Adavale Resources acquires 72.5% stake in Parkes Gold and Copper Project

Adavale Resources (ASX:ADD) has completed a transformative acquisition, securing a 72.5% interest in the Parkes Gold and Copper Project, located in central New South Wales.

The 395km2 tenement holding is situated in the highly prospective Lachlan Fold Belt, known for its gold and copper potential.

The newly acquired Project lies adjacent to established copper-gold mines such as Northparkes and Cadia-Ridgeway, renowned for their mineral deposits.

The project's key asset is the historical London-Victoria gold mine, with a historical estimate of 124,000 ounces of gold.

Adavale's Executive Chairman and CEO, Allan Ritchie, stated, "We are absolutely thrilled to announce this transformational gold and copper project acquisition with significant upside."

He highlighted the project's prospects for enhancing the company's resource base.

 In addition to the acquisition, Adavale has strong financial backing with a fundraising of $1.7 million.

The funding ensures the company can progress its exploration efforts and potentially upgrade the London-Victoria Resource to JORC-compliant status.

Adavale Resources is engaged in the business of mineral exploration for Nickel in Tanzania and Uranium in South Australia. The company holds the Kabanga Jirani Nickel Project, a portfolio of 12 highly prospective granted licenses along the Karagwe-Ankolean belt in Tanzania. 

At the time of reporting, Adavale Resources' share price was $0.0020.