- Australia Gold and Copper (AGC) discovers a cluster of high-grade historical gold mines at its South Cobar project in New South Wales
- Mine workings at the ‘Creamy Hills’ gold mines span 1.2-kilometres in length, with a tight cluster of significant workings as deep as 80 metres
- AGC found rock chips up to 24.4 grams per tonne (g/t) gold within the shafts and dumps and composite samples up to 9.4 g/t gold from mine tailings
- The company says “significant potential” exists for expansion, as no modern geochemistry, geophysics or drilling has been carried out
- Australian Gold and Copper shares are up 5.77 per cent, trading at 5.5 cents at 11:38 pm AEDT
Australian Gold and Copper (AGC) has discovered a cluster of high-grade historic gold mines at its South Cobar project in New South Wales.
AGC said the mine workings, dubbed Creamy Hill, spanned 1.2 kilometres in length, with a tight cluster of significant workings as deep as 80 metres.
Sampling returning rock chips up to 24.4 grams per tonne (g/t) gold within the shafts and dumps and up to 9.4 g/t gold from mine tailings.
AGC Managing Director Glen Diemar said the company “couldn’t believe” what it saw when visiting the mines.
“We originally found these mine workings from satellite data, and their proximity relative to the eastern Cobar fault seemed incredibly important, as many of the Cobar mines have similar positions,” Mr Diemar said.
“When we went there, we simply couldn’t believe the extent of the workings and the large amount of material excavated from these old mines.”
Mr Diemar said an extensive soil sampling program would be carried out to identify potential high-priority gold targets.
The gold mines lie in an analogous position to the world-class Cobar mines.
AGC said “significant” potential existed for expansion, as no modern geochemistry, geophysics or drilling has been conducted to date.
Additionally, at the South Cobar project, AGC said geophysics crews would be mobilised next week to carry out three induced polarisation (IP) geophysics surveys, targeting gold and base metal deposits.
Australian Gold and Copper shares were up 5.77 per cent and trading at 5.5 cents at 11:38 pm AEDT.