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Adavale targets rapid resource

davale Resources Ltd executive di- up a dominant 1,267sq km land package Riekie predicted the coming months
Arector David Riekie made it abun- surrounding the prolific Kabanga nickel would deliver a “nice Christmas present”
dantly clear what the company hopes to deposit. for Adavale shareholders.
achieve from its budding nickel explora- Adavale’s success over the past year “There will be a mixture of both dia-
tion portfolio in Tanzania over the next 12 was largely due to a gravity survey which mond and RC, we’ll do some RC recon
months. identified as many as 32 new targets for drilling as well, but we’re very focused on
“We want to get a resource,” Riekie told drilling, with the first of those to be tested a programme that will be between 5,000-
Africa Down Under. “We’ve set ourselves at the time of print. 7,000m, and cost-efficient and timely,” he
a timeline of basically this time next year Riekie said the company was surprised said.
to be in that situation where we can actu- to find that gravity had never been a fea- “We immediately generated 32 targets
ally be delivering that, if the mineralisation ture of any previous nickel exploration pro- from the gravity survey, but I reckon there’s
supports that.” gramme in Tanzania. a lot more there. We’ve located those ones
Riekie presented to delegates on the “It’s been critically important for us and that are probably more discrete and will be
back of what he described as a “defining” we think it’s a free kick for other people fol- easier to attack.”
period for Adavale, which has quickly built lowing us,” he said. Riekie said Adavale would also look to
“We think the company is leverage off its proximity to the Kabanga
poised at this point in time with nickel deposit which BHP Ltd is investing
the proliferation of opportunity up to $US100 million into, beginning with
that’s come from this explo- an initial commitment of $US40 million
ration programme…to actu- and a further $10 million which owns the
ally take this company and hydromet processing technology.
the exploration programme “It’s fair to say that BHP has put a rather
forward.” significant investment in anyone’s book
Prior to the conference, into this company [Kabanga Nickel] but it’s
Adavale rattled the tin for up to an option fee for them,” he said. “Still, it’s a
$3 million to fund its near-term significant investment and we actually ap-
exploration plans, including plaud that because we’re right alongside
drilling over the high-priority them.”
targets on its Kabanga, Jirani
and Luhuma projects. – Michael Washbourne
David Riekie

Pioneering

iron ore

production

in Gabon.

genmingroup.com | ASX:GEN

aUSTRaLIa’S PaYDIRT OCTOBeR 2022 Page 45