- Recently listed company Australian Gold and Copper (AGC) has completed drilling at the Pattons prospect within the Moorefield Gold Project in New South Wales
- Over 1000 metres of drilling was conducted to test the gold and copper potential of a magnetic high anomaly at the prospect
- Pleasingly, drilling intersected a magnetic horizon dipping northeast in six of the seven holes across 550 metres
- Managing Director, Glen Diemar, says he’s proud of the success AGC has had following its $10 million initial public offering (IPO) and only listing on the ASX last month
- Further drilling will be undertaken to test two other anomalies along with the Cargelligo exploration licence
- AGC ended the day 5.56 per cent in the green with shares closing at 19 cents
Recently listed Australian Gold and Copper (AGC) has completed drilling at the Pattons prospect which is part of the Moorefield Gold Project in New South Wales.
The Moorefield Gold Project is made up of two exploration licences that cover a combined 481.5 square kilometres.
This project actually belonged to fellow ASX-lister, Magmatic Resources (MAG), until Magmatic demerged the project into AGC, which was its wholly-owned subsidiary.
Australian Gold and Copper officially listed on the ASX on January 20 after it raised $10 million through an initial public offering (IPO).
Under this maiden drilling program, seven holes, for 1068 metres, were drilled at the three-kilometre-long prospect. Drilling aimed to test the gold and copper potential of the magnetic high anomaly at Pattons 1. Pattons 1 is one of three magnetic highs at the Pattons prospect.
Pleasingly, drilling intersected a magnetic horizon dipping 600 degrees northeast in six of the seven holes across 550 metres of strike.
“It is exciting to have drilled such a successful program for our first program after IPO. To have hit the target so consistently in six of seven holes (the other being a short scissor hole) across a significant strike length of 550 metres is a real credit to our team on the ground, and we intercepted similar alteration to what we assayed in surface sampling,” Managing Director Glen Diemar said.
Depending on the assay results that are received, AGC will further test Pattons 1 along with the Pattons 2 and 3 magnetic high anomalies.
AGC will also conduct maiden drilling at the Achilles 3 target at the Cargelligo exploration licence. Around 1000 metres of drilling will test two electromagnetic conductors. This is expected to begin early next week.
AGC ended the day 5.56 per cent in the green with shares closing at 19 cents.