- Australian Gold and Copper (AGC) intersects three zones of strong alteration and mineralisation at the Mount B target in New South Wales
- Each zone is open down-dip and along strike and has potential for thick, high-grade mineralisation
- While grades are modest, the company is encouraged by the shallow and wide intercepts
- Results from subsequent soil sampling are pending and AGC will begin drilling at the Achilles target
- Company shares were up 3.85 per cent and were trading at 13.5 cents
Australian Gold and Copper (AGC) has received assays from drilling within the Cargelligo Project in New South Wales.
The company completed 1075 metres of drilling across six holes at the Mount B copper-gold and best metals target.
Mount B is one of three targets within the Cargelligo Project that display similarities to the Hera gold and base metals mine and the recent Federation discovery.
Pleasingly, drilling intersected three zones of strong alteration and mineralisation. Each zone is open down-dip and along strike and has potential for thick, high-grade mineralisation.
Hole MBRC005 targeted the Eastern Zone which extends for nearly two kilometres but is open to the south.
Results from this hole include 60 metres at 3 grams per tonne (g/t) silver, 0.3 per cent lead and zinc from 100 metres including one metre at 1g/t gold, 0.2 per cent lead and zinc from 153 metres
Hole MBRC006 was drilled into the Western Zone and intersected mineralisation 150 metres south along strike from a large electromagnetic (EM) conductor.
Results from the sixth hole include 64 metres at 7g/t silver, 0.3 per cent lead and zinc from 72 metres including one metre at 0.1g/t gold, 53g/t silver, 0.8 per cent copper and one per cent lead and zinc from 123 metres.
While the company described the overall grades as ‘modest’, it was encouraged by the widths and shallow depths.
Following the drilling program, AGC conducted soil sampling to confirm lead, arsenic and copper anomalies that resulted from historical drilling, as well as map their extent and target where mineralisation outcrops at surface.
The sampling highlighted encouraging anomalies, however assays are pending.
Furthermore, AGC will mobilise a drill rig to the Achilles target to test underneath recent copper and base metal intercepts and to test new soil anomalies. Downhole EM survey work will also be carried out at both the Achilles and Mount B targets.
Company shares were up 3.85 per cent and were trading at 13.5 cents at 2:53 pm AEST.