Alvo Minerals

Multiple High-Priority Regional VMS Targets Identified At Palma

Alvo Minerals Limited (ASX: ALV) (“Alvo” or the “Company”) is pleased to provide an update on its ongoing regional exploration program across the Palma Project (“Palma” or “the Project”) located in Central Brazil.


HIGHLIGHTS
  • First comprehensive regional exploration program at Palma VMS Project identifies three high-priority near drill-ready targets through a combination of auger geochemistry sampling and geophysical surveys
    • Urubu: FLEM survey results show an extensive and coherent conductor with similar conductive and thickness values to C3, which closely coincides with the soil geochemistry and IP results
    • C5: Coincident soil sampling and IP anomalies, with historical CPRM reports referencing a single mineralised hole; to be followed up with FLEM surveys
    • Condor: Auger geochemical anomaly to be followed up with IP
  • Exploration to date has focused on only two of more than 20 late-time conductors identified through the VTEM survey flown in 2008 covering over 60km of prospective strike
  • In-house equipment purchases of mechanical auger drill rig, Electromagnetic (“EM”), Induced Polarisation (“IP”) and X-Ray Fluorescence analysing (“XRF”) allows for flexible, fast and efficient exploration to progress targets
  • First pass auger geochemical drilling planned at the new Afla VMS Project (earn-in recently announced 28 March 2023), covering the existing roads and open fence lines
  • In CY2023 Alvo aims to incorporate Phase 1 & 2 drilling into expanding and upgrading the Palma Project MRE of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag
    • Phase 1 drilling successfully confirmed and extended high-grade mineralisation at the C1 and C3 deposits, exceeding both grade and thickness expectations
    • Ongoing Phase 2 extensional drilling at C1 and C3 (completed) testing conductors identified by DHEM surveys that highlight the potential to significantly expand known mineralisation
  • Ongoing assessment of synergistic opportunities in proximity Palma to expand Alvo’s project portfolio
Rob Smakman, Alvo’s Managing Director commented on the exploration underway at Palma:

"Exploration is accelerating, we are generating and refining prospects with the clear aim of making new discoveries in CY2023. Regional prospects are being advanced through auger geochemistry and geophysics that is efficient and low-cost exploration through our use of in-house equipment.

Whilst Phase 2 diamond drilling is ongoing at the C1 deposit following the successful program at C3, we have delivered exciting advances at regional prospects; Urubu, C5, Afla, Condor and C1 South.

We are confident we will soon have a pipeline of new prospects to the stage where we are compelled to drill.”

Palma Regional Exploration Strategy

Alvo is advancing a regional exploration program across the Palma Project which covers over 850km2 of contiguous and highly prospective ground in a known Volcanogenic Massive Sulphides (“VMS”) district. The district is >80% controlled by Alvo has been largely idle for over 30 years since polymetallic mineralisation was first discovered in the 1970s. Exploration by the Brazilian Geological Survey (CPRM) was paused in the mid 1980’s, after which no modern exploration has been undertaken. Alvo firmly believes the large, highly prospective and under-explored district is an extraordinary opportunity to make new discoveries by applying modern and systematic exploration programs.

Exploration in CY2022 largely focused on successfully delivering exceptional results at the Company’s existing deposits, C1 and C3. These two existing deposits are only two of more than 20 late-time conductors identified through the VTEM survey flown in 2008 that covers over 60km of prospective strike.

VMS deposits typically occur in clusters, where multiple deposits can be located in similar geological districts. These districts can host tens of VMS deposits that range in size from less than 1Mt to exceeding 100Mt.

Since estimating the Maiden Mineral Resource Estimate1 (“MRE”) at IPO in 2021 of 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag (based on historical drill results completed by the CPRM), Alvo has completed >19,500m of diamond drilling and 1,467m of Reverse Circulation (“RC”) drilling. In addition, the Company has completed extensive geological logging, multiple geophysical surveys (IP, FLEM and DHEM) and completed over 4,100m of regional auger geochemical drilling across the 70+ km of prospective geology.

