Centaurus targets Avanco lookalike 20 September | Haydn Black –...

Centaurus targets Avanco lookalike

20 September | Haydn Black – from Miningnews.net (subscription)

CENTAURUS Metals has identified a new copper-gold opportunity in Brazil called Pebas while picking through the data generated by Canadian explorer INV Metals.

The 100% owned Pebas covers some 25sq.km in the Carajás mineral province, a major iron oxide‐copper‐gold address in the South American nation.

The company said the work done earlier in the decade by TSX‐listed INV was high quality, and had delineated a 2km-long, 400m-wide copper‐in‐soils anomaly with more than 500 parts per million copper and rock chips up to 27.6% copper, 4.6 grams per tonne gold and 73.1gpt silver.

The zone is roughly coincident with a 1km long discrete magnetic anomaly that had not been fully investigated.

INV conducted initial reconnaissance drilling and generating significant copper results (of up to 1.73%), but these were reportedly never followed up due to a change in corporate focus towards trying to develop the low-cost Loma Larga gold-silver-copper project in Ecuador.

Centaurus is now planning a ground EM survey to evaluate a potential high grade fault‐related IOCG target that is interpreted to be in a similar geological and structural setting to the nearby Antas North copper‐gold mine, operated by ASX‐listed Avanco Resources.

Historically, Avanco has used ground EM combined with soil geochemistry to successfully identify the Antas Norte and other high‐grade copper sulphide targets in the region and Centaurus is hoping for similar success.

It counts Antas North as one of the highest grade copper mines in the world with a mine head grade of circa 2.6% copper.

Centaurus shares were up 33% in trade roday, to 0.04c for a market capitalisation of $7.11 million.
At June 30, the company held cash reserves of A$600,000.

AND

from Euroz Research updated report following Centro announcement (note: the analyst reports that he is on site at in Brazil with AVB at present)

“The infill drilling program, comprising 38 holes for 4,700m, has commenced. It will mainly focus on conversion of the Contact zone Inferred resource to Indicated category. While this zone is deeper than Contact, the higher grade should result in improved returns despite the probable higher mining cost.

The Chega Tudo deposit featured in the mineral resource inventory by Jaguar, however this has not yet been validated by Avanco, and therefore is not quoted in a JORC inventory. This presents as the next most likely exploration target.
Avanco is also excited by less mature exploration targets, of which it has listed 10 priorities for future exploration. We envisage CentroGold hosting a 2.0moz mineral resource inventory before production commences in 2019.

Our instincts are that CentroGold has significantly greater production capability than 100kozpa, based on the overall resource inventory, grade, orebody geometry and exploration blue sky potential.

CentroGold is well serviced by infrastructure. It is located adjacent to the highway connecting the ports of Sao Luis and Belem in NE Brazil. It is located 26km from the town of Centro Novo. Electricity, water and labour are readily available.”