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Australian Gold and Copper (ASX:AGC) has become the dominant titleholder across the South Cobar Basin, securing belt-scale control of the emerging mineral province after buying up NSW exploration title EL9012.
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“This year has been a consolidation year for us,” AGC’s managing director, Glen Diemar, explained to HotCopper. “We took a step back from the deposit, and we wanted to explore the belt. We wanted to know if we were exploring the best place, are we deploying shareholders’ capital into the best target?”
The answer, Mr Diemar explained, was “we may [be]” – but there are so many more juicy targets that AGC couldn’t just sit by and work on what they had.
“Just in the last few weeks, we brought the RC rig back, and we’re drilling some really nice holes to extend Achilles and filling in gaps where the MRE will go,” he said.
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All this boiled down into AGC looking to take full belt control at South Cobar; a strategy Mr Diemar is executing from the lessons he learned working for major BHP Limited (ASX:BHP) before he moved over to South32’s operations.
“When you have control of the whole belt you can explore systemically and prioritise targeting,” he explained. “And you get strong community engagement.”
AGC is at 16cps today; the explorer advanced +10.3% last week.
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