- Alvo Minerals (ALV) discovers multiple targets through survey work at the Palma volcanogenic massive sulphide (VMS) project in Brazil
- Surveys covered the C3 prospect and nearby Mafico and C3 West conductors which uncovered mineralised signatures and an extensive conductor at Mafico
- Alvo also surveyed the Macaw deposit which showed a lower conductance anomaly similar to the orientation and intensity to the known VMS mineralisation at the C1 deposit
- The company plans to drill test the new targets and surveys at untested areas will continue
- ALV shares are up 4.76 per cent to trade at 22 cents at 3:55 pm AEST
Alvo Minerals (ALV) has highlighted multiple targets from fixed-loop electromagnetic (FLEM) surveys completed at the Palma volcanogenic massive sulphide (VMS) project in Brazil.
The FLEM survey work covered the C3 prospect and nearby conductors now named “Mafico” and “C3 West”.
This work showed a strong signature associated with the mineralisation at C3, as well as a strong and extensive conductor at Mafico and a subtle signature at C3 West.
“The EM plates at the C3 deposit in particular, represent exciting possible extensions to the high-grade VMS mineralisation – both along strike and down-dip,” Managing Director Rob Smakman said.
“We intend to aggressively test these extensional targets following the interpretation of downhole EM at C3, anticipated to commence shortly.”
A FLEM survey was also completed at the Macaw deposit which has shown a lower conductance anomaly closely associated with a historical VTEM survey and a more recent IP survey.
Inversion of the survey suggests a plate with a conductance of 30-50 siemens with an easterly dip and the plate is believed to extend for 500 metres and is open to the south.
“Of course, the key to our exploration model is to make discoveries and we are excited to be refining multiple new targets at Macaw, Mafico, and C3 West; all of which show strong potential to be new discoveries to be tested in the coming drill campaign,” Mr Smakman added.
Next steps include completing diamond drilling at C3 with phase two work to test depth and along strike extensions of the VMS mineralisation identified by FLEM and DHEM work.
Survey work is also continuing at some areas and the company plans to drill test the discovery targets at Mafico, Macaw and C3 West. Additionally, metallurgical testwork from C3 is scheduled to start this month.
ALV shares were up 4.76 per cent to trade at 22 cents at 3:55 pm AEST.