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Avanco estimates 694,000-ounce initial resource for CentroGold project

Avanco Resources Ltd. estimated an initial resource estimate for the Blanket zone at its CentroGold project in northern Brazil, comprising 12.2 million tonnes at 1.8 g/t of gold for 694,000 ounces in the inferred category.

According to the company's Dec. 20 statement, the resource will form the basis of a scoping study to determine if the project has the potential to support a scalable, low-CapEx mining development. The scoping study is anticipated during the first quarter of 2017.

A resource estimate is underway for the adjoining Contact zone, with additional drilling planned for the first half of 2017, starting on the Blanket zone.

Avanco noted that Blanket is one of two zones within the Cipoeiro deposit, which, together with the Chega Tudo deposit, formed a previously reported foreign estimate of 88.5 million tonnes at 1.10 g/t of gold at CentroGold.

The company expects to receive an environmental license for the two deposits in the first half of 2017.