Expanding gold explorer Advance Metals (ASX:AVM) has uncovered a previously unrecognised structure at Myrtleford in the Victorian Goldfields, a north-south trending structure just east of the historic Happy Valley that boasts “high-grade, visible gold” less than 50 metres under the surface.
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Assay results have already come in for the key upper portion of the hole, confirming the structure’s high-grade nature. Also quite notable is its the shallowest gold mineralisation Advance has hit at Happy Valley to date.
So, of course, the “unexpected” discovery left Advance very pleased, especially considering the visible gold patches stretched up to four millimetres.
There’s also some excitement around where the structure trends: It appears to run parallel to the Porpunkah Reef, a narrow formation that was worked on through the late 1800s. Key here is that this new mineralisation does not seem to be associated with any previously mapped lodes in the area either.
“Our technical team is currently evaluating the potential of this area, with further drilling planned to test continuity and orientation,” Advance wrote today.
The tech team will be using a new step-out drill pad, which was just added at Myrtleford to help take Happy Valley exploration deeper. This will be employed to “test the newly identified zone at depth,” the explorer confirmed.
Beyond this unexpected discovery, Advance’s team is also still progressing a second diamond rig along strike at the prospect, testing fresh regional targets at the site’s Queen of the Hills and Sheards prospects.
Other assays from Happy Valley’s AMD016 are also pending; due in February.
AVM shares are today at 18.5c after a +5.7% jump.
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