This information gathered has enhanced Alvo’s technical team’s knowledge and understanding of the Palma VMS district, enabling the team to continue effective exploration across the regional target area.

Exploration work is underway across multiple prospects with the aim of advancing a pipeline of prospects to drill-ready status. Field activities including geological mapping, soil sampling, auger geochemical drilling (“Auger”), IP surveys and fixed loop electromagnetic surveys (“FLEM”) are being undertaken concurrently on various prospects within the district. Sampling (soils, trenching and auger geochemistry) is typically processed in Alvo’s core shed where preparation includes drying (several drying ovens have been built), screening and then samples are tested with a hand-held XRF. Utilising the Company’s in-house equipment allows for flexible, fast and efficient exploration that is significantly less expensive than contracted exploration, as the only material expense is labour.

Figure 2: Palma Regional map with tenement areas and selected prospects

Urubu Prospect – Possible Northern Extension of C3 Deposit

Exploration at the Urubu prospect has been ongoing over the last few months with recent data combining into a compelling near drill-ready exploration target. In Figure 3 below, a combined image of soil geochemistry and a series of IP surveys demonstrates the potential for Urubu to be an offset northern extension of the C3 deposit. The soil geochemical anomaly is weaker than C3, however transported cover in drainage (alluvium) inhibits effective soil sampling so auger geochemistry will be utilised.


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.

ALV:AU
The Conversation (0)

Hudbay Completes Upsized Bought Deal Equity Offering

Hudbay Minerals Inc. ("Hudbay" or the "Company") ( TSX, NYSE: HBM) is pleased to announce that the Company has closed its previously announced public offering of common shares of the Company (the "Common Shares"). The underwriters exercised the full over-allotment option to purchase an additional 15% of the Common Shares in connection with the Offering. The Company issued, on a bought deal basis, 42,366,000 Common Shares, including 5,526,000 Common Shares pursuant to the exercise of the over-allotment option, at a price of US$9.50 per Common Share for aggregate gross proceeds of US$402,477,000 (the "Offering").

The Offering was completed pursuant to an underwriting agreement dated May 22, 2024 entered into between the Company and a syndicate of underwriters led by RBC Capital Markets and BMO Capital Markets, as Joint Bookrunners, and CIBC Capital Markets, National Bank Financial, Scotiabank and TD Securities as co-lead managers, and including Barclays Capital, Canaccord Genuity, Bank of America Merrill Lynch, Cormark Securities, ING Bank, Haywood Securities, Raymond James, Stifel Nicolaus, Eight Capital, and Paradigm Capital as co-managers.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
True North Copper

Replacement Entitlement Offer Prospectus

True North Copper Limited (ASX: TNC) has released its Prospectus announcement.

Keep reading...Show less
Copper nuggets.

IEF: World Needs 35 to 194 New Copper Mines by 2050 to Support Massive Demand

A new report from the International Energy Forum (IEF) outlines a key challenge for the global energy transition.

To meet business-as-usual requirements, the world will have to mine 115 percent more copper in the next 30 years than was historically mined up until 2018. And in order to electrify the world's fleet of vehicles, the organization states that 55 percent more new mines will need to come into production than would otherwise be needed.

Illustrating that point, the IEF explains that electric vehicles (EVs) currently need about 60 kilograms of copper, over twice as much as the 24 kilograms required for traditional internal combustion engine vehicles.

Keep reading...Show less
True North Copper

Entitlement Offer Prospectus

True North Copper Limited (ASX: TNC) has released its Prospectus announcement.
Keep reading...Show less
True North Copper

Investor Presentation

True North Copper Limited (ASX: TNC) is pleased to present its investor presentation.

Keep reading...Show less
True North Copper

Launch of Underwritten $24.3M Equity Raising

True North Copper Limited (ASX: TNC) is pleased to announce a fully underwritten $24.3 million equity raising (Equity Raising) to fund TNC through to steady state production at the Cloncurry Copper Project (including contingency, working capital, and other corporate expenses), strengthen its financial position and fund exploration to grow resources and reserves at Cloncurry and target new discoveries at its Mt Oxide Project in 2024.

Keep reading...Show less

Latest Press Releases

Related News

×