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Australian Gold and Copper (ASX:AGC) has officially kicked off exploration activities on-site at its new landholdings at South Cobar, which has, in effect, expanded the existing project boundary envelope at the New South Wales asset.
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The company has been quietly generating targets of interest within the new landholding, and with an exploration licence now fully greenlit, the company has been most interested in areas that boast similar geology to AGC’s existing Achilles.
The current foremost interest at that second play is the Achilles Shear target, which also extends into the newly acquired South Cobar acreage.
All in all, AGC spent $400,000 for the acreage and up to a $1 million (capped at $100 for every gold ounce acquired on-site) – not the world’s worst royalty setup.
“We are very pleased to have completed the acquisition… EL9012 is a critical piece of South Cobar as it includes the southern portion of the Achilles Shear Zone and another analogous 10-kilometre-long structure, which we are very interested in exploring further,” AGC MD Glen Diemar said on Wednesday.
“It will be explored from the exploration hub we have created in Lake Cargelligo.”
AGC last traded at 18.5cps.
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