Adavale Resources Triples Parkes Gold Resource to 383koz Eyeing Mine Study
Key Takeaways
- Adavale Resources has grown its total Parkes Gold Project inventory to 383,300oz at 0.89g/t Au across 13.45Mt — more than tripling the 115koz maiden resource established just 20 months ago.
- The London-Victoria MRE surged 228% to 262,700oz, with 126,200oz now classified as Indicated Resource — the confidence level required to support a Scoping Study, which Adavale has announced it is commencing.
- Mineralisation at London-Victoria remains open at depth, down plunge, along strike, and in parallel zones, meaning the current resource estimate does not capture the full extent of the system.
- The Calarie deposit contributes 50,800oz at a higher average grade of 1.83g/t Au and sits on a granted Mining Licence (ML739), positioning it as a potential supplementary feed source in any future integrated development scenario.
- Adavale is running a dual-track strategy — advancing London-Victoria through development studies while simultaneously testing approximately 70km of the Parkes Thrust corridor for new gold-copper porphyry discoveries across a 610km² project footprint.
Parkes gold resource more than triples to 383koz in 20 months
Adavale Resources (ASX: ADD) has delivered a major updated Mineral Resource Estimate for its Parkes Gold Project, taking the total inventory to 383,300oz at 0.89g/t Au across 13.45Mt. That figure is up from the 115koz maiden resource established in May 2025, representing a step-change in project scale achieved in approximately 20 months through resource definition drilling and strategic portfolio expansion.
The update marks the transition point from resource drilling into technical and economic studies, with Adavale intending to commence a Scoping Study directed at evaluating a potential staged redevelopment of the historical London-Victoria gold mine.
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London-Victoria resource surges 228% to 263koz
The headline result is the updated Mineral Resource Estimate for London-Victoria, which is the first comprehensive update to incorporate Adavale’s own modern drilling, geological interpretation, and structural model. The previous MRE was based entirely on historical drilling.
The maiden 115koz resource established in May 2025 was based entirely on historical drilling, making the updated estimate the first to incorporate Adavale’s own modern drillhole data and structural interpretation.
The updated London-Victoria MRE stands at 9.74Mt at 0.84g/t Au for 262,700oz, compared with the previous estimate of 3.8Mt at 0.95g/t Au for 115koz. That represents a 228% increase in contained gold.
A technically significant element of the result is the classification of 126,200oz as Indicated Resource, representing 48% of London-Victoria’s contained gold. The resource is constrained within a modelled USD$4,200/oz open-pit optimisation shell. Critically, mineralisation remains open at depth, down plunge, along strike, and in parallel zones, meaning the current estimate does not represent the full extent of the system.
Managing Director David Ward
“This is a step-change result for Adavale, the first update to the London-Victoria JORC Mineral Resource since we established the maiden Resource in May 2025, and one that reflects the quality of the systematic 85-hole drillout we’ve just completed. Importantly, mineralisation remains open in every direction, at depth, down plunge, along strike and in parallel zones and multiple near-mine prospects have only just started to be tested. From a technical perspective, we’re only starting to define the scale of the London-Victoria system let along the broader Parkes Gold Project.”
Near-mine deposits add ~70koz to the Parkes inventory
Alongside the London-Victoria update, Adavale has established Inferred Mineral Resources at two satellite deposits, Victoria South and Armstrongs, which expand the near-mine resource pipeline. Including the higher-grade Calarie deposit, the full Parkes inventory now sits at 383,300oz across four deposits.
| Deposit | Tonnes | Gold Grade | Contained Gold |
|---|---|---|---|
| London-Victoria | 9.74Mt | 0.84g/t Au | 262,700oz |
| Victoria South | 0.72Mt | 0.78g/t Au | 18,000oz |
| Armstrongs | 2.12Mt | 0.76g/t Au | 51,800oz |
| Calarie | 0.87Mt | 1.83g/t Au | 50,800oz |
| Total Parkes inventory | 13.45Mt | 0.89g/t Au | 383,300oz |
All three London-Victoria area deposits (London-Victoria, Victoria South, and Armstrongs) are shallow and contained within modelled open-pit shells, which is relevant for investors assessing development optionality at each location.
Calarie is a 100%-owned project sitting on granted Mining Licence ML739, carrying a higher average grade of 1.83g/t Au. The announcement positions it as a potential source of supplementary feed within a future integrated development scenario centred on London-Victoria.
