Avalon looks at funding options for Viscaria
PERTH (miningweekly.com) – ASX-listed metals developer Avalon Minerals has launched a strategic review on funding options to develop its Viscaria copper project, in Sweden.
The junior said on Wednesday that the review would consider a number of aspects, including funding requirements to complete a bankable feasibility study (BFS), opportunities to capture value from the Viscaria project, potential joint venture arrangements and strategic partnerships.
The review would also assess Avalon’s project and commodity focus while looking into the company’s current funding arrangement.
The review would be completed within the next two to three months, the company told shareholders.
In May this year, Avalon lost a A$25-million funding deal with advisory group ZJ Advisory, which would have seen the Viscaria project through to the completion of a BFS.
The project currently had a delineated resource of 49.2-million tons, containing 544 000 t of copper and 18.9-million tons of iron mineralisation.
Avalon MD Jeremy Read pointed out on Wednesday that the company had completed a successful extension drilling programme at the A and D zone prospects, with the results being incorporated to define a new mineral resource for the D zone.
Following this revised resource definition, the economics of the overall Viscaria project would be updated, with the mineral resource expected to support a ten-year mining operation, with a net present value of A$300-million.
“Following the recent success of the extensional drilling programme, the board has reached a point of confidence with the project that we are assessing all our options to fund the BFS for the Viscaria copper project and further exploration at the Tjarro prospect,” said Read.
The new mineral resource for the D zone would likely be announced within the next two weeks, and the updated economics would be available by late June or early July.
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