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Avanco Resources Ltd.
Summary
| Project: | CentroGold | |
|---|---|---|
| Deposit: | Blanket Zone | |
| Location: | Brazil | |
| Commodities: | Gold | |
| Date: | 12/20/2016 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Scoping Study | |
| Report details: | 20-12-2016: Avanco Resources Ltd. announces a Resource Estimation report for its Blanket Zone deposit at the CentroGold project. Initial JORC-compliant resource for Blanket Zone at CentroGold project. Avanco Resources Limited (“Avanco” or the “Company”) i | |
| Resources: | (Resource, Inf.): 12.2Mt @ 1.8g/t Au for 694000oz Au contained at Blanket Zone | |
| CP/QP: | [Resources]: Aaron Green (CSA Global Pty Ltd.) | |
| ABSTRACT: | Avanco Resources Limited (“Avanco” or the “Company”) is pleased to announce the maiden Mineral Resource estimate for the Blanket Zone at the CentroGold Project1 (“Project”) in northern Brazil. The Company currently holds the right to earn up to a 100% interest in the Project. Concurrent with Avanco’s announcement of an agreement on the CentroGold Project (“Project”), a Foreign Estimate (under CIM Code and Canadian NI 43-101 reporting standards2 ) was disclosed3 , totalling 88.5mt at 1.14g/t gold for 3.14 million contained ounces4 contained in two shallow gold deposits, Cipoeiro and Chega Tudo. The Cipoeira deposit consists of two distinctly separate zones, the higher-grade Blanket Zone, for which this maiden resource estimate relates, and the adjacent Contact Zone. Given the Company’s desire to re-estimate the higher-grade portions in accordance with the JORC Code (2012), this approach involved separate resource estimates for the Blanket Zone and Contact Zones. The Blanket Zone is a potential near-term open pit development opportunity due to the favourable geometry of the mineralisation, which commences at surface and dips at a very shallow angle. The size and tenor of the Blanket Zone Mineral Resource underscores the Company’s belief that it has the potential to support a scalable, low-capex mining operation. Avanco’s concept is to develop the Blanket Zone initially with further growth from the complimentary Contact Zone and the nearby Chega Tudo deposit. Furthermore, significant exploration potential associated with the contiguous tenement package could provide additional upside. | |
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