Adavale Resources (ASX: ADD) has identified significant exploration targets at its Parkes project in New South Wales, particularly at the Ashes prospect. Reprocessing of induced polarisation (IP) geophysics data has revealed a substantial gold-copper-silver target. CEO Allan Ritchie noted that historical drilling may not have effectively tested the anomaly’s core, with nearby rock chips assaying up to 10.65 grams per tonne gold, 1.98% copper, and 158 grams per tonne silver.
Adavale is progressing with a multi-phase exploration strategy, targeting high-grade gold and copper mineralisation. Maiden drilling at Parkes is scheduled for Q2 2025, contingent on geochemical survey results and IP reprocessing. The company also sees potential for further IP surveying to extend the target zone. Earlier this week, Adavale released a maiden inferred mineral resource estimate (MRE) for its London-Victoria deposit of 3.8 million tonnes at 0.95 grams per tonne for 115,000 ounces of gold, just three months after acquiring the Parkes project. Adavale believes shallow drilling can further expand this MRE.
