Drilling At Palma Expands Polymetallic Potential

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased to 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.

• The Palma VMS Project continues to deliver significant base and precious metals results, as drilling at C3 intercepts polymetallic mineralisation, including:
  • 14.9m @ 2.22% Cu, 10.78% Zn, 0.48% Pb, 34.0g/t Ag & 0.11g/t Au from 74m in hole PD3-056
    • Inc. 5.0m @ 2.72% Cu, 17.46% Zn, 0.87% Pb, 52.6g/t Ag & 0.16g/t Au from 75m
  • 17.1m @ 1.23% Cu, 2.09% Zn, 0.17% Pb, 11.5g/t Ag & 0.03g/t Au from 294m in hole PD3-053
  • 17.7m @ 1.12% Cu, 3.45% Zn, 0.09% Pb, 5.4g/t Ag & 0.01g/t Au from 101m in hole PD3-054
    • Inc. 2.9m @ 0.86% Cu, 13.13% Zn, 0.41% Pb & 16.4g/t Ag from 102m
  • 11.5m @ 0.35% Cu, 2.73% Zn, 0.13% Pb &5.6g/t Ag from 52m in hole PD3-051
    • Inc. 3.5m @ 0.48% Cu, 7.37% Zn, 0.35% Pb &17.4g/t Ag from 58m
• Extensional drilling is ongoing at C3, with aggressive step-outs at depth and along strike, aiming to significantly expand the existing JORC 2012 Mineral Resource Estimate (MRE) of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag
  • Drilling will specifically be targeting beneath the deepest holes drilled to date, including:
    • 36m @ 1.49% Cu, 8.58% Zn 0.32% Pb, 19.1 g/t Ag & 0.04 g/t Au in PD3-012 from 285m
    • 16.0m @ 1.81% Cu, 14.23% Zn 0.37% Pb, 20.5 g/t Ag & 0.04 g/t Au in PD3-014 from 252m
    • 19.65m @ 1.64% Cu, 9.72% Zn 0.23% Pb, 18.8 g/t Ag & 0.06 g/t Au in PD3-008 from 291m
• Down-Hole Electromagnetic surveys (DHEM) at C3 has highlighted extensive conductive plates along strike and at depth, significantly enhancing the scale potential of the C3 deposit
• Phase 2 drilling is also targeting several new targets including Mafico, Ema, Pelicano and Pombo, clustered around the C3 prospect

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.

“The DHEM and FLEM surveys both provides us a valuable targeting tool for VMS mineralisation and demonstrates the extensive scale potential of the C3 prospect. If successful, extensional drilling has the potential to add substantial tonnes to the resource base at Palma.