The Contact deposit has 8.2 million tonnes grading 3.1g/t for 811,000 ounces, including an indicated 4.4Mt at 3.6g/t for 510,000oz. Contact is one of three deposits at the project with total resources of 33Mt at 2.1g/t for 2.2 million ounces.

A scoping study is said to be pending, while four rigs are drilling at the project.

Also imminent is an update from the company with regards its strategic ambitions and how it aims to realise them.

The update is due in the next two to three weeks, and comes as the company finds it extremely difficult to make any appreciable headway with its share price.

Indeed it is little changed in 10 years of publicly listed life.

Aside from CentroGold, the company has the operating Antas copper-gold operation, and is doing feasibility work on the much larger Pedra Branca copper-gold deposit.

It has also recently been on the acquisition trail, picking up an option for an exploration project with potential scale from Vale.

Shares in Avanco were up 1.3% to A$0.08c in Australian afternoon trade, capitalising the company at A$192 million (US$147 million).