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Avanco Resources Ltd.
Summary
| Project: | CentroGold | |
|---|---|---|
| Deposit: | Blanket | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 2/7/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 7-2-2018: Avanco Resources Ltd. announces a Resource Estimation report for its Blanket deposit at the CentroGold project. Mineral Resource update for CentroGold. ASX: AVB (‘AVANCO’ OR ‘THE COMPANY’) is pleased to announce an approximate 20% increase in co | |
| Resources: | (Resource, I+I): 32.6Mt @ 1.9g/t Au for 1.999Moz contained at CentroGold | |
| CP/QP: | [Resources]: Aaron Green (CSA Global Pty Ltd.) | |
| ABSTRACT: | ASX: AVB (‘AVANCO’ OR ‘THE COMPANY’) is pleased to announce an approximate 20% increase in contained gold ounces at the Blanket deposit, in the Company’s CentroGold Project. The project is located in Maranhão State, northern Brazil. It comprises a contiguous ~140,000ha of tenements situated along a highly prospective and under-explored 75km greenstone trend. The Project hosts three proximal deposits: Blanket, Contact and Chega Tudo, see below: The incremental size and grades reported to date are very encouraging and increase confidence in CentroGold. 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. Whilst management had initially anticipated completion of the study in late 2017 difficulties associated with the drilling contractor’s performance introduced delays that have since been compounded by the start of the rains. Development planning envisages traditional open pit mining of free milling ores using carbon-inleach gold extraction, potentially preceded by floatation pre-concentration. Current investigations indicate that the mine infrastructure will be located close to the Blanket-Contact pits so reducing the haulage to the ROM. The project is well suited to Avanco’s proven experience of establishing metallurgically simple open pit mining operations. An important feature of CentroGold is that it was previously granted an environment permit and a construction license. Whilst these permits are currently suspended, the Company is applying its local expertise in seeking reinstatement of the regulatory approvals. | |
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