- Alvo Minerals (ALV) launches straight into its maiden drilling campaign, just a week after debuting on the ASX
- Drilling began on Tuesday at its C3 prospect, with initial holes seeking to upgrade the deposit’s current mineral resource estimate
- The Palma Project in Brazil has a long history and Alvo aims to confirm past drilling results with a team of rigs scheduled to begin work early next year
- Shares in Alvo Minerals remained steady today, closing at 34 cents each
Alvo Minerals (ALV) has launched straight into its maiden drilling campaign, just a week after its debut on the ASX.
The company is focused on its Palma Project, a copper-zinc Volcanogenic Massive Sulphide (VMS) site in Central Brazil.
Drilling began on Tuesday at its C3 prospect, with initial holes seeking to upgrade the deposit’s current mineral resource estimate: 2.8 million tonnes at 1.1 per cent copper, 4.3 per cent zinc, 0.2 per cent lead and 23 grams per tonne (g/t) of silver.
The broader Palma Project, meanwhile, boasts a resource estimate of 4.6 million tonnes at 1 per cent copper, 3.9 per cent zinc, 0.4 per cent lead and 20 g/t silver.
The project has a history dating back to the 1970s, and Alvo is aiming to confirm the historical results with additional drill rigs lined up to start work early next year.
Managing Director Rob Smakman is working on the ground in Brazil.
“Drilling the first holes at Palma is the culmination of many months of work and we are delighted to be able to initiate the drilling so quickly after our IPO,” he said.
“We are days away from being able to intersect and confirm the massive-sulphide mineralisation previously described at C3 and we are eager to learn as much as we can from these initial holes in order to apply those learnings into potential resource expansion and new discoveries.”
The company raised $10 million through its IPO, issuing shares at 25 cents a piece before they soared to a peak of 50 cents on the day of Alvo’s debut on October 20.
Shares in Alvo Minerals remained steady today, closing at 34 cents each.