Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased announce new assay results from its ongoing extensional diamond drill program at the C3 prospect, within the Palma Project (“Palma” or “the project”) located in Central Brazil. The Company has completed a total of 16,790m of diamond drilling from listing in October 2021 and has now resumed drilling after a short break over the festive season.
HIGHLIGHTS
- Extensional drilling at the Palma Volcanic hosted Massive Sulphide (“VMS”) Project delivers significant high-grade mineralisation, including:
- PD3-059: 14.2m @ 3.0% CuEq* (1.1% Cu, 6.1% Zn, 0.2% Pb, 12g/t Ag & 0.04g/t Au) from 228m
- Inc. 4.8m @ 7.3% CuEq (1.8% Cu, 16.8% Zn, 0.4% Pb, 24g/t Ag & 0.1g/t Au) from 237m
- PD3-065: 13.0m @ 1.5% CuEq, (1.0% Cu, 1.8% Zn, 0.1% Pb, 8g/t Ag & 0.02g/t Au) from 333m
- Inc. 4.7m @ 3.1% CuEq (1.9% Cu, 4.6% Zn, 0.31% Pb, 21g/t Ag & 0.05g/t Au) from 340m
- PD3-065: 14m @ 1.7% CuEq, (0.7% Cu, 3.3% Zn, 0.2% Pb, 10g/t Ag & 0.03g/t Au) from 376m
- Inc. 5.3m @ 3.6% CuEq (1% Cu, 8% Zn, 0.5% Pb, 25g/t Ag & 0.05g/t Au) from 379m
- PD3-059: 14.2m @ 3.0% CuEq* (1.1% Cu, 6.1% Zn, 0.2% Pb, 12g/t Ag & 0.04g/t Au) from 228m
- High-grade mineralisation intersected approximately 50m down-dip of the existing JORC 2012 Mineral
- Resource Estimate (“MRE”)
- These first results reported from the Phase 2 exploration program follow the exceptional Phase 1 drill results that both confirmed, enhanced and extended mineralisation defined by historic results, including:
- PD3-001: 25.0m @ 6.3% CuEq (1.8% Cu, 14.1% Zn, 0.2% Pb, 17g/t Ag & 0.11g/t Au) from 187m
- Inc. 9.0m @ 8.2% CuEq (2.9% Cu, 17.2% Zn, 0.3% Pb, 20g/t Ag & 0.09g/t Au) from 198m
- PD3-007: 23.2m @ 5.5% CuEq (3.3% Cu, 8.1% Zn, 0.3% Pb, 31g/t Ag & 0.12g/t Au) from 259m
- Inc. 10.6m @ 10.1% CuEq (6.3% Cu, 14.8% Zn, 0.2% Pb, 40g/t Ag & 0.23g/t Au) from 267m
- PD3-001: 25.0m @ 6.3% CuEq (1.8% Cu, 14.1% Zn, 0.2% Pb, 17g/t Ag & 0.11g/t Au) from 187m
- Phase 1 and initial Phase 2 drill results continue to exceed expectations on grade and thickness when compared to the existing MRE that used historical drilling only
- Phase 2 drilling is ongoing at C3, with aggressive step-outs down-plunge, aiming to significantly expand the MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag
- Having resumed after the Christmas break, Phase 2 drilling will continue targeting new prospects within the C3 VMS cluster including Mafico, Ema and Pelicano
- Down-Hole Electromagnetic surveys (“DHEM”) at C3 have highlighted conductive plates that demonstrate the potential to significantly expand C3 mineralisation and is assisting with the extensional drilling
*Refer to the detailed explanation of assumptions and pricing underpinning the copper equivalent (CuEq) on page 6 of this announced and in Section 2 of the attached JORC Code Table (Appendix 1)
Rob Smakman, Alvo’s Managing Director commented on the exploration:
“We have had a great start to our C3 resource expansion drilling, receiving high-grades and thick intercepts beyond the known JORC Resource from the initial Phase 2 drill results. We are looking forward to a busy 2023 where we will continue to expand on the known MRE and develop new targets across the remaining 60km of underexplored explored VMS district at Palma.
With our wide range of in-house exploration equipment and our established exploration team, we are extremely focussed on expansion and discovery. We are set to build on our highly successful 2022 exploration program in 2023 as we accelerate exploration in an environment of high base metals prices, with the outlook for copper looking especially positive.
The timing is right for 2023 to significantly increase value for all Alvo shareholders.”
Diamond Drilling at C3
Phase 2 drilling at C3 is aiming to expand the existing Palma Project MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag (see Figure 1). Phase 2 drilling follows an exceptional Phase 1 drill program that delivered high-grade Copper and Zinc in thick VMS intercepts. Phase 1 and initial Phase 2 drill results continue to exceed expectations on grade and thickness when compared to the existing JORC 2012 MRE that used historical drilling only.
