Adavale offers exposure to a near-term gold growth story at its historic London-Victoria Mine, underpinned by a 115koz JORC resource, strong drill hits and active drilling with assays pending.
Adavale Resources Limited (ASX:ADD)
ADD1
Lead Manager
Contact - Jake Grbavac
0474 484 982
jake@liquidity.com.au
Offer Price
A$0.0500
per share
Offer Size
A$1,500,000
Offer Details
Issue Price (Per Share)
A$0.0500
Discount
10.71%
Offer Size
A$1,500,000
Shares Available
30,000,000
Raise up to $1.5m with the ability to take up oversubscriptions at an issue price of $0.05.
The Board & Directors of the Company are also seeking to subscribe up to $170k worth in the Placement Offer subject to receiving shareholder approval.
Options
The offer comes with a 1 for 2 free attaching listed options under the existing listed option class ADDO
Exercisable at $0.10, expiring 31st December 2027
Company Overview
Adavale Resources Limited is an explorer with advanced assets across Australia and East Africa. Its flagship Parkes Project, in the Macquarie Arc of NSW, includes the brownfields historic London-Victoria Gold Mine with a JORC Inferred Resource of 3.8 Mt @ 0.95 g/t Au for 115,000 oz, and multiple gold-copper targets near major operations. Adavale also holds a large uranium portfolio in South Australia, and the Kabanga Jirani Nickel Project in Tanzania, adjacent to the Kabanga Deposit (87.6 Mt @ 2.63% Ni Eq).
London Victoria Mine (EL 7242)
The London-Victoria licence hosts a historic gold mine that produced ~155koz at ~1.5–2.0 g/t Au between 1987–1998 and remains largely underexplored at depth and along strike. A maiden JORC 2012 Inferred Resource of 115koz Au has been defined, including a higher-grade 107koz within a shallow conceptual pit, providing a strong base for near-term growth. The system is open in multiple directions, with clear potential for resource expansion and upgrades through further drilling.
Significant drill intercepts include:
- 10m @ 1.95g/t Au from 149m including 1m @ 8.3g/t Au (ALRC001) – Phase 1
- 12m @ 1.48g/t Au from 38m (ALRC004) – Phase 1
- 14m @ 2.62g/t Au from 133m (1.0g/t Au cut-off) (ALR018) – Phase 2
- 23m @ 1.64g/t Au from 142m (0.5g/t Au cut-off) (ALR020) including
- 4m @ 3.46g/t Au from 157m - Phase 2
Assays for 7 (seven) of the 12 (twelve) holes drilled in Phase 2 are pending and the Phase 3 drill rig is currently mobilising, targeting extensions to mineralisation and designed to further grow the resource base and enhance project scale for this near-term production opportunity.
Front Gate (EL8831), No Mistake (EL8830), and The Dish (EL9711)
Highly prospective Au-Cu licenses with key prospects:
- Ashes Prospect: High-grade rock chips: 8.8 g/t Au, 5.5% Cu, 19.2 g/t Ag.
- Myalls Prospect: Up to 0.86% Cu, 0.91 g/t Au in veins.
- Corner Prospect: RAB drilling intersections of 2m @ 1.73 g/t Au (epithermal style).
- Parkvale Prospect: Anomalous 6.3 g/t Au rock chip with magnetic anomaly.
- Cunich Prospect: 1.4 g/t Au rock chips with elevated Cu.
- Mine: Historic head grade of 11 g/t Au with untested extensions.
Use of Funds
Use of Funds
1.
Further / Phase 3 drilling at London Victoria
2.
Phase 1 drilling at on greenfields prospects and progressing other prospects
3.
General Working Capital Purposes
Disclaimer
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