Perth based but Brazilian-focussed Avanco Resources (ASX:AVB) has unveiled a spectacular high grade copper hit at surface from diamond drilling at its Rio Verde Copper Project in the Carajas region of Brazil.
The best intercept returned an exceptional 9 metres at 50.49% copper from 18 metres.
This was from a drill program of 34 diamond core holes for 2000 metres.
Other high grade and shallow results recorded for the high grade copper zone were:
- ARVD-72 6.15m at 8.06% Copper, from 38.0m incl. 3.85m at 11.23% Copper from 40.2m
- ARVD-74 2.0m at 8.09% Copper from 28.0m incl. 1.0m at 11.83% Copper from 29.0m
- ARVD-80 32.0m at 14.79% Copper from 1.0m incl. 9.0m at 50.49% Copper from 18.0m
- ARVD-81 1.0m at 14.00% Copper from 44.0m
Results for holes ARVD-83 to ARVD-102 are pending.
Assays for approximately half the programme at the JORC compliant Antas South Deposit have been returned with results confirming the existence of an exceptionally high grade copper zone within the greater resource area, the company said in a statement today.
Not surprisingly, Avanco is evaluating the concept of using the high grade zone as a “springboard” to becoming a very near term copper producer with full exposure to an improving copper price.
The JORC compliant Antas South Deposit lies within the boundaries of the Rio Verde Copper Project for which the Company owns the rights to 100%. The high grade JORC resource stands at 210,000t at 11.65% copper, containing 24,400t of copper.
With further pending assay results expected soon, the Company will assess the feasibility of extracting direct ship copper ore, which has the advantages of short revenue lead times with low pre production capital and minimal accompanying technical and commercial risks.
Avanco will collect representative samples of blocks of copper ore within the resource that fall outside of the direct shipping schedule or quality.
These samples will be dispatched for definitive metallurgical testing expected to commence within the coming weeks.