explored jurisdiction for copper porphyry targets, though for junior Avala Resources (TSXV: AVZ; US-OTC: AVNMF) the story is all about gold. On June 20 the company released a preliminary economic assessment (PEA) for its Timok sediment hosted gold project that lies around 270 km due southeast of Belgrade.
The project sits along the Timok Magmatic Complex, which is part of the Tethyan orogenic system, an eroded mountain belt that extends from Western Europe to Southeast Asia. Historic production over the previous century in the Timok area totals roughly 5 million tonnes copper and 6 million oz gold, mostly from porphyry copper-gold deposits and high sulphidation style epithermal deposits. Sediment hosted gold represents a previously unrecognized style of gold mineralization within the region.
Avala's PEA focuses in on Timok's three main targets – namely Bigar Hill, Korkan, Kraku Pester – with around 99.5% of the resources used in the study falling into the indicated category. The company simultaneously released an updated global resource, which now totals 67.4 million indicated tonnes grading 1.14 g/t Au for 2.48 million contained oz.
Read the complete story at NorthernMiner.com/news/avala
Comments