Adavale Hits High-Grade Gold Outside Resource at London-Victoria

The current resource is based entirely on historical drilling. Adavale has now completed 85 holes at London-Victoria, none of which are reflected in that estimate. "With assay results from only five holes remaining from the current resource drilling program, we are approaching the point where this substantially expanded dataset can be incorporated into an updated geological model and mineral resource estimate," Ward said. He added that the upcoming MRE will provide the first comprehensive measure of the impact of Adavale's drilling.

The high-grade intersection, combined with the broad mineralisation seen across the program, reinforces the opportunity to "materially advance the scale and economics of the London-Victoria gold deposit," according to Ward. The company is waiting on assays from those five remaining holes. After receipt and validation, the full dataset will feed into an updated geological interpretation. Completion of the updated London-Victoria MRE is targeted in the coming weeks.

ADD shares rose 14.3% to A$0.04 on the news, giving the company a market cap of A$13.79 million. The stock remains well below its 52-week high of A$0.13, hit during the initial phase of the London-Victoria drilling campaign in late 2024. The upcoming MRE will be the first test of whether Adavale's drilling has meaningfully expanded the deposit.