Adavale Resources (ASX:ADD) announced a strategic expansion of its Parkes Gold-Copper Project through the 100% acquisition of adjacent exploration tenure from Alkane Resources (ASX:ALK).
The move consolidates Adavale’s position within the highly prospective Lachlan Fold Belt of New South Wales, an area renowned for its world-class mineral deposits.
The acquisition includes two key areas: the southern 14 units of EL5675, which adjoins the promising Ashes prospect, and EL9178, situated immediately south of the historic London-Victoria Gold Mine.
By integrating these licenses, Adavale has expanded its contiguous tenement holding to 440km2, effectively securing a massive 56km strike along the gold-rich Parkes Thrust.
Managing Director David Ward highlighted that this deal removes previous boundary constraints, allowing the company to fully evaluate induced polarisation datasets and geochemical anomalies that were previously cut off.
The collaboration with Alkane—who will become a significant shareholder in Adavale post-completion—has already enabled Adavale to extend survey lines, uncovering high-conviction targets.
At the time of reporting, Adavale Resources' share price was $0.050.