Australian Gold and Copper (ASX:AGC) has reported high-grade results from its Achilles discovery in the southern region of the Cobar Basin in central NSW.
In a news release, the company said assay results were received for an additional 15 reverse circulation (RC) holes at the property.
Notably, high-grade gold-silver-copper-zinc and lead mineralization intersected at shallow depths in multiple holes, including:
- A3RC045: 12 metres (m) at 2.2 grams per ton (g/t) gold (Au), 113g/t Ag from 86m
- A3RC048: 6m at 3.2g/t Au, 48g/t silver (Ag), 11.1 per cent lead (Pb) from 58m (oxide)
- Very strong copper and lead-zinc grades returned from the northern zone in A3RC050
- A3RC050: 12m at 0.9g/t Au, 211g/t Ag, 0.9 per cent copper (Cu), 13.8 per cent Pb and zinc (Zn) from 77m and included 2m at 2.0g/t Au, 566g/t Ag, 1.7 per cent Cu, 23.2 per cent Pb+Zn from 78, and included 7m at 0.5g/t Au, 134g/t Ag, 1.1 per cent Cu, 19.2 per cent Pb+Zn from 83m.
“This round of assays has delivered high grades within the oxide zone, which opens a
previously untested and shallow search space to further explore,” Glen Diemar, managing director of Australian Gold and Copper, said in a statement. “These RC
results also returned not only the highest copper grades seen to date but also
a brand-new copper zone away from any previously known mineralisation.”
The company also said that the remaining assays for fifteen holes totalling 2,966 metres have now been received. This program targets extensions surrounding known mineralisation and shallow high-grade zones.
Australian Gold and Copper is focused on the exploration and development of its multi-asset gold portfolio located in the Lachlan Fold Belt in New South Wales. Its projects include Moorefield Project, Gundagai Project and Cargelligo Project.
Shares of Australian Gold and Copper are down 6.38 per cent to AU$0.22.
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