AVOCA RESOURCES

HIGH GRADE UNDERGROUND RESOURCE AT CHALICE INCREASES 56% TO 192,000 OUNCES

 

 

ASX 200 mid-tier gold producer, Avoca Resources Ltd (ASX:AVO), is pleased to announce a 56% increase in the high grade underground gold resource at Chalice to:

1.32 million tonnes at 4.5 g/t gold for a total of 192,000 ounces.

The Chalice gold mine is located 30km to the south-west of Trident and Avoca’s Higginsville treatment plant in the southern Kalgoorlie goldfields of Western Australia.    

 

The upgraded resource is shown below in Table 1 and includes, for the first time, an Indicated Resources classification for the previously described Olympus and Atlas Zones which total 799,000 tonnes @ 5.5 g/t gold for 140,000 ounces.  Avoca is currently preparing an underground feasibility / mining reserve study of the Chalice Indicated Resources due for completion in the current quarter.  Inferred Resources at Chalice total 52,000 ounces and include the newly defined footwall and hangingwall lodes to the main Olympus and Atlas Lodes.