Alvo Minerals Limited announced the signing of a binding agreement to earn-in to the highly prospective Alfa Project ("Afla"), consolidating the broader Palma Volcanogenic Massive Sulphide (VMS) belt. The Afla Project is located adjacent to Alvo's Palma Project and covers a strategic southern portion of the target host rocks of the VMS sequence. Alvo has the team, the tools and expertise to conduct a cost-effective exploration program across the Afla Project.

Alvo has signed a binding deal with AFLA INVESTIMENTOS E PARTICIPAÇÕES LTDA, ("Afla Investimentos") a Brazilian company with interests in gold and limestone mining, agriculture, and real estate. The Afla Project includes 5 granted exploration licenses covering a total area of 9,758Ha (98km2), located adjacent to both Alvo's Palma VMS Project and Alvo's Ni/Cu/PGE Project at Cana Brava. The Project is considered predominantly prospective for VMS style (Cu, Zn, Pb, Ag, Au) mineralisation.

Prior to Afla Investimentos taking control of the project in 2018, the area was explored by the Brazilian subsidiary of BHP (Colorado Exploration circa 1980's), Glencore (early 2000's) and Nexa in 2008. No historical data from these companies is currently available, however a recent due diligence field visit noted historical drill-core believed to be from when BHP was exploring the area. Alvo is pursuing the historical information which may exist in the Mines Department, however there is no guarantee that this information will be available.

The Geological survey of Brazil (CPRM) completed a regional Stream Sediment survey which covered the Afla Project ground and indicated anomalous catchments of Cu, Zn and Pb. The CPRM also completed several soil sampling and mapping traverses also confirming anomalous Cu and Zn. In 2008, Votorantim Exploration (now Nexa) flew a VTEM survey covering most of the Afla ground.

This is the same survey that covers much of the Palma project and the source of multiple conductive targets currently being followed up by the Alvo exploration team. Alvo's consultants have highlighted 5 individual conductors on the Afla ground that warrant follow up. The work by the CPRM and the VTEM survey is a great starting point for Alvo's exploration strategy.