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Australian Gold and Copper (ASX:AGC) has released the first 12 results from its reverse circulation run at the Achilles Shear Zone at South Cobar, and the 2,131-metre campaign has left the explorer “extremely encouraged.”
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The drilling highlighted new mineralised zones across a six-kilometre corridor and reinforced the scale potential of the Achilles system. This, managing director Glen Diemar explained today, lines up exactly with the company’s plans: Creating an efficient value creation pathway with modest capital.
“Our focus area is directly along strike within a few kilometres of Achilles, and [its] showing great potential already,” Mr Diemar said, pointing out that most holes along trend have already returned mineralisation, which is “significant.”
At the northern end of the trend, hole A2RC006 returned three metres at 84 grams per tonne silver equivalent from 140 metres, including one metre at 105g/t AgEq. Elsewhere, A2RC009 intercepted a broad footwall alteration zone that AGC believes hosts multiple intervals, including 17m at 20/g/t AgEq.
Mineralisation across the shear zones has included everything from silver and gold to zinc, lead, and copper, accompanied by some antimony and molybdenum.
“These results are twelve out of twenty-three holes… they’re extremely encouraging and confirm the fertility of the greater area,” Mr Diemar added.
Further south, drilling at the Achilles Road Base Quarry has also suggested there’s mineralisation within thinly bedded facies identified as favourable rock hosts. The first drilled hole returned several shallow oxide and sulphide intervals, including three metres at 155g/t AgEq from around 39 metres.
AGC is now “looking forward” to the last 11 assay results to come back from the same drilling; these are pending and should come in “soon.”
All up, it’s the start of a very exciting time for the explorer, said Mr Diemar, especially because AGC’s been so hard at work “building on the foundations of our business on numerous fronts this year… [including] adding scale to our Achilles discovery by drilling at depth extensions, conducting regional exploration, and doubling our project area through cost-effective acquisitions.”
The market’s been excited for AGC this year, too; shares are +23% YTD.
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