Drilling at the Azevedo prospect has seen encouraging hits from two of three new holes, intersecting mineralisation both up and down plunge and proving sulphide mineralisation commences from close to surface. 

 

In terms of the up-plunge potential, this was demonstrated by a 19.1m interval averaging 1.78% Cu and 0.3g/t Au from a downhole depth of 23.4m. This included a higher grade 4.5m-hit at 1.47% Cu and 0.09g/t Au from 46.5m 

 

The down-plunge potential was seen in a 17.95m intercept cutting 1.94% Cu and 0.38g/t Au from a downhole depth of 117.05m. Within this was a 2.15m width at 8.92% Cu and 1.85g/t Au from 127.30m.

 

Avanco said the above results justified further investigation. This will start with each hole being surveyed by the company's new in-house downhole electromagnetic geophysics equipment. After that, it will look to recommence drilling in the March quarter.

 

Director Simon Mottram said: "Since results continue to improve, I am optimistic that Azevedo could contribute to future mining activities at Antas."

 

Antas is scheduled to produce 13,500-14,000 tonnes of copper and 9,750-10,000 ounces of gold concentrate this year, and has a combined measured, indicated and inferred resource base of 133,000t of copper and 84,000oz of gold at an average grade of 2.43% Cu and 0.48 parts per million gold.