Base and precious metals exploration company Alvo Minerals (ASX:ALV) has uncovered a ‘large’ extension of ‘high-grade’ copper and zinc mineralisation from ongoing diamond drilling (DD) at its Palma Project in central Brazil.
The results, generated by phase 2 extensional DD at the project’s C3 prospect, follows ‘exceptional’ phase one drill results that confirmed, enhanced, and extended mineralisation defined by historic results.
The company says the ‘high-grade’ mineralisation was intersected about 50m down-dip of the existing JORC 2012 Mineral Resource Estimate (MRE).
Key intercepts include hole PD3-059 with 14.2m @ 3.0% copper equivalent (CuEq) from 228m, including 4.8m @ 7.3% CuEq from 237m; and hole PD3-065 with 13m @ 1.5% CuEq from 333m, including 4.7m @ 3.1% CuEq from 340m.
Drilling is currently ongoing at C3 with ‘aggressive’ step-outs down-plunge aiming to ‘significantly’ expand the MRE of 4.6 million tonnes (Mt) @ 1.0% Cu, 3.9% zinc (Zn), 0.4% lead (Pb), and 20g/t silver (Ag) following a short break over the festive season. Auger drilling using the company’s new truck mounted mechanical auger has also begun.
Commenting on the results, Alvo Minerals Managing Director Rob Smakman says: “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 VMS district at Palma.
“We have had a great start to our C3 resource expansion drilling, receiving high-grades and thick intercepts beyond the known JORC Resource”
With our wide range of in-house exploration equipment and our established exploration team, we are extremely focused 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 the value for all Alvo shareholders.”
The company notes drilling will also continue to target new prospects within the C3 volcanic hosted massive sulphide (VMS) cluster including Mafico, Ema, and Pelicano.
In addition, down-hole electromagnetic (DHEM) surveys at C3 have highlighted conductive plates that demonstrate potential to ‘significantly’ expand C3 mineralisation, and are assisting with extensional drilling.
Alvo Minerals is an ASX-listed exploration company on the hunt for ‘high-grade’ copper and zinc at its flagship Palma project in central Brazil. The project comprises ‘high-grade’, shallow, polymetallic prospects, and a JORC 2012 inferred MRE of 4.6Mt @ 1.0% Cu. 3.9% Zn, 0.4% Pb, and 20g/t Ag. The company is working to aggressively explore and deliver growth through discovery, leveraging managements’ ‘extensive’ track record in Brazil.
