Sign up Australia
Proactive Investors - Run By Investors For Investors

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.
map of South America
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.

View full AVB profile View Profile

Avanco Resources Timeline

Related Articles

Maxtech’s high-grade pure-play manganese offering is one of a kind in a potentially very lucrative m
March 20 2018
Maxtech offers a unique opportunity to gain direct exposure to manganese
Drill rigs in Mongolia
May 04 2018
The recent discovery hole at Zaraa intersected 606 metres at 0.36% copper and 0.32 g/t gold.
A vanadium ore stockpile at Nelly
August 31 2018
The country’s favourable regulatory system enables faster turnaround of legacy mining rights.

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use