Adavale Resources Limited (Stock Symbol – ASX: ADD) is a uranium exploration company focusing on the northern part of the Lake Frome Embayment. This area is a highly prospective sedimentary uranium province within Australia.
These tenements lie north of the Flinders Range in South Australia including the Lake Surprise Project, Jubilee Prospect, and Mookwararinna Prospect.
The company’s Lake Surprise Project is 550 kilometers (341 miles) north of the city of Adelaide in Australia. The project area is highly prospective for surficial and sandstone uranium mineralization. Nearby orebodies include Honeymoon, Goulds Dam, and Yarramba.
The Jubilee Prospect has known uranium concentrations from analysis of drill holes of between 100ppm and 611 ppm with thicknesss greater than 0.5 meters. The uranium is located within hardened silicified sandstone and silcrete layers.
The Mookwarinna Prospect has had ground spectrometer surveys and infill drilling competed. This work demonstrated that uranium is present above 100ppm in layers up to 3.25 meters in thickness. The company has designed a program for additional analysis of this area.
Adavale Resources also has ownership of concessions next to the Kabanga Nickel Project in the United Republic of Tazania, Africa. This project was previously owned by BHP and is in a highly prospective region for nickel.
The Kabanga Nickel Project holds an enourmous undeveloped and high grade nickel sulphide resource of 58 million tones grading at 2.62% nickel.
The government of Tanzania cancelled retention licences for the company as part of its larger strategy to slow or stop mineral exploitation during adverse market conditions. This government action will allow a greater return for the country once markets improve. This action has has temporarily halted the further development of this project.
The company was first incorporated in 1969 as Burril Investments. In 1970 the company changed its name to Mining Corporation of Australia. In 1997 the company changed its name to Target Mining Corporation before renaming as Asia Gold Mining Corporation; and finally Adavale Resources in 2008.
The company is headquartered in Sydney, Australia.
Please note that the share price below is for the ASX stock symbol. The quote is delayed by approximately 15 minutes and not real time.
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