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Gold explorer Advance Metals (ASX:AVM) is celebrating three hits in as many holes at its Myrtleford Project in the Victorian Goldfields – though “cautiously,” of course, with full results still to come – after maiden drilling.
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The “incredibly productive” first breach has led to Advance spotting “highly encouraging” visible gold mineralisation in multiple zones across three holes.
The results – landed just months after Advance shook hands on the Myrtleford project joint venture with Serra Energy Metals – include strong hits at ranges including 211.5, 216.2, 217.6, and 219.2 metres down the hole two, AMD002.
These sulphide-bearing quartz veins run as deep as 180.9 metres down hole three. Hole one’s results had already previously been flagged, and are still considered quite good.
“As usual, we’ll have to be cautious and wait for analytical results to fully confirm the results,” Advance’s managing director Dr Adam McKinnon said on the hits today, “but I couldn’t be happier with what we’ve seen to date.”
“Our maiden drilling at Myrtleford is proving to be incredibly productive.”
Of particular note is the fact Advance’s best diamond holes run across a new area along strike to the west of previous drilling. Even better – “It’s produced the strongest visual gold mineralisation of the program to date.”
Multiple rounds of assay results are expected from the drill run next, HotCopper understands, with Advance looking to have them in-hand by the middle of the year.
Beyond that, the gold explorer will be running more drilling at Happy Valley and will be following today’s win up with shallow drilling at Twist Creek too.
“It’s sure to be an exciting period for all stakeholders,” Dr McKinnon added.
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These strong hits come a month after Advance spruiked its original hole one findings: In late February, the gold miner uncovered three discrete zones of quartz veining were intersected in its jointly-run Happy Valley dig site.
The lowermost of these veins had been spotted extending more than 3.3m from sight and had “multiple occurences of fine-grained visible gold through the interval.”
Shareholders will now also be eagerly awaiting early results from Advance’s Swordfish Silver project, which was acquired from Sailfish Royalty around the same time the Aussie explorer scooped up a stake in Myrtleford this year.
AVM opened at 4.6cps on Tuesday before adding up to +8.7%.
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