Adavale Resources Consolidates Gold-Copper Tenure in NSW's Lachlan Fold Belt

Adavale Resources (ASX:ADD) has locked down two exploration licences in the Lachlan Fold Belt, giving it direct control over the Ashes prospect and the southern strike of the London-Victoria Shear Zone. The grant of EL9918 and the transfer of EL9178 consolidate a belt-scale gold-copper position across one of Australia's most prospective corridors.

Surface samples from Ashes returned up to 9.2 grams per tonne gold, extending the known mineralisation south-east into the newly granted licence. The company said the results confirm high-grade gold-copper-silver mineralisation continues across the previous tenure boundary.

“The 9.2 g/t Au surface result strengthens the Ashes prospect and confirms high-grade gold-copper-silver mineralisation extends into the newly granted EL9918,” managing director David Ward said.

The EL9178 transfer brings a largely untested corridor south of London-Victoria under Adavale's control. Soil geochemistry has defined multiple priority areas with walk-up drill targets, Ward added.

Executive chairman and CEO Allan Ritchie called the consolidation an inflection point. “It gives us direct control over multiple walk-up drill targets and allows us to advance both near-mine growth at London-Victoria and district-scale discovery opportunities in parallel,” he said.

The Parkes project sits in the Macquarie Arc, a geological setting that hosts significant gold and copper deposits. The London-Victoria mine already carries a 115,000-ounce mineral resource. The newly secured ground covers about 20 square kilometres of the same structural corridor.

For traders, the key change is reduced tenure risk. Adavale now holds 100% ownership of both licences, removing the need for joint-venture approvals or third-party access. The walk-up drill targets give the stock a near-term catalyst without requiring extensive geophysics or permitting.

ADD traded at 3.6 cents before the announcement, giving it a market cap of roughly $12 million. The next concrete marker will be drill results from the Ashes prospect and the London-Victoria extension. Success would validate the consolidation strategy and potentially expand the resource base. A failure to replicate the surface grades would weaken the case for near-term production growth.

The company now controls a continuous belt from London-Victoria in the north through to Calarie in the south, a position that lets it test multiple targets in a single campaign.

For context on the broader gold exploration environment, see the gold profile and commodities analysis.