Drilling Underway At Major Greenfields Target - Pelicano

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased announce it has commenced drill testing the high-priority greenfields Pelicano prospect, a new Volcanic hosted Massive Sulphide (“VMS”) prospect within the Palma Project (“Palma” or “the project”) located in central Brazil.

HIGHLIGHTS

• Diamond drilling is underway on the first “Discovery” greenfields regional target generated by Alvo’s in- house technical team within the Palma VMS Project in Brazil.
• The Pelicano prospect (“Pelicano”) has been ranked by Alvo as a high priority new target based on a 1.2km long Fixed Loop Electromagnetic (“FLEM”) conductor which is co-incident with a high chargeability Induced Polarisation (“IP”) response and coincident anomalous geochemistry.
• Pelicano is located approximately 1km west of the C3 deposit, on a similar orientation and in a similar geological setting.
• Drilling was initiated in late January 2023 and Alvo expects to reach target depth by mid-February 2023.

"We are incredibly excited to test this major anomaly, having first defined the Pelicano prospect in Q3 CY22 after completing a FLEM survey that showed an unexpected high tenor anomaly.

“After inversion of the FLEM, additional lines were completed and we quickly built an understanding of the extensive size of the conductor at Pelicano. At over 1.2km in strike length, it’s the biggest anomaly we have seen to date at Palma. What makes Pelicano especially interesting is that the conductor wasn’t identified through the historic aerial EM survey (VTEM) completed in 2008 due to the cover.

Diamond Drilling at Pelicano