Update on drilling activities at Palma Cu-Zn VMS Project

Alvo Minerals Limited (ASX: $ALV) has commenced a diamond drilling program at the Palma Cu-Zn VMS Project in Central Brazil. The program aims to test three high-priority prospects, including Urubu, Anta, and C4-NE, identified through multi-disciplinary exploration. The project hosts VMS mineralization, and Alvo's district scale landholding includes two JORC Resource deposits and a brownfields discovery made in late 2023. The company's Inferred Mineral Resource Estimate for C1 and C3 Deposits stands at 4.6Mt @ 1.0% Cu, 3.9% Zn, 0.4% Pb & 20g/t Ag. Alvo is also preparing a maiden MRE for C4, expected to be reported in combination with an updated MRE for C1 and C3 in Q2 CY24.

Executive commentary on the drilling program

This maiden drill program is our most exciting to date, as we'll be able to test a pipeline of untested VMS prospects - the culmination of countless hours of detailed data collection and interpretation to refine and prioritize the large number of targets across the >70km of prospective strike at Palma. Alvo is well funded to progress with planned exploration and is hopeful of making a discovery during this program.

Summary of the diamond drilling program and outlook

Alvo Minerals (ASX: $ALV) has initiated a diamond drilling program to test high-priority prospects at the Palma Cu-Zn VMS Project. The company's exploration efforts aim to advance prospects TG-01, C5, C5N, and Anta S to drill ready status while continuing exploration across the belt. The project hosts VMS mineralization, and Alvo's district scale landholding includes two JORC Resource deposits and a brownfields discovery made in late 2023. The company is preparing a maiden MRE for C4, expected to be reported in combination with an updated MRE for C1 and C3 in Q2 CY24. Alvo's Managing Director, Rob Smakman, expressed optimism about the program, highlighting the potential for making a significant discovery. Alvo's strategic intent is to aggressively explore and deliver growth through discovery, leveraging management's extensive track record in Brazil. The company is committed to fostering best-in-class stakeholder relations and supporting the local communities in which it operates.