Palma Project

Palma Project

Overview 

  • Palma is a Copper/Zinc rich VMS project in Central Brazil
  • High-Grade, shallow, polymetallic prospects – 5 drilled to date in district. Discovered in the 1970’s, project has been largely idle for >30 years
  • >32,000 meters of Diamond drilling completed
  • VMS occur globally in clusters and Alvo controls >80% of the District
  • JORC 2012 Inferred Mineral Resource Estimate 
  • Existing resource doesn’t include Au potential
  • Near surface (fresh from 15m) and open along strike and down dip at depth
  • Preliminary metallurgical testwork completed in 1980’s- good recoveries and high-grade concentrates

 

Exceptional historic drill results at the C3 deposit include:

    • 20.2m @ 2.61% Cu, 10.59% Zn, 0.30% Pb, 29.01g/t Ag and 0.10g/t Au from 50.5m (Hole id – PM-103-GO);
    • 11m @ 3.03% Cu, 13.85% Zn, 0.22% Pb, 22.09g/t Ag and 0.06g/t Au from 183.5m (Hole id – PM-123-GO); and
    • 21m @1.07% Cu, 9.44% Zn, 0.75% Pb, 27.91ppm Ag & 0.06ppm Au from 127.5m (Hole id – PM-114-GO)

Competent Persons Statement The information on this website includes information that is based on or extracted from the Independent Geologists Report prepared by Target Latin America and others, which is included in full in Alvo’s prospectus dated 30 July 2021 (the IGR).

The information in this presentation with respect to information attributed to or compiled from the ‘Mineral Resource Estimate’ included within IGR, is based on information compiled by Mr Simon Mortimer of Atticus Geoscience Consulting, a Competent Person and fellow of The Australian Institute of Geoscientists, and Mr Rob Smakman of Alvo Minerals Limited, a Competent Person and fellow of the Australasian Institute of Mining and Metallurgy. Mr Mortimer has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Mortimer is responsible for the geological modelling and resource evaluation sections of the Mineral Resource Estimate.

Mr Smakman is a full-time employee of Alvo Minerals and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code 2012. Mr Smakman is responsible for the site visit report and sampling sections of the Mineral Resource Estimate. Alvo confirms that it is not aware of any new information or data that materially affects the information included in the original IGR. Alvo confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original IGR. The IGR referred to above may be viewed and downloaded from the Company’s website www.alvo.com.au.

The information on this website that relates to Exploration Results is based on information compiled by Dr. Klaus Petersen, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy (AusIMM). Dr. Petersen is a full-time employee of Target Latin America. Dr. Petersen has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activities being undertaken to qualify as a Competent Person defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.  Dr. Petersen consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.


Mineral Resource Estimate Table

Note: The NSR has been calculated using the following prices: 2.90$/lb Cu, 1.04$/lb Zn, 0.79$/lb Pb, 24.5$/oz Ag and assuming recoveries of 90% for all metals in sulphide and 45% for all metals in oxides. Due to the rounding in the table, values may not add-up

 


C3 Prospect

  • C3 has the highest copper grades, with mineralisation open at depth and along strike
  • C3 JORC 2012 Inferred Resource of 2.8Mt @ 1.1% Cu, 4.3% Zn, 0.2% Pb & 23g/t Ag
  • Drill lines are approximately 100m apart, geological re-interpretation confirms plunge component is upside to resources

  • Only ~8% of core was assayed for gold (from prospects C1 and C3) approximately 15% of those results returned >0.1g/t, gold is therefore not reported in resource tables
  • VMS are typically zoned- there are several gold enriched zones -with the best gold results- including:
    • 5.5m @ 2.75g/t Au from 215m in PM-121-GO
    • 1.6m @ 4.53g/t Au & 30g/t Ag from 105m in PM-104-GO
    • 1m @ 1.11g/t Au, 0.83% Pb & 0.22% Cu from 198.5m in PM-123-GO
    • 0.5m @ 1.4g/t Au, 10g/t Ag, 1.8% Pb & 0.48% Cu from 87m in PM-115-GO

C1 Prospect

  • C1 is mineralised over 1.2km of strike- open at depth and along strike. 
  • C1 JORC 2012 Inferred Resource of 1.80Mt @ 0.8% Cu, 3.2% Zn, 0.8% Pb & 15g/t Ag.  Gold mineralisation not routinely assayed and not reported
  • Drill lines are approximately 100m apart requiring infill to increase geological confidence
  • Sparsely sampled for Au. Re-sampling across the deposit needed to establish tenor and location of gold mineralisation.

        • Mineralised zone is divided into a narrow and shallow northern zone and a folded and thicker southern zone
        • Zinc mineralisation is mainly restricted to a high-grade, shallowly plunging zone.
        • Mineralisation is concentrated on a folded contact between mafic metavolcanic and felsic metavolcanic

Metallurgical Testwork

CPRM undertook bench and pilot plant testwork in 1982 and 1988

1982:  Float tests on 400kg of sulphide mineralisation from drilling at C1

  • Bond Work Index of 13.0 kWh/t
  • Flotation tests for Cu recovered 72% in a 20% concentrate and Zn recovered 78% in a 50% concentrate

1988: 2 stages including

  • Bench scale flotation tests on C3 drill holes
    • Zn flotation of 75% recovery and 42% concentrate grade
    • Cu & Pb flotation test results- 82% & 69% recoveries and 12% & 9.5% concentrate grade
    • Bulk flotation test Cu & Pb & Zn- recoveries of 89% & 72% & 90% with 3.6% & 2.6% & 11.8% concentrate grades
  • Bench and Pilot plant test on C1 from an underground decline. 40 tonnes extracted and stored for 3 years (partially oxidised) affecting testing.
    • Bond Work Index of 13.7 kWh/t
    • Results generally confirmed the 1982 bench scale results with concentrates of Cu & Zn achieving recoveries of 72% & 75%and concentrate grades of 21% & 45 % respectively

Figure below illustrates mapping along the decline into C1, from which a 40 tonne sample was extracted for metallurgical testwork in 1988. The sample was left uncovered on site for 3 years before testing through the pilot plant.


Palma Project History


Infrastructure & Location

  • Sealed roads to project, 6 hours from Brazil’s capital city, Brasilia
  • Four Hydroelectric dams within 100km of the project with High Voltage Power lines crossing the project
  • Town of Palmeiropolis (10,000 people) within 5km
  • Existing and planned rail includes N-S railway within 30km and E-W rail within 50km – potentially accessing multiple Port options
  • Rural area with farming as main land use
  • Brazil has multiple smelting options
  • Local community and political representatives appear supportive of exploration and mining
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