Adavale Resources (ASX:ADD) acquired a 72.5% interest in the Parkes gold and copper project in the Lachlan Fold Belt of New South Wales for an undisclosed amount, according to a Friday filing with the Australian bourse.

The project covers 395 square kilometers across four exploration tenements, with potential for orogenic, epithermal, and gold-rich porphyry-style copper-gold deposits, the filing said.

Additionally, the mineral explorer said it will raise AU$1.7 million via the issue of 670 million shares at AU$0.0025 apiece. Each share will have a free attaching option expiring Dec. 31, 2027, priced at AU$0.005 each.

Proceeds from the placement will be used at the Parkes gold and copper project to increase and upgrade the London-Victoria mine.