AVM hits 131.5g/t gold from Victorian gold project and develops new 3D geological model

Our Investment Advance Metals (ASX:AVM) just announced the final gold assays from drilling at its Victorian gold project.

AVM’s project has in the past produced gold from old underground mine shafts.

AVM’s drilling was focused on extending the gold mineralisation beyond the project’s old workings and today, AVM hit more gold at depth:

(source)

Using all of the drilling data AVM also put out the following 3D geological model for the project with three gold structures running to ~500m below the surface:

The main takeaway for us is that AVM now has a working theory that there could be similar style structures all along the regional trend in the area.

AVM confirmed that sampling along the 16km Magpie-Barwidgee trend had started based on old Lidar data (historic working data):

(source)

And that 46 rock chip samples are at the lab with assays pending from AVM’s second Victorian gold project:

Mexican Silver Projects

Meanwhile, over in Mexico is where AVM has 3 silver projects.

These have a combined resource base of ~116M ounces of silver equivalent.

1. Guadalupe y Calvo - 60.6Moz silver equivalent foreign resource estimate
2. Yoquivo - 33Moz silver equivalent JORC resource 
3. Gavilanes (22.4M Oz silver equivalent foreign resource estimate averaging 246g/t)

AVM is continuing drilling at Gavilanes, the highest grade and the least drilled of its three silver projects, which all together host ~116M ounces of silver equivalent.

Last week's drill hole extended the high grade silver zone to the south AND delivered an unexpected 54.6m at 0.6% copper, 22g/t silver & 0.3g/t gold:

(source)

This was the strongest copper interval at the project to date and assays are pending from the next hole, with a fourth hole now underway.

You can catch our longer article on that result here: AVM: “Accidentally” hits 54.6m at 0.6% copper in extensional high grade silver drill result- sounds good to us.

What we want to see next from AVM

Mexican silver projects

We want to see AVM drill out, convert its silver foreign resources into JORC compliance and then eventually increase the size of those resources.

Here are the milestones we are tracking across the three projects:

Yoquivo:

• 🔲 Resource growth drilling at Yoquivo
• 🔲 Open-pit potential assessment

Guadalupe y Calvo (GyC)

• 🔄 Drilling permits
• 🔲 Maiden drilling program, subject to permits and approvals.
• 🔲 Maiden JORC resource converting the 60.6M oz silver equivalent foreign estimate.

Gavilanes

• ✅ Sampling program on historic drillcore
• ✅ Maiden drilling program
• 🔄 Assay results
• 🔲 Maiden JORC resource (hopefully upgrading the 22.4M ounce silver equivalent resource)

Victorian gold (Australia)

We also like AVM’s gold project - see our deep dive on the asset from our last AVM note here: We also like AVM’s Victorian gold exploration asset

At AVM’s gold project in Victoria, we want to see more assay results from all of the drilling AVM’s done over the last few months.