Alvo Delivers Drilling Intercepts Up To 4.3% Cu, 17.5% Zn & 184g/t Ag

HIGHLIGHTS

• The Palma VMS Project continues to deliver significant base and precious metals results from the C1 prospect.
• Grades from the phase 1 drill program at C1 and C3 compare favourably with intercepts in historical drilling -used in the reported JORC Mineral Resource Estimate (MRE) of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag
• Final assay results received from the phase 1 drill program at C1 continue to define multiple shallow, thick and high-grade polymetallic intercepts. Highlights include:
  • PD1-039: 22.0m @ 0.87% Cu, 5.62% Zn, 1.26% Pb, 30.8g/t Ag & 0.04g/t Au from 50m
  • Inc. 5.7m @ 1.45% Cu, 16.90% Zn, 3.63% Pb, 80.9g/t Ag & 0.08g/t Au from 59m
  • PD1-037: 2.0m @ 4.32% Cu, 17.45% Zn, 4.78% Pb, 184.2g/t Ag & 0.31g/t Au from 111m
  • PD1-043: 4.6m @ 0.67% Cu, 7.10% Zn, 1.72% Pb, 29.0g/t Ag & 0.04g/t Au from 41m
  • Inc. 1.4m @ 1.76% Cu, 20.92% Zn, 5.42% Pb, 91.2g/t Ag & 0.11g/t Au from 43m
  • PD1-044: 10.9m @ 0.60% Cu, 3.00% Zn, 0.81% Pb, 16.5g/t Ag & 0.01g/t Au from 60m
  • Inc. 2.5m @ 1.13% Cu, 9.93% Zn, 2.14% Pb, 56.5g/t Ag & 0.04g/t Au from 68m
  • PD1-045: 2.0m @ 1.98% Cu, 14.37% Zn, 3.35% Pb, 81.9g/t Ag & 0.14g/t Au from 65m
• Phase 1 drill programs are complete and have significantly increased the Company’s confidence for the phase 2 that will take aggressive step-outs to test extensions to existing high-grade VMS mineralisation
  • Both drill rigs have relocated and are operating at the C3 prospect, testing both extensions and discovery targets at Mafico and Ema (previously C3 West) located within 800m of the C3 prospect
  • Based on the strong results at Palma the maiden 10,000m program has been extended

The Company has completed the maiden 10,000m diamond drill program and given the strong results delivered to date has elected to extend the drill program, with total diamond drilling at Palma Project now passing 12,000m. Both diamond drill rigs are currently operating at C3 testing extensions to high-grade VMS mineralisation and several new discovery targets including Mafico and Ema (previously C3 West).

Rob Smakman, Alvo’s Managing Director commented from site:

"Results from drilling at C1 continue to impress, with the best intercepts associated with thickening on the fold which plunges shallowly towards the south. We are starting to build our geological understanding of C1 and look forward to expanding our drilling along strike and down dip once additional geophysical surveys are completed.

Both diamond drill rigs are now back at C3 and testing high-grade extensions to the north, south and at depth, where mineralisation remains open.

It's great to complete the maiden 10,000m program, a goal that we set ourselves for our first year. We are now extending the program as drilling continues at C3 where we are chasing extensions. We are also starting the exciting process of drilling several discovery targets.”

Diamond Drilling at C1

Final diamond drilling results for Phase 1 at C1 are reported below and include the results from 18 holes, for a total of 30 holes for 5,551 metres in phase 1 drilling at C1.¹

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