Adavale Resources Limited(ASX:ADD) (“Adavale” or “the Company”) is pleased to advise that the Stage 1 ‘Luhuma’ Farm-In consideration comprising US$12,500 cash per licence and 1,778,458 fully paid ordinary shares to the value of US$25,000 per licence has been paid and issued to the Vendor.


Highlights

  • Conditions precedent now met and provides Adavale immediate and exclusive rights to explore and evaluate the Luhuma licence area for 12months1
  • Staged Farm-In consideration US$12.5k cash and US$25k of Adavale shares per licence paid and issued toVendor1
  • Ground based surveys and exploration on Luhuma Licence area (~99sqkms) adjacent to Adavale’s Kabanga NE licences proceeding
  • Total exploration area for Adavale’s nickel sulphide exploration potential now extended to cover~1,243sq kms
  • Interest being generated from BHP’s recent strategic investment in adjacent Licence holder’s Nickel project

Adavale Executive Director, David Riekie commented:

“This is a great outcome for Adavale as the exclusive access to explore the Luhuma Licences is considered a key addition to Adavale’s immediate and medium term exploration strategy.

The Luhuma Farm-In Licences are considered very prospective as they contain the Luhuma intrusion, a known mineralised intrusion, enabling us to extend our exploration footprint to capture the area which includes the 8km Luhuma corridor.

This “corridor” was identified as part of our 2021 exploration program and will feature heavily in our 2022 exploration program.

Our current ground based exploration surveys including soil sampling, DHEM and gravity surveys have recommenced. Ground based or airborne Electromagnetic (EM) surveys will also feature in the target generation and refinements for our future drilling programs."

Click here for the full ASX Release

This article includes content from Adavale Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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