EXPLORATION & DEVELOPMENT

Avanco builds momentum at CentroGold

Avanco Resources’ (AU:AVB) lone gold project in Brazil is starting to show its worth, with an updated resource statement being followed up by a very promising set of drill assays.

Staff reporter
 Avanco is making a copper and gold home in Brazil

Avanco is making a copper and gold home in Brazil

A scoping study for the CentroGold project is due in the March quarter but, before then, Avanco has whetted investors' appetite with a number of infill hits that have shown both the grade and ounces in the resource base could further increase.
 
The standout was a 51m hit averaging 4.34g/t Au from 95m downhole depth at the high-grade Blanket zone. This included a 12.3m intercept at 13.7g/t Au from 113.7m. The company also drilled out a 17m length at 2.17g/t from 123m downhole depth and 20m at 1.42g/t from 130m.
 
Avanco said this drilling had shown continuity exists both within, and between, approximately 70m-spaced historical sections.
 
The company is not dwelling on these assays, and has already started drilling to upgrade the resource classification at the nearby Contact orebody, with four rigs currently operational.
 
Shareholders will have to wait a little while before finding out the economic impact of these drill assays, with the scoping study only set to include the recent upgrade to the resource base at CentroGold. This showed 1.86 million ounces of gold averaging 1.8g/t in the indicated and inferred categories. 
 
Avanco secured formal control of the 140,000 hectare project in northern Brazil from Jaguar Mining under an accelerated purchase plan in October, and has been focused on the Blanket, Contact and Chega Tudo prospects in one area of a 75km-long greenstone trend.
 
The aim is the development of an openpit mine producing free milling ore and output of 100,000 ounces per annum.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.