Adavale Resources (ASX: $ADD) Quarterly Activities Report March 2024

Adavale Resources Limited (ASX: $ADD) has released its Quarterly Activities Report for the period ending 31 March 2024. The report highlights the company's focus on uranium exploration in South Australia and nickel exploration in Tanzania. The company's cash reserves and funding availability at the end of the quarter were approximately $1.5 million.

Executive Commentary on Exploration Activities

Adavale's Executive Director, David Riekie, emphasized the company's shift to focus on the highly prospective uranium portfolio in South Australia during the Tanzanian wet season. The company is currently conducting fieldwork on the Mundowdna South tenement, with preliminary results expected in the coming weeks. Additionally, the acquisition of EL6553 provides the company with walk-up targets in an area of known uranium mineralization. In Tanzania, the exploration team is consolidating the results from the 2023 programs and planning for 2024.

Summary of Quarterly Activities and Outlook

Adavale Resources' focus on uranium exploration in South Australia includes the finalization of the exploration program over Mundowdna South and the acquisition of EL6553, expanding the company's license holding to 2,058km². The company's strategic exploration activities aim to test the presence of a prospective palaeochannel system and identify uranium mineralization. In Tanzania, the company is planning the 2024 exploration program for the Kabanga Jirani and Luhuma Nickel Projects. Adavale held cash reserves of approximately $1.5 million at the end of the quarter and raised additional funds through a private placement. The company's outlook includes commencing exploration programs, delineating prospective areas, and planning drilling programs for both uranium and nickel exploration projects.