Avanco Acquires Pantera Project from Vale
Fig.: Breccia style high-grade copper mineralisation (chalcopyrite) from Pantera. Avanco
The Company is pleased to announce that it has agreed terms for an option (The Option) to acquire 100% of the Pantera Copper Project (Pantera) from Vale S.A. (Vale).
Pantera is located near to Avanco’s existing operations in the world class Carajás Mineral Province, Brazil and has the potential to significantly add resources, reserves and a longer-term production profile for the Company.
- The Pantera1 license extends to 9,700 hectares (approximately100km2 ), 110 kilometres west of the Company’s Pedra Branca Project. It is located close to excellent public infrastructure some 20 kilometres from Vale’s operating Onça Puma Nickel Mine.
- High-grade copper results from historic drilling are extremely encouraging and include:
26.00 m @ 2.58 % Cu from 81.00 m 2 including: 10.05 m @ 3.75 % Cu from 87.95 m 2
15.00 m @ 2.82 % Cu from 113.20 m 2 including: 6.00 m @ 5.28 % Cu from 120.00 m 2
59.00 m @ 1.36 % Cu from 172.90 m 2 including: 10.90 m @ 3.62 % Cu from 221.00 m 2 and: 29.40 m @ 2.10 % Cu from 261.10 m 2 including: 2.75 m @ 8.19 % Cu from 282.25 m 2
- Pantera is of typical Carajás IOCG style, comprising of predominately chalcopyrite mineralisation in tabular ore zones hosted within a steeply dipping shear zone.
- Avanco’s due diligence has identified:
- Mineralisation defined by historical drilling further to the west, along the same shear zone, indicates the potential strike extension could exceed four kilometres.
- Mineralisation is open at depth on every section.
- An initial 5,000 metre drilling programme is currently being assessed and will begin during the first quarter of 2018, with a maiden JORC Mineral Resource to be defined.
- Substantial potential exists within the underexplored eastern side of Pantera, where massive sulphides (not seen in drilling to the west) are being mined from a small artisanal shaft. Any additional resources discovered in this area will not increase the acquisition price.
Tony Polglase, Managing Director commented: “We are delighted to close this transaction with Vale and believe this is testament to Avanco’s credibility in Brazil, ability to grow our footprint in Carajás and ultimately to significantly increase production and longevity