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Adavale Resources (ASX: ADD) has identified some significant exploration targets at its Parkes project in New South Wales.

Newly reprocessed induced polarisation (IP) geophysics data has upgraded a sizeable gold-copper-silver target at the Ashes prospect at Parkes.

Adavale has multiple exploration activities underway at Parkes, with key projects and milestones including further geochemical survey and drill program planning.

Chief executive officer Allan Ritchie said the new studies suggested that historical drilling may not have effectively tested the higher-chargeability central core of the anomaly.

“The location of the shallow anomaly is further enhanced by the recently assayed nearby rock chips, which have returned up to 10.65 grams per tonne gold, 1.98% copper and 158 grams per tonne silver,” Mr Ritchie said.

“This is an exciting development for Adavale in our drill target selection and ranking process, as we remain on track to drill this quarter.”

Mr Ritchie said the new work would contribute to the company’s multi-phase exploration strategy targeting high-grade gold and copper mineralisation across multiple prospects in the region.

Adavale remains on track to conduct its maiden drilling program at Parkes in Q2 2025, following its assessment of existing and expected new target generation from geochemical survey assay results and the current IP reprocessing.

The company believes there is the scope for further IP surveying north of the current anomaly that has the potential to extend the target zone along strike.

Earlier this week, Adavale released a maiden independent inferred mineral resource estimate (MRE) for its London-Victoria deposit of 3.8 million tonnes at 0.95 grams per tonne for 115,000 ounces of gold.

Adavale released the MRE just three months after completing its acquisition of the Parkes project and is confident that, with shallow drilling from the pit floor, it can expand the London-Victoria MRE even further.

Mr Ritchie said significant upside remains, with several historical drill intercepts excluded from the resource calculation due to wide spacing.

“The gold mineralisation is contained within a conceptual, shallow open pit no more than 100m deeper than the existing pit floor,” Mr Ritchie said.

“London-Victoria’s opportune location, with ample processing capacity in the region, provides multiple paths for Adavale to monetise the resource.”

Adavale Resources identifies major gold-copper-silver target at Parkes project’s Ashes prospect