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There’s “genuine growth ahead” at Achilles, Australian Gold and Copper (ASX:AGC) has told investors today, after the Aussie metals explorer this week dug up some of the best silver-gold mineralisation it’s seen yet at the flagship New South Wales project in a huge haul from the deepest hole on-site.
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“Our deepest hole, A3RCD089, has just delivered some of the best silver-gold mineralisation to date at Achilles,” managing director Glen Diemar declared.
The intercept that has AGC so excited is a huge 110-metre step out just below hole A3RCD086, which returned six metres at 2,474 grams per tonne silver equivalent. This hit stands out, too, because it’s some 140 metres deeper than recordings the explorer already used in its December estimate.
“Achilles is proving to be a rare, silver-dominant system, with strong gold and base-metal credits, shallow geometry, and clear upside,” Mr Diemar said. “Importantly, much of this new mineralisation sits under the current MRE.”
This, he suggested, “means there is genuine growth ahead” on-site.
Pretty perfect timing, considering silver’s $100-plus price today and AGC’s already established ambitions to finalise an updated MRE this quarter.
AGC will next return to drilling later this quarter, with pending assays for three other diamond holes to come in around the same time. The company will then pour everything together into its Achilles estimate update.
Elsewhere, the explorer is also working towards an initial MRE at its recently acquired Browns-Evergreen deposit, and “aims to have more than doubled” the endowment at South Cobar by the end of the year, too.
Heading into Monday morning, AGC shares are 23.5c.
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