Avanco up on Brazil drill result

West Perth-based Avanco Resources has announced outstanding assay results from its drilling program at the Rio Verde Copper Project in Brazil.

At 10am the company's shares were trading at 19.5 cents, up 8.33 per cent.

In a statement to the Australian Securities Exchange, Avanco said, "The new results continue to support the presence of an exceptionally high grade copper zone and include the spectacular intercept of 2.05 metres at 42.68 per cent copper from 49.0 metres."

It also included an intercept at 7.25m at 14.26 per cent copper from 49.75m.

Avanco said it was encouraged by the results and was planning a follow up drilling program.

See company statement below:

Avanco Resources (ASX: AVB) has received the outstanding assays for the recently completed 2,000m drilling programme at its Rio Verde Copper Project. The new results continue to support the presence of an exceptionally high grade copper zone and include the spectacular intercept of 2.05 metres at 42.68% Copper from 49.0 metres.

Further exceptional results returned for the shallow high grade zone are:

ARVD-85
7.25m at 14.26% Copper from 49.75m
Incl. 2.05m at 42.68% Copper from 49.75m

ARVD-86
3.0m at 10.85% Copper from 58.0m
Incl. 1m at 23.6% Copper from 58.0m

ARVD-87
1.0m at 24.5% Copper from 40.6m

ARVD-89
1.3m at 17.98% Copper from 63.0m

ARVD-92
18.0 m at 2.06% Copper from 25.0m
Incl. 3.0m at 6.75% Copper from 39.0m

ARVD-94
42.0m at 1.23% Copper from 13.0m
Incl. 0.65m at 35.88% Copper from 51.35m

ARVD-95
18.0m at 1.77% Copper from 20m
Incl. 2.0m at 4.57% Copper from 30.0m

ARVD-96
2.0m at 6.93% Copper from 46.0m

ARVD-98
12.0m at 1.97% Copper from 24m
Incl. 1.05m at 6.53% Copper from 25.4m

ARVD-102
11.0m at 1.02% Copper 4.0m
Incl. 2.0m at 3.32% Copper from 11.0m

Drilling results clearly demonstrate that the high grade zone extends to over 300m laterally and remains open along strike and at depth. Interpretation also indicates the likely presence of a second as yet undiscovered highly mineralised structure existing to the north of the current high grade zone.

The exceptional results for earlier holes ARVD-69 to ARVD-83 included the spectacular intercept of 9 metres at 50.49% Copper from 18 metres.

The Company is extremely encouraged by these results and is now planning an aggressive +10,000m follow up drilling programme aimed at further extending and discovering additional high grade copper.