AVB 0.00% 16.5¢ avanco resources limited

Nickel acquisitionACQUISITION COMPLETE ANDPOTENTIAL FOR HIGH...

  1. 2,391 Posts.
    Nickel acquisition

    ACQUISITION COMPLETE AND
    POTENTIAL FOR HIGH GRADE
    Ni-Cu-PGM�s IDENTIFIED
    The Company is very pleased to confirm completion of the transaction
    for the rights to acquire a 75% interest in the highly prospective
    Concei��o Nickel Platinum Project as announced previously1.
    Outstanding due-diligence results including rock-chip assays have
    returned strongly anomalous base and precious metal values including
    one very high grade sample:-
    ROCK CHIP AV-9778
     1.95% NICKEL
     17.54% COPPER
     4.17g/t PLATINUM
     12.19g/t PALLADIUM
     1.62g/t GOLD
    HIGHLIGHTS
     Transaction closed for Avanco to earn into 75% of the
    Concei��o Project in Carajas, Brazil which has never been
    drilled for nickel sulphides or PGM�s.
     Field reconnaissance and limited rock chip samples have
    confirmed the significant potential for the discovery of high
    grade nickel-copper-PGM sulphides.
     Mineralogy studies from fresh samples collected in the area
    have identified primary sulphides as pentlandite (primary Ni
    ore mineral), chalcopyrite (primary Cu ore mineral) and
    pyrrhotite, a key mineral assemblage observed in most Ni-Cu-
    PGM deposits.
     Local soil geochemistry surveys over historical geophysical
    targets clearly show at least two strong and coincident nickelcopper
    anomalies trending WNW to over 1,000m. Soils
    returned peak nickel and copper values of 1,843ppm and
    1,391ppm respectively. Both anomalies are open on strike.
    Sample AV-9778 was recovered from gossanous ultramafic saprock, and
    exhibits results typically associated with magmatic nickel-copperplatinum
    group metal (PGM) massive sulphides. The gossan boulder,
    which was discovered at the edge of an anomalous ultramafic formation,
    is consistent with soil geochemistry results and disseminated sulphide
    mineral assemblages in fresh outcropping ultramafic rocks sampled in the
    immediate proximity. These very encouraging results indicate that the
    Project is highly prospective for the discovery of high grade nickelcopper-
    PGM�s.
    Re-interpretation of historical exploration and geophysical data continues
    with a number of new targets having been identified and deserving of
    closer investigation. Soil geochemistry grids are now being extended and
    ground geophysics scheduled to prioritise drill targets for inclusion in the
    current 50,000m copper and nickel-platinum drilling programme. Regular
    exploration up-dates for the Concei��o Project are anticipated for the
    coming months.

    Cheers

    Sheeza
 
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