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Avanco Resources Ltd.

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Summary

Project:

CentroGold

Deposit:Contact Zone, Blanket Zone, Chega Tudo
Location:Brazil
Commodities:Gold
Date:11/13/2017
Report Code:JORC
Report Type:Resource Estimation
Project Stage:Pursuing Scoping Study
Report details:13-11-2017: Avanco Resources Ltd. announces a Resource Estimation report for its Contact Zone, Blanket Zone, Chega Tudo deposit at the CentroGold project. Mineral Resource estimate increases 45% to exceed 1.8Moz. ASX: AVB (‘AVANCO’ OR ‘THE COMPANY’) is pl
Resources:(Resource, Total): 31.5Mt @ 1.8g/t Au for 1.863Moz contained at CentroGold
CP/QP:[Resources]: Aaron Green (CSA Global Pty Ltd.)
ABSTRACT:ASX: AVB (‘AVANCO’ OR ‘THE COMPANY’) is pleased to announce a 45% increase in JORC Reported Resources for the CentroGold Project. Commenting on the on the new JORC Reported Resources, Simon Mottram, Exploration Director said: “The increased resource estimate represents an exceptional increase in contained gold ounces which underscores CentroGold as an advanced project with outstanding potential. This substantial expansion illustrates above typical industry average gold grades, with improved resource confidence, serving to enhance economics in forthcoming Scoping and Preliminary Feasibility Studies.” The project is located in Maranhão, northern Brazil and was wholly acquired by the Company in October 2017. It comprises a contiguous 140,000 hectares of tenements situated along a highly prospective and under explored 75 kilometre greenstone trend. The Project hosts three proximal prospects, Blanket, Contact and Chega Tudo, as shown below: The increased size and excellent grades reported in the enhanced CentroGold MRE are encouraging, facilitating confidence in the project and the scoping study currently underway. The project is characterised as an open pit mine producing free milling ore with gold extraction using traditional carbon-in-leach technology. Current planning suggests, mine infrastructure will be located close to the adjoining Blanket-Contact pits to reduce haulage distance to the ROM. Production from Chega Tudo (7km to the west) will be trucked. The project is well suited to Avanco’s proven experience in the region of developing and successfully building open-pit and metallurgically simple mining operations. Following release of a Scoping Study in the first quarter of 2018, the Company is targeting completion of a Pre-Feasibility Study in the second quarter of 2018.

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