Alvo Minerals: Quarterly Activities Report For The Period Ending 30 June 2022

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the Company) is pleased to provide its Quarterly Activities Report for the period ending 30 June 2022. All dollar amounts are A$ unless stated otherwise. Alvo is exploring its Palma VMS Project in Brazil (“Palma Project” or the “Project), a project that has significant copper and zinc potential in brownfields prospects within a district scale exploration package of highly prospective tenure.

Highlights:

• Fixed Loop Electromagnetic (FLEM) surveys were completed across the Palma Project at C3, C3 West, Macaw and Mafico and highlighted multiple new potentially mineralised VMS conductors
• Drilling at new prospects Macaw, Mafico and C3 West will be undertaken during Q3 CY2022 based on historical work and new FLEM surveys which have delineated significant anomalies
• Final assay results from phase 1 diamond drill program at C3 were received and continued to deliver exceptional high-grade polymetallic widths and grade. Highlights include:
  • PD3-018: 15.0m @ 2.89% Cu, 4.41% Zn, 0.33% Pb, 29.80g/t Ag & 0.09g/t Au from 71m
  • Inc. 7.0m @ 5.24% Cu, 8.01% Zn, 0.33% Pb, 49.71g/t Ag & 0.16g/t Au from 73m
  • PD3-014: 16.0m @ 1.81% Cu, 14.23% Zn, 0.37% Pb, 20.53g/t Ag & 0.04g/t Au from 252m
  • Inc. 7.4m @ 2.20% Cu, 23.13% Zn, 0.60% Pb, 30.28g/t Ag & 0.06g/t Au from 259m
• Assays for the first batch of holes from phase 1 diamond drilling at the C1 prospect were received and include multiple thick, high-grade polymetallic results. Highlights included:
  • PD1-019: 21.8m @ 1.86% Cu, 8.68% Zn, 1.91% Pb, 56.10g/t Ag & 0.12g/t Au from 142m
    • Inc. 8.0m @ 3.44% Cu, 12.95% Zn, 2.86% Pb, 89.23g/t Ag & 0.20g/t Au from 149m
  • PD1-030: 8.9m @ 0.92% Cu & 8.75% Zn 2.28% Pb, 52.10g/t Ag & 0.04g/t Au from 64m
  • Inc. 2.8m @ 1.17% Cu, 15.30% Zn, 4.01% Pb, 82.16g/t Ag & 0.06g/t Au from 64m
• Preliminary Induced Polarisation (IP) survey at C1 and Macaw highlighted IP will be a valuable tool for targeting mineralisation going forward
• Phase 2 drilling at C3 is underway, targeting extensions to the known high-grade VMS mineralisation based on phase 1 drill results, FLEM and Downhole electromagnetic (DHEM) surveys
• Alvo is well funded with a cash balance of $5.6m to continue its 2022 exploration program
• Safety remains a key focus with no lost time injuries during the quarter

VMS and supergene mineralisation remains open in all directions at C3 with potential extensions confirmed by the recent FLEM survey completed across the C3 prospect. The FLEM survey highlighted significant conductive plates associated with the confirmed high-grade mineralisation extending to the northeast, southwest and at depth (see Figure 3).

The potential extensions at C3 to the northeast and southwest, as well as at depth, are being targeted in Phase 2 drilling that has commenced. Phase 2 drilling will target the ‘Expand’ section of Alvo’s exploration strategy where on completion, an updated mineral resource estimate will be considered, subject to results.

Supergene mineralisation is being targeted through RC drilling that is underway, with a series of shallow holes targeting the near surface mineralised zones to determine its importance.

Alvo also reported results from the first FLEM survey at C3 and surrounds. The initial survey at C3 was expanded significantly as multiple nearby conductors were identified which required extensions and additional surveys. These new conductors include the newly identified Mafico and C3 West prospects (see Figure 3), which will be tested during the ongoing phase 2 diamond drill program.

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