What is a JORC Mineral Resource, and why does the Indicated classification matter?
A JORC 2012 Mineral Resource is an estimate of a concentration of minerals in the earth’s crust that has reasonable prospects for eventual economic extraction. It is the standard reporting framework for ASX-listed mining companies, and all figures in this announcement comply with that code.
Resources are reported in three confidence categories, from lowest to highest:
- Inferred — based on limited drilling with wider spacing; lower confidence in grade and tonnage continuity.
- Indicated — based on closer drill spacing with demonstrated geological and grade continuity; sufficient confidence to support economic studies.
- Measured — the highest classification, requiring the tightest drill spacing and the most robust data.
The Indicated category matters because it is the classification required to support Scoping Studies and Pre-Feasibility Studies. Inferred resources alone cannot underpin those studies with the same technical credibility.
With 126,200oz now classified as Indicated at London-Victoria, Adavale has the technical foundation to move into formal development evaluation — which is precisely what management has announced it intends to do.
Systematic 85-hole drillout built the resource step by step
The updated MRE is the product of a structured, three-phase drilling programme rather than a single campaign. That systematic approach explains how a step-change result was achieved.
- Phase 1 — A 14-hole, 2,060m RC programme; the first standalone drilling at London-Victoria in approximately 28 years. It confirmed mineralisation immediately below and adjacent to the historical pit, with hole ALRC014 extending mineralisation approximately 100m below the pit floor and beyond the previous resource envelope.
- Phase 2 — A 12-hole, 2,411m programme that validated the geological controls, specifically identifying fold geometry and an east-dipping mineralised shear as key drivers of gold distribution. Results demonstrated continuity beneath the pit and provided the confidence to scale up.
- Phase 3 — A systematic drill-out of the northern, central, and southern pit areas, confirming broad mineralised zones and discrete higher-grade positions across the full length of the system.
Standout intercepts from the programme illustrate the quality of mineralisation encountered:
- 19m at 4.00g/t Au from 148m (ALRC076), including 4m at 15.02g/t Au and 1m at 52.6g/t Au
- 31m at 1.29g/t Au from 133m (ALRC070)
- 54m at 0.75g/t Au from 124m (ALRC034)
- 20.95m at 2.25g/t Au from 278m (ALD003), including 10m at 3.69g/t Au
Executive Chairman Allan Ritchie
“When we completed the Parkes acquisition in January 2025, the project had no gold Mineral Resource reported under JORC 2012. In approximately 20 months, we have built a total Parkes gold resource inventory of 383,300 ounces through resource definition, successful drilling and strategic acquisitions. That progress demonstrates our ability to recognise an overlooked opportunity and turn it into a growing resource base.”
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Development pathway and what comes next
With the updated MRE complete, Adavale intends to commence a Scoping Study to evaluate whether London-Victoria could support a technically and economically viable staged pathway towards production. The Scoping Study work streams disclosed in the announcement include:
- Potential open-pit mining configurations
- Possible production scale and scheduling
- Sequencing of shallow resources beneath the existing pit
- Metallurgical performance and gold recovery
- On-site and regional processing alternatives
- Infrastructure and permitting requirements
- Preliminary capital and operating parameters
- Potential supplementary feed from Calarie or other satellite deposits
Management has outlined a dual-track strategy running in parallel. The first track is advancing London-Victoria and potentially Calarie through further resource growth and development studies. The second is testing the wider approximately 610km² Parkes Project for new gold and copper discoveries along approximately 70km of the Parkes Thrust corridor.
Gold-copper porphyry potential across the broader Parkes Project corridor adds a second exploration dimension alongside the London-Victoria resource growth story, with the Macquarie Arc geological setting carrying the same structural hallmarks that define the region’s large porphyry systems.
The Parkes Project sits within the Macquarie Arc of the Lachlan Fold Belt in central-west New South Wales, the same geological belt that hosts Cadia-Ridgeway (35.1Moz Au / 7.9Mt Cu) and Northparkes (5.2Moz Au / 4.4Mt Cu). This context is provided as a statement of geological setting only and does not imply Adavale’s project will reach those scales.
Beyond the Scoping Study, Adavale has flagged additional brownfields drilling intended to grow beyond the current 383koz base, high-resolution airborne geophysics to improve structural interpretation and targeting, and first-pass drilling of greenfield regional targets.
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