Avanco Resources Announces Quarterly Activities and Cashflow Reports Highlighting the Antas Copper Mine

Avanco Resources Limited (ASX:AVB) its Quarterly Activities Report for the period ending 31 December 2015. The Company’s focus during the quarter continued to be on the development of the Antas Copper Mine.
As quoted in the press release:

HIGHLIGHTS

• Construction at Antas is progressing on schedule and within budget
• Commissioning to commence in current quarter
• The plant has been energised via the 10km grid power line
• The lump sum turnkey Metso filter construction is complete and awaiting wet commissioning
• The crushing circuit is fully operational
• Mechanical-electrical and electrical reticulation are on “critical path” and remain only material works to be completed in construction phase
• Mining, explosives and diesel fuel contracts executed
• Antas Phase 1 pit grade control geological model confirms upside to the Mineral Resource / Ore Reserve estimates
• Mining is on schedule with ~11,000t of ore at 2.55% Copper extracted from the open pit and delivered to the ROM pad ready for processing
• Management believes the Company remains fully funded to advance Antas into production and is debt free. Concentrate offtake contracts are in final stages of negotiation
• Approximately 600,000 man hours have been worked since construction commenced in May 2015 with No Lost Time Injuries
• Diamond drilling continues at Pedra Branca with latest results confirming the high grade nature of the East zone:
  • 24.6m at 1.15% copper, 0.35g/t gold from 138.40m including 7.00m at 2.07% copper, 0.66g/t gold from 152.00m
  • 24.7m at 1.93% copper, 0.41g/t gold from 275.30m including 9.7m at 3.10% copper, 0.66g/t gold from 275.30m
• Planned drilling at Pedra Branca East will target increasing the confidence level for the Resources to the Indicated category and facilitate design of the proposed box-cut
• Auger geochemistry west of Pedra Branca outlined coincident Nickel, Copper and Platinum Group Elements anomalism over two distinct magnetic highs. Mapping and rock chip sampling shows both magnetic highs to be related

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