Adavale Resources expands uranium portfolio in South Australia

Adavale Resources Limited (ASX: $ADD) has acquired a 100% interest in EL6553, expanding its Uranium portfolio in South Australia to 2,058km2. The acquisition covers 456km2 and is strategically located adjacent to the Company's Mundowdna South and Lake Surprise Uranium Project licences. Historical exploration on EL6553 has identified numerous anomalous uranium target areas, including drill intercepts of 1.0 metre at 263ppm eU3O8 and 0.65m at 235ppm eU3O8.

Executive Commentary on Expansion of Uranium Portfolio

Following the recent acquisition of a significant historical EM dataset and extensive reprocessing over our Mundowdna South EL, the Company has been assessing a variety of strategic and proximal acquisitions that have demonstrated potential to host similar prospective palaeochannel systems. We consider this acquisition represents an exciting opportunity for the Company in that it has demonstrated palaeochannels containing ample evidence of elevated uranium occurrences. We also believe the area to be under-explored as the initial exploration of the area was abruptly halted following the Fukushima incident in Japan in 2011. We can now capitalize on this earlier exploration and follow up on these clearly defined targets. We see this as a huge boost to our upcoming 2024 uranium exploration programs.

Summary of Expansion and Future Plans

Adavale Resources Limited (ASX: $ADD) has significantly expanded its uranium portfolio in South Australia with the acquisition of EL6553, increasing its uranium licence holdings to 2,058km2. The company's focus will center around the pathfinder uranium results previously achieved at MacDonnell Creek and George Creek prospects. Field exploration activities are set to commence in April over the prospective palaeochannel system identified at the Mundowdna Uranium Project area. Adavale has also reduced its debt position from $580k to $330k following the repayment of 25 Convertible Notes at its maturity date. The company's upcoming uranium exploration programs are expected to benefit from this strategic acquisition, and the management is optimistic about the potential for significant developments in their corporate strategy.