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Avanco Resources reveals upgraded resource of 2 million ounces of gold

The company's shares are trading circa 7% higher intra-day, at $0.081.
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A scoping study is targeted for completion during the first quarter 2018

Avanco Resources Limited (ASX:AVB) has revealed a circa 20% increase in contained gold ounces at the Blanket deposit, part of Avanco’s CentroGold Project in Brazil.

The inferred and indicated resource for Blanket has now increased to 13.3 million tonnes at 1.9 g/t gold, containing 829,000 ounces of gold.

Significantly, the total inferred and indicated resource for the CentroGold Project has increased to 32.6 million tonnes at 1.9 g/t gold, hosting circa 2 million ounces of gold.

Traditional open pit mining of free milling ores envisaged

The CentroGold project comprises 140,000 hectares of contiguous tenements situated along a highly prospective and under-explored 75-kilometre greenstone trend.

The project hosts three proximal deposits: Blanket, Contact and Chega Tudo.

Avanco’s development planning envisages traditional open pit mining of free milling ores using carbon-in-leach gold extraction.

Infill drilling has commenced for defining an ore reserve

Drilling has concluded at the Contact deposit with the final assays expected within weeks to facilitate a further update of the resource.

Meanwhile, infill drilling for defining an ore reserve at the Blanket deposit has commenced with drilling targeting the upper half of the orebody to provide greater confidence to the early years of mining.

Aiming to complete a scoping study in the first quarter 2018

The incremental size and grades reported to date are very encouraging and increase confidence in the CentroGold Project.

A scoping study is targeted for completion during the first quarter 2018 and will examine the feasibility of mining the Blanket, Contact and Chega Tudo deposits.

The project is well suited to Avanco’s proven experience of establishing metallurgically simple open pit mining operations.

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