Alvo Minerals Touro Prospect Discovery Hits All Drilling Targets

Alvo Minerals Extends Massive Sulphide Discovery at Touro Prospect

Alvo Minerals Limited (ASX: ALV) continues to deliver exceptional results from its Touro Prospect drilling program, with all five diamond holes completed to date intercepting substantial copper and zinc sulphides. The latest drilling update reveals the discovery of massive, semi-massive and disseminated sulphides across 750 metres of strike length, marking a significant expansion of the Alvo Minerals Touro Prospect discovery.

According to the announcement, the results demonstrate remarkable consistency across the prospect, with holes PDT-120 and PDT-121 delivering some of the strongest massive sulphides encountered to date. Furthermore, hole PDT-120 intercepted an 1.8-metre zone of massive sulphide with visual estimates of 8% chalcopyrite and 12% sphalerite.

Key Drilling Highlights:

• 100% hit rate across five diamond holes for Cu-Zn sulphides
• 750m of confirmed strike length with mineralisation at shallow depths
• Deeper electromagnetic conductors extending 750m below surface remain untested
• Additional trenching confirms surface mineralisation continuity
• Current drilling targeting deeper southern conductor zones

"Our ongoing drilling at Touro continues to impress, with the southern half of the prospect looking promising. We are already comparing Touro and its confirmed 750m of strike to our C3 deposit- which has a footprint of 650m on surface," stated Rob Smakman, Managing Director.

What Makes the Visual Mineralisation Results So Impressive?

The latest drilling results showcase substantial visual mineralisation across multiple zones, with detailed logging revealing significant sulphide concentrations throughout the targeted areas. In addition, the Alvo Minerals Touro Prospect discovery continues to expand with each hole completed.

PDT-120 Standout Results:

• 64.5-69.6m downhole: Multiple zones of massive, semi-massive and disseminated mineralisation
• 65.5-67.3m zone: 1.8m of massive sulphide with estimated 8% chalcopyrite + 12% sphalerite
• Additional semi-massive zones with up to 25% sphalerite content

PDT-121 Multiple Intersections:

• 88.9-118.3m downhole: Extended mineralised sequence over 30 metres
• 101.85-102.4m: 0.6m massive sulphide with 10% chalcopyrite + 5% sphalerite
• Multiple additional zones of semi-massive and disseminated sulphides

PDT-119 Northern Extension:

• 59-66.5m downhole: Confirmed mineralisation 120m north of discovery hole
• Semi-massive sulphides rich in zinc-bearing sphalerite

The visual estimates are supported by portable XRF analysis during geological logging, with laboratory assays expected within 6-8 weeks to provide quantitative confirmation of grades.

Understanding Volcanic Massive Sulphide Deposits

Volcanic Massive Sulphide (VMS) deposits represent one of the most significant sources of base metals globally, forming when hot, metal-rich fluids precipitate sulphide minerals on or near the seafloor in ancient volcanic environments.

Key VMS Characteristics:

• Clustered occurrences: Multiple deposits typically form within the same geological district
• High-grade potential: Can contain substantial copper, zinc, lead, silver and gold concentrations
• Shallow formation: Often occur at relatively shallow depths, making them attractive exploration targets
• Distinctive geology: Form at contacts between volcanic and sedimentary rock units

For investors, VMS deposits are particularly attractive because they tend to occur in clusters, meaning discovery of one deposit significantly increases the probability of finding additional deposits in the surrounding area. Moreover, Alvo's Palma Project already hosts three established deposits (C1, C3, C4) with a combined resource of 7.6Mt @ 2.0% CuEq, demonstrating the district's potential for multiple discoveries.

The Alvo Minerals Touro Prospect discovery's 750m confirmed strike length already approaches the scale of Alvo's existing C3 deposit (650m surface footprint), suggesting significant potential for resource definition once laboratory assays are received.

How Does Additional Surface Confirmation Strengthen the Discovery?

Recent trenching work has provided valuable surface confirmation of the mineralised system's continuity, with Trenches 4 and 5 delivering encouraging results across the alteration zone. However, the most significant aspect is how these results complement the drilling program.

Trench Sampling Highlights:

• Trench 4: 10.2m @ 1,169ppm Zn, 494ppm Cu, 682ppm Pb
• Trench 5: 1m @ 2,135ppm Zn, 279ppm Cu, 275ppm Pb
• Trench 5: 11.9m @ 770ppm Zn, 297ppm Cu, 268ppm Pb

The trenching results confirm that mineralisation extends along the 1.1km surface alteration zone, providing additional confidence in the prospect's scale and continuity. The company has applied for access to a Legal Reserve area covering additional portions of Touro, with approvals expected in 2026.

Targeting Deeper High-Priority Conductors

The current drilling program is strategically targeting deeper electromagnetic conductors that remain completely untested, representing significant upside potential for the discovery. Furthermore, these deeper targets could substantially expand the Alvo Minerals Touro Prospect discovery.

