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Australian Gold and Copper (ASX:AGC) has shaken off a lacklustre day on markets – the XJO is up +0.14% a/a 12pm AEDT, but one-year returns have been erased to +1.2% – with news of potential gold mineralised systems near surface on-site at its Achilles project in New South Wales.
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Covering three RC drillholes and five sunk with a diamond-tipped drill, the company pointed to a previously five metre intersection at 1,851g/t silver equivalent (AgEq) described as ‘gold dominant.’ That was hit at 30m depth.
Wednesday’s drill announcements referred to drill holes sunk nearby “in a fan pattern” relative to that first hole, with the following results highlighted:
- 22m @ 202g/t AgEq from 41m depth, including:
- 3m @ 611g/t AgEq from 43m depth
- 33m @ 174g/t AgEq from 31m depth, including:
- 8m @ 623g/t AgEq from 33m depth, and,
- 10m @ 64g/t AgEq from 86m depth
- 35 m @ 88g/t AgEq from 65m depth, including:
- 8m @ 264g/t AgEq from 69m depth
All in all, the company reported on Wednesday that these broad intervals “of shallow mineralisation are welcome value drivers for potential future Mineral Resources.” Up-dip extensions interpreted to continue underground are untested above these holes, which mark the next batch of drill targets for AGC.
“This high-grade section of the oxide zone is now 150m in length and relatively thick too … it won’t be long now until we start seeing some assays for the depth extensions to this high-grade northern zone,” AGC MD Glen Diemar said.
He continued: “We have drilled twelve holes under the best intercepts at Achilles, and we very much look forward to reporting these to our shareholders and the broader market in the coming weeks.”
AGC last traded at 19.5cps.
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