What's Happening?
Adavale Resources Limited has announced the commencement of Phase 3 drilling at the London-Victoria Gold Mine in New South Wales, following promising results from its Phase 2 program. The recent assays
confirmed the continuity of gold mineralization beneath the existing open pit, indicating significant resource growth potential. The expanded drilling program aims to cover an initial 6,000 meters to further explore the mineralized system, which remains open at depth and along strike. The company is also planning additional geochemical logging and a drone magnetic survey to refine its geological model.
Why It's Important?
The expansion of Adavale's drilling program underscores the company's confidence in the resource potential of the London-Victoria Gold Mine. Successful resource growth could enhance the mine's economic viability and attract further investment. This development is significant for the local mining industry, potentially leading to job creation and economic benefits for the region. Additionally, the project's success could bolster Adavale's position in the competitive gold mining sector, providing a foundation for future exploration and development activities.
What's Next?
As Adavale progresses with its Phase 3 drilling, the company will focus on validating its geological model and expanding the known mineralization. The results of the drilling program will inform updates to the mineral resource estimate, potentially leading to increased production capacity. Stakeholders, including investors and local communities, will be closely monitoring the project's outcomes. The planned geochemical logging and drone survey will provide further insights into the mineralization, guiding future exploration efforts and strategic decisions.
