- Australian Gold and Copper (AGC) dips in early trade as it drills a diamond hole at its Achilles Copper-Gold-Lead-Zinc target in New South Wales
- The company says it is roughly halfway through the planned 500-metre hole at its Cargelligo Project near Lake Cargelligo.
- AGC has already struck patches of “moderate” lead, zinc and copper mineralisation early on in the hole
- The diamond hole is designed to test an aerial electromagnetic anomaly and the area underneath an 85-metre copper intercept from a previous hole
- Shares in AGC are down 10.71 per cent and trading at 12 cents each at 11:48 am AEST
Australian Gold and Copper (AGC) has dipped in early trade as it drills a diamond hole at its Achilles Copper-Gold-Lead-Zinc target in New South Wales.
The company told investors this morning it is roughly halfway through the planned 500-metre hole at its Cargelligo Project near Lake Cargelligo.
According to AGC, drilling has already struck patches of “moderate” lead, zinc and copper mineralisation in the diamond hole.
This is important given AGC’s target zone for the best copper mineralisation is between 350 metres and 500 metres downhole. Mineralisation so early in the hole shows the system is still open in all directions.
AGC said it initially planned to follow up several reverse circulation (RC) holes previously drilled at Achilles with diamond tails, but ground conditions meant many of the holes had to be blocked and could not be drilled further.
Nevertheless, the company said the current 500-metre diamond hole was “sufficient” for a first diamond program at Achilles.
AGC said the diamond hole was designed to test an aerial electromagnetic (AEM) anomaly as well as the area underneath an 85-metre copper intercept from a previous hole.
At the same time, AGC said it hoped to gain more knowledge on the structural complexity of the target to help design future exploration in the area.
The company is looking for large, high-grade, “Cobar-style” copper-gold and base metals deposits at Cargelligo.
So far, soil sampling work at the Achilles target has confirmed a 3km long base metal target, with AGC having already tested 700 metres of this zone through first- and second-phase RC drill programs.
AGC said this morning it had received assays for the last two holes drilled as part of the phase-two program in the area, each returning hits with a maximum grade of 0.26 per cent copper.
Shares in AGC were down 10.71 per cent and trading at 12 cents each at 11:48 am AEST.