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Australian Gold and Copper Ltd (ASX:AGC) is trading higher today on news it could have expanded the footprint connected to its Achilles multi-mineral deposit in New South Wales by more than a kilometre, based on results from an ongoing aircore drilling program.
The company received results from 81 holes in the program – which will include around 310 holes overall – revealing a solid and coherent geochemical anomalism which indicate continuation of Achilles mineralisation for at least 1.2 kilometres south of what has been defined.
Two trends have been picked up through this work at AGC’s South Cobar project, with the first involving silver-gold-lead-zinc-copper-antimony-arsenic-bismuth pathfinders which push the Achilles trend to the south by the above measure (Achilles Trend), and an anomalous copper-bismuth coincident with a large magnetic high (Western Trend).
Drilling continues – the follow up
AGC intends to follow up the aircore drilling (from which 280 holes have been completed to date, with 199 holes pending data) with reverse circulation drilling. This will concentrate on deeper extensions to the main Achilles deposit.
Managing Director Glen Diemar said the results would guide AGC’s expectations looking ahead.
“Our growth plans are well underway with the first assay results received from the Achilles aircore program indicating the mineralisation footprint extends for at least another 1.2km southward,” he said.
Potential for ‘real scale’
“This is a great result as it demonstrates the potential for real scale for near term growth.
“Infill drilling is underway on this trend and we certainly look forward to further results to assist with targeting leading into the next round of RC drilling.”
AGC shares traded higher after the news, and at 13:44 AEST, they were at 14.5 cents – a rise of 3.57% since the market opened.
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