargeability shows how strongly the subsurface holds an electrical charge after a current is applied. Higher chargeability can point to sulphide minerals such as pyrite or chalcopyrite.
• Resistivity measures how easily electrical current passes through rock. High resistivity can indicate silica-rich zones, while lower resistivity may reflect clay or other conductive materials.

At Ashes, Adavale reported that IP chargeability and resistivity anomalism align with the broader hydrothermal interpretation. That does not prove a discovery, but it does strengthen the rationale for first-pass drilling.

Quick Glossary

EL9178 Adds a Southern Extension to London-Victoria

While Ashes provides the standout surface assay, the transfer of EL9178 may be equally important from a project development perspective. The licence sits directly south of the London-Victoria Gold Mine and is interpreted to contain the continuation of the London-Victoria Shear Zone.

A shear zone is an area where rocks have been deformed and fractured. These zones can act as pathways for mineral-rich fluids and are often associated with gold mineralisation.

According to the announcement, gold at London-Victoria is interpreted to occur within a mineralised shear zone in Ordovician volcanic rocks, overprinted by a folded structure. Regional magnetic data indicates that the same favourable rock package and structural corridor continue south into EL9178.

Several features make the licence relevant:

• It covers the interpreted southern continuation of the corridor hosting the 115,000oz London-Victoria Mineral Resource
• Historical soil geochemistry has identified multiple priority areas
• Regional magnetics indicate continuity of prospective host rocks
• Historical workings in the area include Blue Reef, Macguiggans and Lady Jersey
• The corridor remains largely untested by modern systematic exploration

This makes EL9178 a brownfields growth target rather than a purely conceptual greenfields area. Brownfields exploration refers to work near or around known mineralisation, where existing geological data can improve targeting.

Parkes Sits in a Proven NSW Gold-Copper District

Adavale's Parkes Project lies within the Macquarie Arc of the Lachlan Fold Belt in New South Wales. This geological belt hosts several major Australian gold-copper systems, including Cadia and Northparkes.

For investors, this comparison is useful as geological context rather than as a valuation comparison. Adavale remains at a much earlier stage than these large operating mines. However, the district setting supports continued interest in both orogenic gold and porphyry copper-gold exploration styles across the project.

Planned Work Across Ashes, London-Victoria and Calarie

The ASX update outlined several near-term work programmes across the consolidated tenure package.

At Ashes and EL9918

Planned work includes:

• Extension of high-resolution magnetics into the newly granted area
• Further soil and rock-chip sampling
• Target ranking using geophysics and geochemistry
• First-pass drilling of priority greenfields targets

At London-Victoria and EL9178

The company plans to continue brownfields drilling aimed at resource expansion, alongside preliminary metallurgical sighter test work to assess recoveries. In addition, early scoping studies will review development pathways, while high-resolution airborne geophysics will improve targeting across the southern shear corridor.

At Calarie

The next steps include assessing airborne and/or ground magnetics, completing a detailed technical review, and following up historical high-grade drilling with RC and/or diamond drilling.

The presence of several active workstreams is relevant because it increases the number of potential catalysts rather than concentrating risk on a single target area.

Why the Update Matters to ASX Gold and Copper Investors

This announcement is not simply about adding hectares. It changes how Adavale can explore the Parkes Project by removing tenure gaps across target corridors and allowing geological datasets to be interpreted across continuous ground.

Several investor takeaways stand out:

• Tenure consolidation has improved access to drill targets from Victoria South to Calarie
• Ashes has delivered another high-grade surface result, extending known gold-copper-silver mineralisation into EL9918
• EL9178 adds a largely untested extension south of the existing London-Victoria resource
• The project already contains a 166,000oz gold resource base
• Multiple exploration and technical programmes are planned across brownfields and greenfields targets

For investors following ASX gold exploration, ASX copper exploration and developments in the Parkes NSW gold-copper district, Adavale's latest update points to a period of broader field activity and more frequent project-level news flow.

The immediate focus is likely to remain on how quickly the company can convert these newly consolidated target areas into drill results. At Ashes, the next question is whether the combination of surface assays, soil fertility indicators and IP anomalies translates into mineralisation at depth. At London-Victoria South, attention will turn to whether EL9178 can extend the known corridor beyond the current resource footprint.

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