THE DRILL SERGEANT: Avanco Resources (ASX: AVB) has reported a 46 per cent increase in the JORC Code-compliant Reported Mineral Resources at the Pedra Branca West deposit, located in the Carajás Mineral Province in northern Brazil.
The increase represents a 15 per cent increase overall at Stage II.
The JORC Reported Mineral Resource Inventory for Stage I and II has increased to:
67.94 million tonnes at 1.22 per cent Copper, 0.32 grams per tonne gold for 828,000 tonnes of contained copper and 700,000 ounces of gold.
Stage I and II combined Copper Equivalent increases to:
965,000 tonnes of contained Copper at 1.42 per cent copper.
Avanco said recent drilling it has carried out at Pedra Branca West has translated into a 37 per cent increase in tonnes, six per cent increase in grade and 46 per cent increase in contained copper in the West.
Overall, Stage II is up 18 per cent on tonnes and 15 per cent in contained copper.
Avanco tenure map in Carajas. Source: Company announcement
“The company has made significant progress since January 2011 completing approximately 49,000 metres of drilling, achieving a tenfold increase in JORC-compliant resources, generating two excellent projects, agreed a significant portion of the financial terms required for the development and production of the Stage I project and identified significant exploration potential in the Western Leases,” Avanco Resources said in its ASX announcement.
Avanco indicated it currently maintains a strong financial position with its current focus on making the transition to developer status.
“The company’s recently agreed proposal of a US$58 million debt facility for the development of Stage I, puts Avanco’s first copper mine within reach of being fully funded,” the Avanco said.