Announcement Date: 2022-10-18
Announcement Type: Drilling Results
Announcement Code: JORC
Company name: Alvo Minerals Ltd.
Project name: Palma
Location: Brazil
Commodities: Gold,Silver,Copper,Lead,Zinc
Highlight: Drilling results incl. 14.9m at 2.22% Cu, 10.78% Zn, 0.48% Pb, 34.0g/t Ag, 0.11g/t Au from 74m
Resources: only available to subscribers
CP/QP: only available to subscribers
Announcement summary: Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased announce first assay results from its extensional diamond drill program at the C3 prospect, within the Palma Project (“Palma” or “the project”) located in Central Brazil. The Company has now completed over 13,250m of diamond drilling at Palma, continuing uninterrupted since listing in October 2021. Phase 2 drilling at the C3 prospect is ongoing and is aiming to significantly expand the existing JORC 2012 Resource 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 and thick VMS intercepts. Two diamond drill rigs are operating at and around the C3 cluster, testing extensions to the high-grade VMS mineralisation defined in phase 1 drilling. Phase 2 drilling will also target several new targets including Mafico, Ema, Pelicano and Pombo, clustered around the C3 prospect. Rob Smakman, Alvo’s Managing Director commented on the exploration: “We are now at a very exciting phase for the Palma Project, starting to drill test targets beyond the known highgrade mineralisation, with the aim of substantially expanding our existing resource base. The early drilling results from phase 2 at C3 give the Company confidence to be more aggressive in our step-out holes. We’re seeing mineralisation expanding to the north, south and at depth.
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