Adavale Resources Expands Parkes Project Footprint with Porphyry-Style Target Identified at Ashes and Strike Extension at London-Victoria

Jane Morgan Management

23 February 2026 – West Leederville, Western Australia | Adavale Resources Limited (ASX:ADD) has identified a compelling porphyry-style exploration target at its Ashes Prospect and strengthened its growth pipeline following the expansion of its tenure at the Parkes Gold-Copper Project in central New South Wales.

The Company reported that a strong chargeability anomaly defined by historical induced polarisation (IP) surveying at Ashes extends across the previous licence boundary and is now fully captured within Adavale’s consolidated landholding. The expanded tenure also secures strategic ground along the southern strike of the London–Victoria gold corridor into EL9178, enabling integrated interpretation across a contiguous project area.

High-grade rock chip results previously reported at Ashes and coincident with the IP anomalies include:

• 10.65g/t Au, 1.98% Cu & 158g/t Ag (P24669)

• 7.95g/t Au, 2.2% Cu & 96.4g/t Ag (P24654)

• 0.74g/t Au, 0.76% Cu & 58.9g/t Ag (P24651)

Adavale Resources Managing Director, Mr. David Ward, commented: “The expansion of our tenure position has allowed us to step back and reinterpret the Ashes Prospect and the broader London–Victoria corridor with a much more integrated technical view. At Ashes, the ability to assess the full extent of the IP chargeability and resistivity anomalies as one continuous system materially enhances our understanding of the hydrothermal footprint and strengthens the case for further targeted work. To the south, securing EL9178 provides a logical extension of the London–Victoria structural corridor, where historical workings and favourable geology indicate strong potential for additional mineralised zones along strike.” 

Adavale Resources Executive Chairman and CEO, Mr. Allan Ritchie, commented: “This strategic acquisition is already demonstrating its value by unlocking new exploration opportunities immediately adjacent to our existing assets. By consolidating this highly prospective ground, Adavale is building a stronger pipeline of greenfield and brownfield growth opportunities.”

At Ashes, Adavale has completed an integrated technical review incorporating 2025 IP survey results and previously reported surface geochemistry. IP inversion modelling has defined a prominent north–south trending resistive corridor interpreted to represent silica-dominant alteration, flanked by discrete zones of elevated chargeability considered prospective for sulphide-bearing alteration within a broader hydrothermal system.

The resistivity anomaly may reflect the upper levels of a mineralised system consistent with a higher-level epithermal environment developed above or peripheral to an intrusive source. Importantly, the larger of the discrete chargeability anomalies extends into the newly acquired tenure, allowing the Company to assess the entire IP anomalous system within one consolidated land position.

A review of historical drilling indicates that previous holes may have partially tested the resistive feature but likely missed the core chargeability anomalies, highlighting the opportunity for targeted follow-up drilling.

At London–Victoria, the acquisition of EL9178 secures ground immediately south of the existing London–Victoria Gold Mine, where geological interpretation indicates continuation of the same mineralised structural corridor along strike. Gold mineralisation at London–Victoria is hosted within a shear zone associated with a parasitic fold, providing a favourable setting for repeated mineralisation.

Regional magnetic data highlights a prominent linear magnetic high extending into EL9178, interpreted to represent Ordovician volcanic sequences forming a key structural and lithological host to mineralisation at London–Victoria. The alignment of this feature with historical gold occurrences and legacy workings supports the view that the system remains open and prospective beyond the current mining area.

Adavale considers the southern extension a logical brownfields growth opportunity and plans to systematically test previously un-drilled portions of the corridor where structural repetition may create additional zones of gold mineralisation.

An expanded Phase 3 drilling program of an initial 6,000 metres is currently underway at London–Victoria. The Company is also utilising pXRF-based geochemical logging to refine lithological and geochemical discrimination and confirm host sequence distribution, while incorporating new structural data to update its geological and resource model.

In parallel, planning is underway for additional airborne and/or ground-based magnetic surveys, with data acquisition scheduled for March 2026, reflecting the positive association observed between magnetic signatures and gold mineralisation.

Across the broader Parkes Project, Adavale will undertake a structured review of prospect priorities following completion of the acquisition. This will include integrating geochemical, geophysical and structural datasets to refine targeting, reassessing the Ashes IP survey within the expanded tenure, extending geochemical and geophysical surveys across the consolidated landholding, and evaluating the southern extensions of the London–Victoria gold corridor into EL9178.

The Company believes the consolidation of tenure at Parkes positions it to accelerate drill-ready target generation adjacent to its near-term brownfields growth focus at London–Victoria, while advancing high-impact greenfields opportunities such as Ashes.

About The Parkes Project

Adavale Resources Limited (ASX:ADD) tenements span 8 contiguous licences across 440.2km2 of the Parkes Gold and Copper Project, containing the brownfields London Victoria Mine with 107koz JORC resource and abundant greenfields targets highly prospective for Au-Cu, situated within the Ordovician-aged rocks of the Macquarie Arc, within the crustal-scale structure of the Lachlan Transverse Zone (LTZ) that contain both Northparkes and the world-class Cadia gold-copper Mine and several others.

Jane Morgan Management
Investor & Media Relations
[email protected]