Avanco Resources defines new Brazilian anomaly
THE BOURSE WHISPERER: Brazil-focused copper exploration play Avanco Resources has been active in the nickel-platinum sphere having defined a third nickel-copper anomaly has at its Conceição project.
The latest soil survey carried out by Avanco at Conceição has continued the company’s runoff identification of priority drill targets with the most recent being a nickel-copper anomaly extending for 1.5km over a prospective magmatic maficultramafic intrusion.
Avanco is confident this new discovery supports a case for drill testing of at least three nickel prospects at Conceição.
“Conceição shows clear and increasing evidence of a cluster of magmatic intrusions considered highly prospective for the discovery of nickel sulphides,” Avanco Resources said in its announcement to the Australian Securities Exchange.
“This is substantiated by the presence of visible nickel-copper sulphides in outcrops and the results of rock-chip analysis as reported previously.”
Conceição is just one of Avanco’s nickel assets that is currently undergoing exploration.
At its Touro nickel project, Avanco has previously defined a region it regards as highly prospective for new nickel sulphide discoveries.
Limited scout drilling carried out on Touro returned values of up to 0.38% nickel with anomalous platinum group metals, which Avanco considers to confirm Touro to be a fertile nickel host.
The company is currently awaiting the approval of a new exploration license, after which it will begin a new phase of exploration.
These will most likely start by running geophysics before the company commences to drill test the footwall contact along the Touro sill.
Avanco has also recently discovered historic data covering it Serra Verde project, which has drawn its attention to the potential occurrence of nickel-PGM mineralisation on the northeast of the license.
“Soil sampling and auger drilling undertaken by former explorers indicates the existence of mafic-ultramafic rocks below surface cover which have been delineated as being coincident with a nickel-PGM anomalism,” Avanco said.
Results reported from historical auger drilling at Serra Verde include:
– 8 metres at 4000 parts per million nickel, 600 parts per million copper, 40 parts per billion platinum and palladium;
– 4m at 2600ppm nickel, 1100ppm copper, 48ppb platinum and palladium; and
– 7m at 700ppm nickel, 3800ppm copper, 199ppb platinum and palladium.
The company said it considers these results to be highly anomalous for nickel-PGMs and are being validated by current field work.
Although the company’s main focus is on copper and its nickel projects represent a non-core activity Avanco said the fact they are demonstrating to be highly prospective they should not be ignored.
The company said it is investigating these options in order to further advance the nickel prospects without compromising its commitment to copper.