Alvo Minerals Limited (ASX: ALV) is fast-tracking its regional exploration programme underway at the Palma Project located in Central Brazil.
The company will be utilising in-house equipment purchases of mechanical auger drill rig, Electromagnetic (EM) and Induced Polarisation (IP) to allow for flexible, fast and efficient exploration to progress targets.
Palma covers over 780 sq. km of contiguous and highly prospective ground in a known Volcanogenic Massive Sulphides (VMS) district. The district that is 80% controlled by Alvo has been largely idle for over 30 years since the first discovery in the 1970s and presents an extraordinary opportunity to make new discoveries by applying modern exploration techniques.
Exploration to date has been focused on successfully delivering exceptional results at the company’s existing deposits, being C1 and C3. These two existing deposits are only two of more than 20 late-time conductors identified through the VTEM survey flown in 2008 that covers over 60km of prospective strike.
VMS deposits typically occur in clusters, where multiple deposits are located in similar geological districts. These districts can host tens of VMS deposits that range in size from less than 1Mt to exceeding 100Mt.
We took some steps towards exploring the Palma District in CY2022, however we are now accelerating regional exploration in CY2023. Our aim is simple and powerful; to significantly expand the known deposits and make new discoveries,” Managing Director, Rob Smakman, said.
“We have built an expert in-house team that is enthusiastic and focussed on these goals, we have equipped them with the best exploration tools available and we have enhanced our knowledge of the typical type and style of mineralisation in the district through the study of known deposits.
“We believe this puts our team in a prime position to utilise modern exploration techniques to advance multiple regional exploration targets to drill-worthy status, with the aim of making new discovery in CY2023.
“We are confident that the Palma project has plenty more than the five mineralised prospects identified to date, and we are excited to unlock the district scale potential of the project.”
Palma Regional Exploration Strategy
Since estimating the Maiden Resource Estimate at IPO in 2021 of 4.6Mt @ 1.0% Cu, 3.9%, 0.4% Pb & 20g/t Ag based on historical drill results completed by the CPRM, Alvo has completed 17,356m of diamond drilling and 1,467m of Reverse Circulation (RC) drilling. In addition, the company has completed extensive geological logging, multiple geophysical surveys (IP, FLEM and DHEM) and studies of physical properties.