Thursday, February 28, 2013 by Proactive Investors
Avanco Resources (ASX:AVB) has registered a 24% uptick in its copper resources following Stage II drilling at its Pedra Branca project in Brazil.
The JORC reported mineral resource inventory for Stage I and II has increased to 60.64 million tonnes at 1.24% copper, 0.33 grams per tonne gold for 755,000 tonnes of contained copper and 638,000 ounces of gold.
This equates to a copper equivalent of 885,000 tonnes of contained copper at an average grade of 1.46% copper equivalent.
The Stage II tonnes have also increased by 28% following the inclusion of only six additional drill holes. This highlights the ease of expanding the orebody.
Drilling is continuing with three holes in progress and three waiting on results.
As of the quarter ending 31 December 2012, Avanco had a cash position of $7.46 million.
AVB Price at posting:
7.5¢ Sentiment: LT Buy Disclosure: Held