Electromagnetic Survey Results:

• Northern conductors: 39-46 Siemens conductivity values
• Southern conductors: 75-90 Siemens conductivity values
• 2.2km total strike length at depth
• 750m depth extension below current drilling

The higher conductivity values in the southern conductor plates (75-90 Siemens) are particularly encouraging, as massive sulphides containing chalcopyrite and pyrrhotite typically exhibit high conductivity. In addition, current hole PDT-122 is specifically targeting these deeper southern conductors, with results expected before the Christmas break.

Upcoming Drilling Targets:

All holes are being surveyed with downhole electromagnetic probes to refine conductor targeting and identify additional drilling opportunities.

Strategic District-Scale Resource Growth

The Alvo Minerals Touro Prospect discovery represents a significant addition to Alvo's established Palma Project portfolio, which already hosts a substantial JORC-compliant resource across three deposits. However, the potential for expansion remains considerable.

Current Palma Resource Base:

• Total Resource: 7.6Mt @ 2.02% CuEq (153kt contained CuEq)
• Indicated Resources: 3.3Mt @ 2.3% CuEq
• Inferred Resources: 4.3Mt @ 1.8% CuEq
• Contained Metals: 55.8kt Cu, 258.9kt Zn, 41.5kt Pb, 4.0Moz Ag

The Touro discovery adds significant exploration upside to this established resource base, with the potential to define additional resources across the 750m confirmed strike length. Moreover, the company's systematic exploration approach across >1,000km² of tenure and >80km of prospective geological strike positions it well for continued discovery success.

District Exploration Pipeline:

• 30+ identified prospects across the Palma Project
• In-house technical team with cutting-edge exploration equipment
• Systematic prospect advancement through geology, geochemistry and geophysics
• Strategic focus on drill-ready prospect development

Investment Thesis: Multi-Discovery VMS District

Alvo Minerals presents a compelling investment opportunity as a district-scale VMS explorer with both established resources and significant discovery potential. Furthermore, the combination of existing assets and exploration upside creates multiple value creation pathways.

Key Investment Highlights:

Established Resource Foundation:

• 7.6Mt resource base across three deposits provides scale and credibility
• High-grade base metals with copper equivalent grades of 2.02%
• Multiple metal exposure including copper, zinc, lead, silver and gold
• Metallurgical testwork demonstrates excellent recoveries

Discovery Pipeline Momentum:

• 100% drilling success rate at Touro with consistent mineralisation
• 750m confirmed strike approaching scale of existing deposits
• Deeper targets remain untested with high-priority electromagnetic conductors
• District-scale tenure with 30+ additional prospects identified

Technical Execution Advantage:

• Experienced management team with proven Brazil exploration track record
• In-house exploration capabilities enabling cost-effective prospect advancement
• Systematic exploration methodology maximising discovery probability
• Strategic location in established mining jurisdiction

What Near-term Catalysts Should Investors Watch?

The company has several significant catalysts approaching that could drive value creation in the coming months. In addition, these developments could further enhance the Alvo Minerals Touro Prospect discovery story.

Key Upcoming Milestones:

• Laboratory assays expected within 6-8 weeks for current drilling
• Deeper conductor testing with PDT-122 results before Christmas
• Expanded drilling program across Touro and additional prospects in 2025
• Resource update potential following successful Touro drilling

The combination of established resources, active discovery success, and systematic district-scale exploration positions Alvo as a standout opportunity in the base metals exploration sector. However, the real value lies in the district's clustering potential.

Why Should Investors Follow Alvo Minerals?

Alvo Minerals has demonstrated the ability to consistently deliver exploration success while building a substantial resource base in one of Brazil's most prospective VMS districts. Furthermore, their systematic approach sets them apart from typical exploration companies.

The company's systematic approach to district-scale exploration, combined with in-house technical expertise and cutting-edge equipment, provides a significant competitive advantage in identifying and advancing high-quality prospects. Moreover, the 100% drilling success rate at Touro demonstrates the effectiveness of this methodology.

Future Value Drivers:

• Resource expansion potential across 750m+ of confirmed Touro strike
• Multiple discovery opportunities across 30+ identified prospects
• District clustering effect typical of VMS systems
• Established resource base providing scale and development optionality
• Strong technical execution with experienced Brazil-focused team

With upcoming assay results, continued drilling success, and a pipeline of additional prospects, Alvo is well-positioned to deliver sustained exploration success in 2025 and beyond.

Alvo Minerals has established itself as a premier VMS district explorer with proven discovery capabilities and substantial resource growth potential. The Touro discovery, combined with the existing 7.6Mt resource base and extensive prospect pipeline, positions the company for significant value creation as exploration advances across the district-scale Palma Project.

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