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Adavale adds another 143km2 to its East African nickel footprint

Special Report: Adavale Resources has increased its nickel exploration tenure in Tanzania, with its subsidiary being granted Prospecting Licence PL ……

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This article was originally published by Stockhead

Adavale Resources has increased its nickel exploration tenure in Tanzania, with its subsidiary being granted Prospecting Licence PL 12175/2023, covering an area of 44.83km2 – called The Southeast Wedge. 

The Southeast Wedge is a contiguous extension of the company’s important HEM 4 targets identified at Kabanga East at its Kabanga Jirani nickel project.

Adavale Resources (ASX:ADD) has also triggered the acquisition of 65% of the Luhuma Farm-in prospecting licences which cover 99km2 over the Luhuma trend, an area known to contain several prospective mafic-ultramafic intrusions.

 The explorer’s fully owned tenure coupled with earn-in tenure now covers 1,311km2 within the East African Nickel Belt of Tanzania.

Unrivalled footprint in East Africa

“Adavale’s core strategy to explore its existing licences whilst in parallel expand its footprint with additional prospective licences is very much on track,” chairman Grant Pierce said.

“The granting of the Southeast Wedge licence and the company’s acquisition in the Luhuma prospect expands the company’s tenure to an unrivalled 1,311km2 within the East African Nickel Belt of Tanzania.

“The company looks forward to an exciting 2023 nickel exploration program, building on the foundations of the 2022 program.”

Pic: The ‘Southeast Wedge’ PL 22100//2022 proximity to drill hole RCDDKE006

Drilling planned at Luhuma

The Southeast Wedge completes coverage over a cluster of coincident gravity and heli-EM anomalies identified by Adavale in 2022 which are considered prospective for nickel and copper mineralisation.

The anomalies are also along strike from drill hole RCDDKE006 which was drilled to a depth of 500m in late 2022 and has assays pending.

In December 2021, Adavale executed a binding farm-in agreement to earn up to 80% interest in the Luhuma licences, and following the recent identification of multiple drill targets, the company decided to proceed with the Stage 2 payment to acquire the 65% interest in the licences.

The Stage 2 payments consist of a US$50,000 cash payment and US$150,000 worth of Adavale shares, calculated based on the volume weighted average price for the five days preceding the issue of shares.

The company plans to continue exploring and drill within the Luhuma trend during 2023.

 


 

 

This article was developed in collaboration with Adavale Resources, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Adavale adds another 143km2 to its East African nickel footprint appeared first on Stockhead.


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