ALV – Alvo Minerals Limited
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Premium Placement to Strategic Investors
• Binding commitment received for A$1.25M from a group of strategic investors at an issue price of A$0.03 per share.
• The Placement price represents a 15% premium to Alvo’s last close price of A$0.026 and a 17% premium to the 15 day VWAP
• The funds will add to Alvo’s treasury and support ongoing exploration across Alvo’s suite of critical minerals Projects in Brazil
No cash fee is payable on the Placement with 6 million 10c, 3 year unlistedoptions will be issued to GBA Capital for introducing the strategic investors
Palma VMS – Drilling and Exploration update
HIGHLIGHTS
• Drill assays have been received from the recent Phase 1 drilling at Touro prospect and include;
• 2.3m @ 1.9% CuEq (0.77% Cu, 0.44% Zn, 0.35% Pb, 57g/t Ag and 0.43g/t Au) from 126.9m (PDT-124)
• 5.8m @ 0.8% CuEq (0.6% Cu, 0.37% Zn, 0.03% Pb, 9.6g/t Ag and 0.04g/t Au) from 132.9m (PDT- 126)
• 3.4m @ 0.5% CuEq (0.09 Cu, 0.19% Zn, 0.04% Pb, 4.3g/t Ag and 0.40g/t Au) from 305m (PDT127)
• The Touro prospect continues to return higher grade Gold and Silver than typically seen across the Palma project with results up to 2.66g/t Au and 111g/t Ag
• Mineralised sulphides have been intersected in Esperanza and Touro North drilling with remaining results expected in coming weeks.
• At Touro North, visual* sulphide mineralisation has been intercepted across 10m in hole PDT-132 which targeted the FLEM conductor, 200m below surface.
and from the quarterly… Rob Smakman, Alvo’s Managing Director, commented:
“The March quarter has been outstanding for Alvo with the drilling ongoing at Touro, Esperanza and Entre Rios. Touro is a discovery in the early stages of understanding with the potential size and grade unknown at this stage, but with all the drilling to date intercepting mineralisation, we are confident it will be significant.
“We feel that we have laid a solid fundamental exploration foundation at Palma and are looking forward to more discoveries to come as we drill test more of these and other new prospects.”
