Avala Resources Ltd. (TSX.V: AVZ)
is a Canadian-based gold and copper exploration company that holds a dominant land position within and adjacent to the Timok Magmatic Complex (TMC) in the Republic of Serbia.
Avala is actively exploring a major, north-trending sediment-hosted gold mineralized belt - the Timok Gold Project - located on the western margin of the TMC. The Timok Gold Project comprises several targets, including Bigar Hill, Korkan and Kraku Pester. To date, Avala has defined gold over a strike length in excess of 50 kilometers. Sediment-hosted gold represents a previously unrecognized style of gold mineralization within the Timok region. Avala plans to complete a preliminary economic assessment for the Timok Gold Project during the first half of 2014. Avala is also working to generate additional gold resources in and around the current seven kilometer 'development corridor' containing the Bigar Hill, Korkan and Kraku Pester deposits and within the greater area of the Timok Gold Project, which Avala believes, based on geological mapping, has the potential to be significantly extended.
|TIMOK GOLD PROJECT
INDICATED AND INFERRED RESOURCE ESTIMATES
- The effective date of the Bigar Hill and Korkan updated mineral resource estimates is 14th October 2013. The effective date of the resource estimate for Kraku Pester is January 9, 2013.
- The resource estimations have been completed by Chris Arnold MAusIMM CP(Geo) of AMC Consultants Limited (UK) ("AMC").
- The gold price used in this estimate was US$1250/oz. Several phases of extensive metallurgical test work have been completed and, based on information to date, along with possible projected throughput rates for the entire Timok Gold Project, typical mining costs and a range of processing costs and indicative processing suitable gold cut off grades are considered to lie in the range of 0.4g/t to 0.8g/t.
- Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
- The quantity and grade of reported indicated and inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these indicated and inferred resources as measured mineral resources.
- Totals and average grades are subject to rounding to the appropriate precision.
Historical production over the previous century in the Timok region is approximately 5 Mt copper and 6 Moz gold, mostly from porphyry copper-gold deposits but also from high-sulfidation style epithermal deposits.
Avala has a strong and experienced management team with significant technical expertise and over 8 years of operational experience in Serbia.