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Avanco to spend US$10.6M on Brazilian copper-gold-silver projects

Avanco Resources Ltd. has budgeted US$10.6 million for exploration and project development at its Brazilian projects, it said March 27.

The company plans to use US$4.4 million for a definitive feasibility study and further exploration to support the full-scale development of the Pedra Branca East copper-gold-silver project.

A revised prefeasibility study for Pedra Branca East is targeted for release in late-April, with the definitive feasibility study expected to be completed after a year.

At the Antas copper-gold project, the company will spend US$3.6 million for sustaining capital and improvements and US$1.0 million for drilling to increase JORC-compliant mineral resources to potentially increase production and extend mine life.

The CentroGold project will be advanced using US$900,000 of the budget, with the remaining US$700,000 to be used to explore for new acquisition opportunities.