Large Extension Of High-Grade Copper And Zinc Mineralisation

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased announce new assay results from its ongoing extensional diamond drill program at the C3 prospect, within the Palma Project (“Palma” or “the project”) located in Central Brazil. The Company has completed a total of 16,790m of diamond drilling from listing in October 2021 and has now resumed drilling after a short break over the festive season.

HIGHLIGHTS

• Extensional drilling at the Palma Volcanic hosted Massive Sulphide (“VMS”) Project delivers significant high-grade mineralisation, including:
  
  • PD3-059: 14.2m @ 3.0% CuEq* (1.1% Cu, 6.1% Zn, 0.2% Pb, 12g/t Ag & 0.04g/t Au) from 228m
    
    • Inc. 4.8m @ 7.3% CuEq (1.8% Cu, 16.8% Zn, 0.4% Pb, 24g/t Ag & 0.1g/t Au) from 237m
  • PD3-065: 13.0m @ 1.5% CuEq, (1.0% Cu, 1.8% Zn, 0.1% Pb, 8g/t Ag & 0.02g/t Au) from 333m
    • Inc. 4.7m @ 3.1% CuEq (1.9% Cu, 4.6% Zn, 0.31% Pb, 21g/t Ag & 0.05g/t Au) from 340m
      
  • PD3-065: 14m @ 1.7% CuEq, (0.7% Cu, 3.3% Zn, 0.2% Pb, 10g/t Ag & 0.03g/t Au) from 376m
    • Inc. 5.3m @ 3.6% CuEq (1% Cu, 8% Zn, 0.5% Pb, 25g/t Ag & 0.05g/t Au) from 379m
      
• High-grade mineralisation intersected approximately 50m down-dip of the existing JORC 2012 Mineral
• Resource Estimate (“MRE”)
• These first results reported from the Phase 2 exploration program follow the exceptional Phase 1 drill results that both confirmed, enhanced and extended mineralisation defined by historic results, including:
  • PD3-001: 25.0m @ 6.3% CuEq (1.8% Cu, 14.1% Zn, 0.2% Pb, 17g/t Ag & 0.11g/t Au) from 187m
    • Inc. 9.0m @ 8.2% CuEq (2.9% Cu, 17.2% Zn, 0.3% Pb, 20g/t Ag & 0.09g/t Au) from 198m
  • PD3-007: 23.2m @ 5.5% CuEq (3.3% Cu, 8.1% Zn, 0.3% Pb, 31g/t Ag & 0.12g/t Au) from 259m
    • Inc. 10.6m @ 10.1% CuEq (6.3% Cu, 14.8% Zn, 0.2% Pb, 40g/t Ag & 0.23g/t Au) from 267m
• Phase 1 and initial Phase 2 drill results continue to exceed expectations on grade and thickness when compared to the existing MRE that used historical drilling only
• Phase 2 drilling is ongoing at C3, with aggressive step-outs down-plunge, aiming to significantly expand the MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag
• Having resumed after the Christmas break, Phase 2 drilling will continue targeting new prospects within the C3 VMS cluster including Mafico, Ema and Pelicano
• Down-Hole Electromagnetic surveys (“DHEM”) at C3 have highlighted conductive plates that demonstrate the potential to significantly expand C3 mineralisation and is assisting with the extensional drilling

*Refer to the detailed explanation of assumptions and pricing underpinning the copper equivalent (CuEq) on page 6 of this announced and in Section 2 of the attached JORC Code Table (Appendix 1)

Rob Smakman, Alvo’s Managing Director commented on the exploration: