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

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is delighted announce the completion of Reverse Circulation (“RC) drilling at the C3 prospect within the Palma Project (“Palma” or “the Project”), located in Central Brazil. The Company has completed 1,466m in 37 holes at C3, targeting shallow supergene mineralisation, a previously unknown style of mineralisation first discovered by Alvo during diamond drilling on the Project in early 2022 (see ASX announcement 14 February 2022).

  • RC drilling targeting near surface supergene mineralisation at the C3 deposit has intercepted significant broad zones of supergene mineralisation, including zones of exceptionally high-grade copper
  • Significant RC drill intercepts include:
    • 29m @ 2.0% Cu, 0.3% Zn, 0.1% Pb, 7.6g/t Ag & 0.03g/t Au from 28m in hole PRC3-013
      • Inc. 6m @ 7.1% Cu, 0.4% Zn, 0.3% Pb, 68.0g/t Ag & 0.04g/t Au from 32m
    • 32m @ 1.0% Cu & 0.6% Zn from 17m in hole PRC3-008
      • Inc. 6m @ 2.3% Cu & 0.4% Zn from 41m
  • Alvo plans to test the extent of the potentially large-scale supergene system in 2023
  • Mechanical auger drill rig has arrived in Brazil and will be operational shortly, designed to test the multitude of geological and geophysical prospects across the 60km of strike at Palma
  • Two diamond drill rigs are operational at C3, targeting extensions to high-grade VMS mineralisation in addition to testing new discovery targets including Mafico, Ema, Pelicano and Pombo, clustered around the C3 prospect
Rob Smakman, Alvo’s Managing Director commented on the RC drill results:

"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.

Click here for the full ASX Release

This article includes content from Alvo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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