Highlights

  • Reverse circulation drilling has commenced at the Ashes prospect for the first time since the removal of a former exploration licence boundary restriction.
  • Surface rock chip sampling at Ashes previously returned high-grade results including up to 10.65 g/t gold, 158 g/t silver and 1.98% copper.
  • A notable induced polarisation chargeability anomaly lying almost entirely within the 100%-owned EL9918 represents a priority deeper target consistent with a Northparkes-style porphyry copper-gold system.
  • Ashes is located in the Ordovician Macquarie Arc, approximately 10km east of the Northparkes mine, within Adavale's 610km² Parkes Project.

Adavale Resources Limited (ASX:ADD) has announced the commencement of reverse circulation (RC) drilling at the Ashes prospect, part of its belt-scale Parkes Project in central New South Wales. This represents the first drilling at Ashes since a former exploration licence boundary restriction was removed, following Adavale's Acquisition of adjacent ground from Alkane Resources and the subsequent grant of exploration licence EL9918 in May 2026. The consolidated tenure now enables effective testing of the full Ashes target system.

The drilling program is designed to test both the high-grade gold-silver-copper vein system exposed at surface and the induced polarisation (IP) anomalies identified through geophysical surveys. These two target types — a potential shallow epithermal-style vein system and a deeper porphyry copper-gold target — represent distinct but potentially connected exploration opportunities within the same prospect area.

Surface Vein Targets and Rock Chip Context

Previously reported rock chip samples from the Ashes vein system have returned elevated gold, silver and copper grades across multiple sampling programs. High-grade results include samples returning over 10 g/t gold alongside elevated silver and copper, while later sampling within the newly acquired EL9918 ground also returned a notable gold hit. The notable silver association in the gold-bearing veins is interpreted by the company as consistent with a high-level hydrothermal setting, potentially epithermal in character.

The vein system at Ashes is associated with quartz-chalcopyrite vein material observed in surface specimens. The former exploration licence boundary had cut across the high-grade surface mineralisation, constraining effective drill testing of the prospect as a connected geological system. Securing the adjacent ground and consolidating the tenure has removed that constraint and allowed the current drill program to be positioned around the geology and geophysical targets.

Porphyry System Potential and Geophysical Targets

The IP geophysical survey has defined a well-defined chargeability anomaly of greater than 30 millivolts per volt that lies almost entirely within the newly acquired EL9918. The chargeability response is interpreted as potentially representing disseminated sulphides associated with a deeper porphyry copper-gold system. Accompanied by a resistivity anomaly interpreted as reflecting silica-rich alteration, the geophysical signature is considered prospective for Northparkes-style porphyry copper-gold mineralisation.

Ashes is located in the Ordovician Macquarie Arc of New South Wales, approximately 10 kilometres east of the Northparkes mine, one of the region's major copper-gold porphyry operations. The regional geological setting, combined with the surface gold-silver-copper mineralisation, underpins the company's exploration hypothesis that a deeper porphyry system may underlie or be related to the high-level epithermal vein expression at surface.

Broader Parkes Project Activity

Beyond Ashes, Adavale Resources is simultaneously advancing its brownfields work at the London-Victoria Gold Mine, where a systematic drilling program has been completed and assays received. A scoping study is now underway following an updated Mineral Resource Estimate. The Calarie Gold Mining Licence is also being assessed for follow-up drilling of historical high-grade intersections, subject to review and interpretation of geophysical data.

The Parkes Project spans approximately 610 square kilometres with a combined historical resource of 383,000 ounces of gold and 70 kilometres of contiguous tenure across the Macquarie Arc. The project is adjacent to two of the world's most significant copper-gold porphyry deposits, providing an established geological context for the exploration hypothesis at Ashes. Adavale also holds the Kabanga Jirani Nickel Project in Tanzania, providing additional exploration diversification.

Key Insights

The commencement of drilling at Ashes represents the culmination of a tenure consolidation strategy that required patient groundwork over multiple years. The combination of high-grade surface rock chips, geophysical evidence for a deeper porphyry target, and a world-class regional geological setting near Northparkes makes Ashes one of Adavale's most compelling exploration opportunities. Drill results are eagerly anticipated as they will test both the vein system and the deeper chargeability target for the first time as a connected system. Progress at London-Victoria, where a scoping study has commenced, provides a development-stage counterpoint to the greenfields discovery work at Ashes. The Parkes Project's belt-scale footprint and proximity to major established operations give it a distinctive strategic position within the Australian gold and copper exploration landscape.