Avalon Minerals (ASX:AVI) has reaffirmed its focus on the...

Avalon Minerals (ASX:AVI) has reaffirmed its focus on the development of its wholly owned Viscaria Copper Project in Sweden.

Last month at Viscaria the company discovered a new copper zone which has the potential to increase the resource tonnage considerably and positively impact project economics and development options.

Viscaria is located in Sweden’s infrastructure-rich Kiruna region, home to Kiirunavaara – the world’s largest underground iron ore mine.

An updated resource is expected in November 2015.

Avalon has today said that it will not extend the Binding Heads of Agreement for the acquisition of the Discovery Zone copper-iron deposit.

This triggers a A$1 million refund from Hannans Reward (ASX:HNR) and removes the possible second payment of A$3 million.

On receipt of the refund amount Avalon will have no residual rights to the Discovery Exploitation Concession area.


Viscaria copper discovery

The copper discovery last month delivered some very broad intersections, with highlights from Hole 193 included:

- Key intersections are a broad variably mineralised zone at 73.25 metres at 1.29% copper from 535.25 metres, hosted within ironstone, marble, tuff and altered basalts.

- This interval contains 47.5 metres at 1.8% copper from 561 metres which represents the main ironstone hosted mineralised interval.

- Within this wide interval are several high grade zones which consolidate to 26.7 metres at 2.6% copper from 564.6 metres.