Drilling Identifies New Shallow, High-Grade Copper Zone At Palma

"We are pleased to report on extremely positive RC drill results at C3 which demonstrates the previously unknown supergene mineralisation has an extensive footprint, close to the projected surface of the main mineralisation. First pass drilling returned some spectacular grades and this could be a material enhancement of the overall Palma Project. We have samples of the supergene material at the metallurgy lab, with testwork scheduled to start in the next month.

Diamond drilling is ongoing at the C3 cluster testing extensions to high-grade mineralisation at depth and along strike and testing the high-priority conductive regional targets. Concurrently our team is busy advancing multiple work streams including metallurgical testwork, DHEM surveys, FLEM surveys and geochemistry at regional exploration targets. With lots of activity underway on site we expect strong newsflow over the festive season.”

RC drilling was successful in intercepting supergene mineralisation over a length of ~200m and ~250m width- with thickness up to 30m. Supergene mineralisation remains open to the NE. The mineralised intercepts are shallow and laterally extensive, with zones of exceptionally high-grade copper including 6m @ 7.1% Cu from 28m in PRC3-013 and 6m @ 2.3% Cu from 41m in PRC3-008.

Two diamond drill rigs are currently operating around the C3 deposit, testing extensions to the high-grade VMS mineralisation. Drilling is also testing new targets including the Mafico, Ema, Pelicano and Pombo Prospects, clustered around C3. Electromagnetic surveys (both surface – FLEM and downhole DHEM) and Induced Polarisation (“IP”) surveys are ongoing to assist in targeting potential new VMS mineralised prospects.

Alvo has recently imported a truck mounted auger drilling rig which will soon be operational and will provide fast, efficient and cost-effective regional geochemical sampling to a depth of 30m. The auger rig will enable testing below a complex laterite cover (between 1 and 8m thick) in which traditional soil geochemistry has been partially ineffective. This will provide important information across Palma and enhance VMS target identification, ranking and drill testing across the extensive 60km of prospective strike length.

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