Australian junior explorer Adavale Resources has entered into an agreement with Alkane Resources to acquire a strategic package of exploration tenure adjacent to and complementary with its Parkes gold-copper project in New South Wales.
The acquisition expands Adavale’s contiguous Parkes tenement holding from 380 square kilometres to 440 km², consolidating approximately 56 km of strike along the gold-rich Parkes Thrust and strengthening the company’s regional position.
The tenure package includes two key areas: the southern 14 units of EL5675, directly adjacent to Adavale’s Ashes prospect, and EL9278, located south of the London–Victoria gold mine title. Adavale will acquire the package for a total consideration of 5.5 million Adavale shares at $0.05 per share.
“Alkane’s decision to retain exposure through a shareholding in Adavale is a strong endorsement of the quality and upside of the expanded tenure, and Adavale is pleased to welcome Alkane as a shareholder,” said Adavale Executive Chairman and CEO Allan Ritchie.
“With the recent $5.15 million raise, Adavale is now fully funded to aggressively advance exploration across its project portfolio. Our immediate focus remains on growing and upgrading the resource at our brownfield near-term production opportunity at London–Victoria, while swiftly and systematically progressing high-priority targets across the expanded Parkes tenure.”
Source: Adavale Resources