공시 • Aug 30
Alvo Minerals Limited Announces Final Assay Results from the Phase 1 Diamond Drill Program At the C1 Prospect
Alvo Minerals Limited announced the final assay results from the phase 1 diamond drill program at the C1 prospect. Diamond drilling returned multiple shallow, thick and high- grade polymetallic intercepts. The Company has completed the maiden 10,000m diamond drill program and given the strong results delivered to date has elected to extend the drill program, with total diamond drilling at Palma Project now passing 12,000m. Both diamond drill rigs are currently operating at C3 testing extensions to high-grade VMS mineralisation and several new discovery targets including Mafico and Ema (previously C3 West). Final diamond drilling results for Phase 1 at C1 are reported below and include the results from 18 holes, for a total of 30 holes for 5,551 metres in phase 1 drilling at C1.1 The mineralised intercepts (including an intercept of supergene mineralisation) from the 18 holes are reported and include significant polymetallic intercepts (VMS unless stated): PD1-032: 16.0m @ 1.07% Cu, 0.85% Zn, 0.29% Pb, 5.6g/t Ag & 0.06g/t Au from 16m (supergene) PD1-032: 10.6m @ 0.71% Cu, 5.12% Zn, 1.17% Pb, 37.9g/t Ag & 0.04g/t Au from 71m, PD1-037: 2.0m @ 4.32% Cu, 17.45% Zn, 4.78% Pb, 184.2g/t Ag & 0.31g/t Au from 111m, PD1-039: 22.0m @ 0.87% Cu, 5.62% Zn, 1.26% Pb, 30.8g/t Ag & 0.04g/t Au from 50m Inc. 5.7m @ 1.45% Cu, 16.90% Zn, 3.63% Pb, 80.9g/t Ag & 0.08g/t Au from 59m, PD1-043: 4.6m @ 0.67% Cu, 7.10% Zn, 1.72% Pb, 29.0g/t Ag & 0.04g/t Au from 41m, including 1.4m @ 1.76% Cu, 20.92% Zn, 5.42% Pb, 91.2g/t Ag & 0.11g/t Au from 43m, PD1-044: 10.9m @ 0.60% Cu, 3.00% Zn, 0.81% Pb, 16.5g/t Ag & 0.01g/t Au from 60m Inc. 2.5m @ 1.13% Cu, 9.93% Zn, 2.14% Pb, 56.5g/t Ag & 0.04g/t Au from 68m,PD1-045: 2.0m @ 1.98% Cu, 14.37% Zn, 3.35% Pb, 81.9g/t Ag & 0.14g/t Au from 65m, PD1-046: 18.1m @ 0.53% Cu, 2.27% Zn, 0.47% Pb, 21.3g/t Ag & 0.02g/t Au from 62m Inc. 5.5m @ 0.90% Cu, 6.19% Zn, 1.25% Pb, 54.4g/t Ag & 0.05g/t Au from 72m, PD1-047: 14.0m @ 0.93% Cu, 2.45% Zn, 0.67% Pb, 21.6g/t Ag & 0.05g/t Au from 47m Inc. 1.7m @ 1.01% Cu, 8.31% Zn, 2.04% Pb, 55.5g/t Ag & 0.07g/t Au from 59m. The VMS mineralisation intercepted to date at C1 varies between massive, semi-massive and disseminated with the overall geometry demonstrating a thickened massive/semi-massive zone along an interpreted fold hinge which plunges shallowly to the south. This high-grade polymetallic zone extends for about 600m along strike and is shallow, starting from approximately 25m below surface. The supergene mineralisation intercepted in hole PD1-032 was the first occurrence at C1 and is similar to the supergene zone at C3. However, due to the shallow weathering profile at C1, it is expected the overall supergene zone will be less significant than the zones drilled at C3 to date. Overall, the grade intercepted from phase 1 drilling at C1 has consistently been wider intercepts with higher grade than historical holes used in the JORC 2012 compliant Mineral Resource Estimate (MRE) published by Alvo in 2021 which is based on the historical drilling of the Brazilian Geological Survey (CPRM). Alvo drill results also systematically include gold results which historically were not assayed. The geometry of the current resource and the Alvo drilling matched well, despite the complex geometry. The `limbs' of this fold are narrow, high-grade, open at depth and along strike to the NNE. Exploration is ongoing at C1 where additional thickened folds are being targeted. Overall, the mineralisation extends for over 1km in strike length, with the southern extent of the mineralization appearing to be truncated by a fault. The southern holes intercepted a fault zone adjacent to narrow massive sulphides and DHEM surveys are planned to better understand any possible dislocation of the fold zone. Fixed Loop Electromagnetic (FLEM) surveys indicate conductive plates at depth and further east south of the fault, however more information from the Downhole Electromagnetic (DHEM) surveys will assist in the interpretation. The Company will utilise DHEM on the phase 1 holes to ensure any conductive plate locations are considered for testing in upcoming campaigns. The DHEM, which is due to start shortly, will also be a key tool at C1 to explore for additional folded zones at depth. Additional FLEM surveys are underway at C1 to test the gap between the 2021 contractor survey and the northern FLEM survey completed by the company in 2022. These FLEM surveys will also target the fold zones at depth. Metallurgical samples for C1 are now being prepared for transport and testing alongside the ongoing testwork of samples from C3. Exploration at Macaw: Alvo drill tested Macaw prospect located along strike from C1 that has a moderate geochemical anomaly and strong, coincident FLEM and Induced Polarisation (IP) anomalies. Alvo drill tested the anomalies with two holes which intercepted both massive and disseminated sulphides, however the sulphides were principally pyrite and pyrrhotite. Broad alteration zones similar to what was seen in the drilling at C1 has been interpreted by Alvo's geological team as confirmation that the sulphides at Macaw are a part of the VMS system, however their location is interpreted as being in a more distal part of the mineralised system. VMS mineralisation can often be `zoned' where different sulphide species are concentrated in different areas. DHEM on the holes at Macaw are planned to look for additional off-hole conductors which could host additional mineralised zones. Next Steps: Phase 2 diamond drilling is ongoing at C3, targeting extensional targets defined by earlier drilling and refined by FLEM and DHEM surveys. FLEM and DHEM surveys underway to evaluate extensional targets at C3 and C1, while also evaluating potential new discovery prospects, Ema, Mafico, Pelicano and Pombo. Follow-up mapping, sampling and trenching of the multiple regional targets is underway. Metallurgical test work is underway for C3, sample preparation is underway for C1.