Avanco Resources has commenced a 2,000 meters diamond drilling program at its 100% owned Touro Nickel Project in the Carajas Province of Brazil. The drilling program will test the coincident nickel, platinum and Induced Polarization anomalous trends across the Touro Sill.
Mr Tony Polgase executive director of Avanco Resources said that an extensive program of geophysical and geochemical surveys have recently been completed with results interpreted to be extremely positive and supports the strong view that the Touro Sill may host high concentrations of nickel sulphides.
The company's only drill hole into the Touro Sill, TSD-01, intersected 0.09% nickel over 130 metres and proved that significant widths of nickel mineralization exist within the Touro Sill. Importantly TSD-01 was drilled prior to the completion of the geophysical surveys and did not test any of the IP anomalies the Company has since outlined.
The Touro Sill was covered by a 200 meter line spaced dipole-dipole IP survey. In most lines, very strong chargeability, coincident with low resistivities were detected. The majority of the stronger IP anomalies are coincident with anomalous nickel and platinum in soils.
Evaluation of this data suggests that the IP responses may be related to the existence of sulphide mineralization. These are considered high priority drill targets.
A ground magnetic survey was undertaken across the entire Touro Sill. This has defined a 4 kilometer long magnetic anomaly trending east west to east northeast. The project area was sampled on a 200 meters x 50 meters grid with samples being assayed for multi elements by ICP analysis. The extensive nickel anomalous trend was also assayed for platinum group metals by fire assay.
The company says the results from the geochemistry indicate the existence of an extensive nickel soil anomaly with values >1,000ppm nickel and peaks of up to 2,000 ppm nickel. The anomalous area extends for over four kilometers along the same east-west to east-northeast orientation and aligns well with the magnetic trend.
The first hole to be drilled in this program, TSD-02, has been sighted to intersect a strong IP chargeability anomaly (50mv/v), showing coincident low resistivity (15 Ohm*m) with coincident soils of 1,249ppm nickel, 30ppb platinum and 16ppb palladium respectively.
Key Details of the Offer are:
1. Funds raised will ensure that the Carajas Copper Project is advanced to a production decision later in 2010
2. Funds raised will allow for the current drill testing of the Touro Nickel Sulphide Project
3. Funds raised will allow for the evaluation and acquisition of additional copper and nickel projects in Brazil
4. Shareholders will be able to maintain exposure to the Company’s highly prospective properties in the World Class Carajas Province of Brazil including the high grade Carajas Copper Project where the Company has previously published a inferred and indicated JORC Resource of 210,000 tonnes at 11.65% copper, containing 24,400 tonnes of copper
5. The Company will have a strong cash position to take advantage of opportunities that are constantly being presented to the Company in Brazil
6. The attaching options will be the existing (AVBOB) class of option and the Company will apply to have these options listed on the ASX
(Sourced from www.proactiveinvestors.co.uk)
