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Avala Resources Reports Resource Estimate for Kraku Pester, Timok Gold Project; Stock Falls 2% to Day Lows

Avala Resources Ltd. (AVZ.V) announced the initial resource estimate for the Kraku Pester project area, part of its Timok Gold Project, a new gold discovery in an emerging sediment-hosted gold belt located in Eastern Serbia.

The combined inferred resources for Kraku Pester, Korkan and Bigar Hill have been estimated at 48,664,000 tonnes at an average grade of 1.5 g/t gold in the inferred resource category for 2,397,000 ounces of gold, using a 0.6 g/t gold cut off.

AVZ went down by more than 2% to 20 cents, hitting day lows.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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