Big Brazil buy by Avanco

AVANCO Resources anticipates ground being picked up from Vale could contain up to 400,000 tonnes of copper and cost it US$35 million to be paid at rate of $3 million per annum.

Big Brazil buy by Avanco Big Brazil buy by Avanco Big Brazil buy by Avanco Big Brazil buy by Avanco Big Brazil buy by Avanco

The ground, called Pantera and located about 110km from Avanco’s Pedra Branca pre-development asset, can be acquired for $35 million – equivalent to 400,000t at 4c per pound – or at a cost of 4c/lb within the next two years following at least 14,000m of drilling and subsequent estimation of a JORC resource.

Avanco estimates the acquisition cost at $20-35 million.

Resources identified above the 400,000t threshold within the “historical mineralised zone” will incur a higher cost of     6c/lb.

Geologically speaking, Pantera is interpreted as IOCG style, with Vale’s drilling defining 1.5km of continuous mineralisation.

Avanco claims indications are the shear zone in the weste...